The San Diego-based company has paid $20.4 million for theretail complex. Located at the corner of Brookhurst Street and BallRoad, the shopping center was 99% leased at the time of sale. Majortenants here include Rite Aid and Ralphs.
Pan Pacific Retail Properties was represented by Dixie Walkerand Michael Randall of Grubb & Ellis Co.'s retail investmentgroup. Walker and Randall also represented the seller, an unnamedprivate family trust.
Recent research points to continued investment interest in theOrange County retail sector, despite a slight rise in vacanciespredicted for the months ahead. The county's overall vacancy rateis expected to slowly increase from 5.3% to 6%. However, such aslight increase bodes well for the region, which is enjoying steadysales activity here.
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