Pan Pacific Invests $20 Mil Near Disneyland

ANAHEIM, CA-A San Diego-based retail REIT has paid $20.4 million for a shopping center here, casting aside worries of some other investors that the value of Southern California retail properties may drop in lockstep with the region’s slowing economy.

The buyer is Pan Pacific Retail Properties. Its new acquisition is Brookhurst Center, a 181,000-sf retail complex on Brookhurst Avenue.

The retail center is just a few blocks from Disneyland and the theme park’s sister attraction, California Adventure. Both the buyer and the seller, Southland-based partnership Brookhurst LLC, were represented by Grubb & Ellis broker Dixie Walker.

Disney Corp., the Burbank-based entertainment conglomerate that operates both Disneyland and California Adventure, says ticket sales have recently jumped at the two theme parks. That’s good news for property owners in the area, who depend on Disneyland to generate more traffic for their projects.

Pan Pacific is a retail real estate investment trust that already owns several Southland properties.