Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHINO HILLS, CA-Pan Pacific Retail Properties Inc., a Vista, Calif.-based REIT that specializes in neighborhood shopping centers, acquired the 114,573-sf Gordon Ranch Marketplace neighborhood center in Chino Hills, Calif. for $18.6 million from a private investor.

The purchase was the second in a week announced by Pan Pacific, which last week announced the acquisition of the 210,136-sf Larwin Square neighborhood center in the Orange County city of Tustin, Calif. for $28.5 million.

The company says the acquisitions were financed by a combination of draws under the company’s unsecured line of credit, cash flow from operations and net proceeds from recent dispositions, which included the sale of three non-strategic assets totaling approximately $8.7 million.

Stuart A. Tanz, president and CEO of Pan Pacific, says both Gordon Ranch and Larwin Square are “situated in demographically strong, affluent communities, with an average population of approximately 438,000, within a five-mile radius, and an average household income of approximately $70,000.”

Pan Pacific is focusing on buying in “in-fill” markets, Tanz says, saying such centers offer “strong growth potential and high-barriers to entry.” Year-to-date, he says, the company has acquired five grocery-anchored centers totaling 827,000 sf, for approximately $107.7 million.

The latest purchase, Gordon Ranch, is near Highway 71 on Chino Hills Parkway (Highway 142), near Pan Pacific’s 337,687-sf Chino Town Square. Gordon Ranch is 91% leased and is anchored by Ralphs Supermarket, a division of The Kroger Co. Pan Pacific represented itself in the purchase, while the seller was represented by Todd Goodman and Preston Fetrow of CB Richard Ellis.

The properties Pan Pacific sold for $8.7 million included the 49,258-sf Dodge Center in Fallon, Nev.; 58,770-sf St. Johns Center in Portland, Ore.; and Tacoma Shopping Center, a 13,448 square foot single-tenant property in Portland.

The two other non-strategic assets it has under contract for sale, for a total of $10.8 million, include the 58,560-sf Shute Park shopping center in Portland; and Raley’s, a 60,114 square foot single-tenant property in Fallon, Nev.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.