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ANAHEIM, CA-Pan Pacific Retail Properties Inc. has acquired the 492,000-sf Anaheim Plaza, a grocery-anchored community shopping center from the California State Teachers Retirement System (CalSTRS) for $57 million.

Pan Pacific financed the purchase with a draw under the company’s unsecured line of credit. The center, which was built in 1955 as a regional mall but was renovated and repositioned extensively in 1995-1996 to turn it into a community center and power center, is situated along the Santa Ana (I-5) Freeway at the Euclid Street exit. Dixie Walker and Mike Randall of Grubb & Ellis in Newport Beach brokered the sale on behalf of the seller, with Pan Pacific representing itself.

Stuart A. Tanz, president and CEO of Pan Pacific, says the company was attracted to the asset because of its presence within the demographically strong Orange County market, where Pan Pacific now owns and operates approximately two million sf of retail space. The shopping center’s trade area population base is approximately 664,000 within a five-mile radius, with an average household income of approximately $65,000. Anaheim Plaza is currently 96% leased and is anchored by a newly opened, 54,000-sf Gigante Supermarket, Smart & Final, Mervyn’s, Ross Dress for Less, CompUSA and a recently renovated, 146,000-sf (not owned) Wal-Mart. Anaheim Plaza also fits with the company’s existing grocery-anchored portfolio, Tanz says. The property tenants include what Tanz describes as a strong mix of necessity based retailers, including a number of nationally recognized anchor tenants, complemented by a broad range of regionally focused and community based retailers.

Pan Pacific’s portfolio totals 130 properties, encompassing approximately 21.3 million sf of retail space. The portfolio is principally diversified across five distinct regions in the Western US: Northern California, Southern California, Washington, Oregon and Nevada.

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