Pan Pacific Gets $31M for 254,692-SF Shopping Center

TEMPE, AZ-Pan Pacific Retail Properties has sold the 254,692-sf Southern Palms Center, a neighborhood retail center, for $30.39 million. The buyer is a private investor from California that purchased the property as part of a 1031 exchange.

Situated on 27.6 acres at 1522-1477 E. Southern Ave. and 3107-3218 S. McClintock Dr., the 1981-constructed property was 92% occupied at closing time. Tenants include Sunflower Markets, Staples and Goodwill Industries.

The Vista, CA-based REIT, which acquired the center in a national shopping center portfolio, had the holding on the market for months at a no-minimum ask. “We were pleased with the quality of the offers that came in,” says Melinda Korth, a senior vice president in Phoenix for Dallas-based Trammell Crow Co. She teamed with TCC’s Barry Gabel to sell the property.

Korth tells GlobeSt.com that the buyer is West Valley Properties Inc., a property management group from San Jose, CA. She says it got the nod for the purchase partly because it was in a 1031 exchange and partly because it has a solid reputation for completing deals. “The sellers felt comfortable that they could successfully finance and close the deal,” she adds.

The new owner, which will hold the asset for investment purposes, also is planning some minor renovations to the shopping center, like new signs and some landscaping. West Valley, which was self-represented in the transaction, also owns the 152,567-sf Tri-Pointe Plaza, an office-medical property along East Tanque Verde Road in nearby Tucson.