San Diego, Calif. - Pan Pacific Retail Properties recently acquired Sycamore Plaza, a neighborhood center in Anaheim, Calif., for $7.4 million from California's Kern County Employees' Retirement Association.
Now 94% leased, the 105,085 sq. ft. center is anchored by Slater Bros. Supermarket and Sav-On Drugs. It is located in a demographically strong in-fill market with a population of 198,000 within a 3-mile radius.The average household income is $66,300.
San Diego-based Pan Pacific is a leading West Coast shopping center owner and operator. The latest acquisition brings its portfolio in Southern California to 13 centers totaling 1.9 million sq. ft. The company's overall portfolio includes 60 properties encompassing 9.4 million sq. ft.
Birmingham, Ala. - Colonial Properties Trust recently expanded its retail holdings in Texas by acquiring a 575,000 sq. ft. mall in the city of Temple.
The purchase price of Temple Mall, which was acquired from a private owner at a capitalization rate of 11.1%, was not disclosed. Colonial also signed a lease agreement with Stein Mart to fill an anchor space at the mall left vacant by Service Merchandise. Stein Mart will join existing anchors Foley's, Dillard's and JCPenney, Colonial announced.
Thomas H. Lowder, Colonial's chairman and CEO, observes that the company's long-term goals include strengthening its position in the Texas market. The city of Temple has outpaced state and national averages in population and job growth projections, Lowder notes.
A diversified REIT, Colonial Properties Trust now owns a portfolio of 115 multi-family, office and retail properties in nine states. The company operates more than 17,000 apartment units, 3.1 million sq. ft. of office space and 14.8 million sq. ft. of retail shopping space.
Dallas, Texas - In a joint venture with global investment group InvestCorp International, Dallas-based Crow Holdings recently acquired the Imperial East shopping center in Brea, Calif., for $35 million. The seller of the 221,224 sq. ft. community center, which is anchored by Albertson's, TJ Maxx, Petco, Sport Chalet and Trader Joe's, was undisclosed.
Crow Holdings, a diversified investment holding company, owns and directs investments of Dallas-based Trammell Crow Co. and manages investments for Trammell Crow and its partners. Crow Holdings now owns 4.8 million sq. ft. in its retail portfolio of neighborhood, community and power centers.