San Diego – Locally based Pan Pacific Retail Properties Inc. recently acquired four shopping centers on the West Coast for $39.3 million.
Combined, the properties total more than 423,800 sq. ft. with an average occupancy rate of 97%. The company also sold four non-strategic, single-tenant assets for approximately $16 million, which was used to help fund the acquisitions.
Pan Pacific acquired Brookhurst Center, a 181,900-sq.-ft. grocery-anchored neighborhood center in Anaheim, Calif.; Canby Square, a 115,800-sq.-ft. grocery-anchored neighborhood center in Canby, Ore.; Garrison Square, a 69,790-sq.-ft. grocery-anchored neighborhood center in Vancouver, Wash.; and Powell Villa, a 63,607-sq.-ft. neighborhood center in Portland, Ore.