The transaction involves the Granary Square Shopping Center, which is located on McBean Parkway, just east of Interstate 5 in Valencia. Built in 1982, it sits on 13.6 acres of land and is anchored by Ralph's, Long's Drugs, Washington Mutual and First American Title.
The purchase marks yet another acquisition for buyer Pan Pacific Retail Properties Inc. The Vista-based REIT owns more than 50 shopping centers, concentrated in California, Nevada, Washington and Oregon. Pan Pacific was represented by the Orange County offices of Charles Dunn Company. The seller, MRES America Fund 88-II, was represented by Charles Dunn Company's Orange County and downtown offices.
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