The Portland-area properties include:
--Canby Square, a 115,800 square foot grocery-anchored neighborhood center located in Canby, OR. The property is situated on Highway 99, the main east/west thoroughfare. Canby Square is currently 91% leased and will be anchored by a new Safeway Supermarket scheduled for completion in 2002. Rite Aid Drugstore also anchors the center.
--Garrison Square, a 69,790 square foot grocery-anchored neighborhood center located in Vancouver, WA, just north of Portland. The property is situated on East Mill Plain Boulevard, the main east/west thoroughfare. The center is currently 100% leased and is anchored by Nature's (Wild Oats) Supermarket and Hi-School Pharmacy.
--Powell Villa, a 63,607 square foot neighborhood center located in Portland, Oregon, at the intersection of SE 122nd Avenue and SE Powell. Powell Villa is currently 100% leased and is anchored by Ace Hardware and The State of Oregon. The Company's strategic plan for the center includes re-tenanting to include a supermarket.
The fourth acquisition was Brookhurst Center, 181,900 sf grocery-anchored neighborhood center located in Anaheim. The center is currently 99% leased and is anchored by a Ralph's Supermarket, Rite Aid Drugstore and Jo-Ann Fabrics & Crafts.
"These shopping centers are an exceptional fit with our existing portfolio, infill locations with retailers offering everyday essentials,'' says Stuart A. Tanz, president and chief executive officer of Pan Pacific. ``The purchase price of approximately $91 per square foot is below the cost of new construction and the existing leases are well below market on average, providing solid embedded growth to the income stream going forward.
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