Pan Pacific Scoops Up Three Area Properties

PORTLAND-Pan Pacific Retail Properties Inc. has acquired four shopping centers on the West Coast for a total of $39.3 million, and three of them are located in the Portland area. The San Diego-based REIT acquired the properties through two separate transactions. Combined, the centers total more than 423,800 sf with an average occupancy rate of 97%.

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.