The San Diego-based company has paid $20.4 million for the retail complex. Located at the corner of Brookhurst Street and Ball Road, the shopping center was 99% leased at the time of sale. Major tenants here include Rite Aid and Ralphs.
Pan Pacific Retail Properties was represented by Dixie Walker and Michael Randall of Grubb & Ellis Co.'s retail investment group. Walker and Randall also represented the seller, an unnamed private family trust.
Recent research points to continued investment interest in the Orange County retail sector, despite a slight rise in vacancies predicted for the months ahead. The county's overall vacancy rate is expected to slowly increase from 5.3% to 6%. However, such a slight increase bodes well for the region, which is enjoying steady sales activity here.
Developers are banking on this steady performance, as builders are expected to start construction on an additional 4.2 million sf by the end of the year.
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