Encompassing 88,000 sf, the shopping center is located off Interstate 5 at Oceanside Boulevard. Anchored by Von's Supermarket and Long's Drugstore, Oceanside Crossing is currently 82% leased.
Pan Pacific acquired the Oceanside asset in conjunction with its sale of the 1.2-million-sf Media City Center to Crown Realty for $111 million. It is starting off to be a busy year for Pan Pacific, as the REIT also recently purchased Center Trust Inc. in an acquisition that has been valued at approximately $600 million.
The Center Trust transaction significantly expanded Pan Pacific's portfolio, which now includes 136 properties encompassing 23.4 million sf. The assets are located in the five Western U.S. markets of Northern California, Southern California, Washington, Oregon and Nevada.
Pan Pacific's strategy involves the creation of long-term stockholder value by maintaining a diverse retail portfolio and tenant base.
Headquartered in San Diego, the company has regional offices in Sacramento, California; Kent, Washington; Portland, Oregon; and Las Vegas, Nevada.
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