Located just off Interstate 15 on El Norte Parkway, the retail asset encompasses a total of 231,000 sf. It is currently 90% leased with anchor tenants including Vons, Sav-On Drugs and LA Fitness center, which opened in February of 2002 as a replacement for the shuttered cinema that previously occupied the space.

Reza Etedali of Sperry Van Ness acted on behalf of both the buyer and the seller, which purchased the Baldwin Hills Crenshaw Plaza Mall from Pan Pacific in conjunction with the Del Norte Plaza sale.

The recent transaction signals Pan Pacific's continued focus on selling off non-core assets in order to target more relevant markets. The company's CEO and president, Stuart A. Tanz, says the company is accelerating its disposition program and using the proceeds to pay off debt and acquire grocery-anchored shopping centers in core infill markets.

Coming off a year in which the company leased a record 1.7 million sf, sold $86-million worth of non-core properties and bought up grocery-anchored assets worth a total of $148 million, Pan Pacific has gone right on making headlines in 2003. Some of its biggest transactions this year include its acquisition of Center Trust Inc. and the subsequent $111-million sale of Media City Center.

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Retail