Search
 

Pan Pacific Acquires Jefferson Square for $27M

SEATTLE-The publicly traded REIT from Vista, CA acquires the 145,000-sf retail and office property in West Seattle from Triple Net Properties LLC.

By Brian K. Miller | Updated on July 26, 2005

SEATTLE-Pan Pacific Realty Properties will announce tomorrow its acquisition of Jefferson Square, a 145,000-sf West Seattle retail and office property. The publicly traded neighborhood shopping center REIT from Vista, CA paid $27 million for the grocery- and drug-anchored building.Located at 4700 42nd Ave. SW, the property is split 50-50 between retail and office. A source at Pan Pacific tells GlobeSt.com that the property is 98% leased and anchored by a Safeway and a Bartell Drug. Smaller, local tenants fill out the office space, she says. There is about 3,400 sf available in the building, a 2,400-sf office suite and a 1,000-sf retail space. The full service asking rate for either is $22 per sf per year. The seller, Santa Ana, CA-based Triple Net Properties LLC, purchased the property in July 2003 for $20.7 million on behalf of a group of tenant-in-common investors, which is its specialty. Company president Louis Rogers could not be reached for comment on the status of the building at that time and how much was invested beyond the acquisition price prior to the sale to Pan Pacific. Bill Palmer of The Palmer Team represented Triple Net Properties. Pan Pacific was represented in-house by Dawn Eisenberg.Pan Pacific Retail Properties is the largest neighborhood shopping center REIT focused exclusively on the West Coast. Its portfolio currently totals 22 million sf in 136 properties. Triple Net Properties manages a portfolio of about 22.9 million sf with a market value of over $2.8 billion on behalf of tenant-in-common investors. About $1 billion of that was acquired over the past 16 months.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.