The center is 100% leased to Safeway, Rite Aid, Jo-Ann Fabrics & Crafts and Staples. Pan Pacific also owns the neighboring Silverdale Shopping Center property. The acquisition was financed with a draw Pan Pacific's secured line of credit. A Pan Pacific executive could not be reached Wednesday afternoon for comment.
"(Silverdale Plaza) should enhance our ability to capitalize on greater operating efficiencies and re-leasing opportunities within our Seattle portfolio," says Pan Pacific chief executive Stuart Tanz in a prepared statement.
Pan Pacific is a neighborhood shopping center REIT focused exclusively on the West Coast. Year-to-date, the company has acquired $101.7 million worth of retail properties. Its overall portfolio consists of 22.5 million sf in 138 properties in California, Washington, Oregon and Nevada.
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