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$33M Buys 170,400-SF Retail Center

SILVERDALE, WA-Pan Pacific Retail Properties buys the Silverdale Plaza here from an undisclosed seller. The center is 100% leased to Safeway, Rite Aid, Jo-Ann Fabrics & Crafts and Staples.

By Brian K. Miller | Updated on September 14, 2005

(For more retail coverage, click GlobeSt.com/RETAIL.)

SILVERDALE, WA-Silverdale Plaza has changed hands for $33 million. The 170,400-sf grocery- and drug-anchored center was acquired by publicly held Pan Pacific Retail Properties Inc. of San Diego from a seller that was not identified.

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.

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