Pan Pacific Retail Properties Acquires Grocery-Anchored Shopping Center for $33 MM
14 Septembre 2005 - 12:45PM
Business Wire
Pan Pacific Retail Properties, Inc. (NYSE:PNP) the largest
neighborhood shopping center real estate investment trust (REIT)
focused exclusively on the West Coast, today announced the
acquisition of Silverdale Plaza, a grocery-anchored shopping center
located within the greater Seattle metropolitan region. The center
totals 170,406 square feet and is currently 100% leased, anchored
by Safeway Supermarket, Rite Aid Drugstore, Jo-Ann Fabrics &
Crafts, and Staples. The property was acquired for $33.0 million,
which was financed with a draw under the Company's unsecured line
of credit. Stuart A. Tanz, President and Chief Executive Officer of
Pan Pacific stated, "We continue to execute our disciplined
strategy of acquiring well-established grocery-anchored shopping
centers within our core metropolitan markets. Silverdale Plaza will
serve as a strong, strategic complement to our neighboring
Silverdale Shopping Center property and should enhance our ability
to capitalize on greater operating efficiencies and re-leasing
opportunities within our Seattle portfolio." Tanz continued,
"Year-to-date we have acquired $101.7 million and are firmly
on-track to achieve our stated growth objectives for 2005." ABOUT
PAN PACIFIC RETAIL PROPERTIES Pan Pacific Retail Properties, Inc.
is an equity real estate investment trust (REIT) traded on the New
York Stock Exchange under the symbol PNP. The Company is the
largest neighborhood shopping center REIT focused exclusively on
the West Coast. Pan Pacific's portfolio currently totals 138
properties, encompassing approximately 22.5 million square feet of
retail space. The portfolio is principally diversified across five
distinct regions in the Western United States: Northern California,
Southern California, Washington, Oregon and Nevada. Pan Pacific
specializes in the acquisition, ownership and management of
community and neighborhood shopping centers for everyday
essentials. The Company's strategy is aimed at generating long-term
stable cash flow through maintaining a diverse portfolio and tenant
base, balanced with consistent growth through implementing its
acquisition and property management programs. Pan Pacific is
headquartered in Vista (San Diego), California, and has regional
offices located in Sacramento, California; Kent, Washington;
Portland, Oregon; and Las Vegas, Nevada. Additional information on
Pan Pacific is available on the Company's web site at www.pprp.com.
(Note: Certain matters discussed within this press release are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 which reflect management's
current views with respect to future events and financial
performance. Forward-looking statements are subject to risks and
uncertainties. Factors that could cause actual results to differ
materially from expectations include market valuations of our
stock, financial performance and operations of our shopping
centers, real estate conditions, execution of shopping center
development programs, successful completion of renovations,
completion of pending acquisitions and dispositions, including the
completion of customary due diligence and closing conditions, the
Company's ability to successfully integrate acquired assets,
changes in the availability of additional acquisition and
disposition opportunities, changes in local or national economic
conditions, acts of terrorism or war and other risks detailed from
time to time in reports filed with the Securities and Exchange
Commission including the Company's Annual Report on Form 10-K for
the year ended December 31, 2004.)
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