SAN DIEGO -- Pan Pacific Retail Properties here said last week it will acquire Emeryville, Calif.-based Western Properties Trust in a deal that would combine two of the West Coast's largest publicly traded grocery-anchored shopping-center owners.
ed for nearly 17% of Western Properties' portfolio and would be the largest anchor tenant of the combined companies.
Stuart Tanz, president and chief executive officer of Pan Pacific, said, "The transaction will strengthen our position in high barrier-to-entry growth markets such as San Francisco. It features high-quality, grocery-anchored centers located in strong infill markets, providing the opportunity to enhance cash flow and value through Pan Pacific's management, marketing and leasing programs."
