Tustin Heights Center Sells for $14.7 Million

Citing “one of the most favorable demographics in the state,” a San Diego real estate investment trust has purchased Tustin Heights Center, a shopping center anchored by a Ralphs supermarket, Longs Drugs and Michael’s Arts & Crafts.

The $14.7-million purchase is the first in Orange County for Pan Pacific Retail Properties, which since an initial public stock offering in August has acquired six shopping centers for $92 million in California, Nevada and the Pacific Northwest.

Pan Pacific said the Tustin center’s location, just off the Santa Ana Freeway at Irvine Boulevard and Tustin Avenue, is in “one of Orange County’s strongest markets.” The center has 91% occupancy in its 132,000 square feet of leasable space.

The seller was Rosenberg Real Estate Equity Fund, a San Francisco investment company best known by its acronym RREEF.

“Because of California’s economic resurgence, we continue to focus on acquiring shopping centers in select markets throughout the state,” said Pan Pacific’s chief executive, Stuart A. Tanz.