Media City Center quickly turns around ownership

Not even a week has passed since the Media City Center changed

owners, and already the mall is set to be sold to another developer.

Pan Pacific Retail Properties Inc., a San Diego-based company,

plans to sell the mall and its property, lining North San Fernando

Boulevard to the Virgin Megastore and IKEA Burbank, to Irvine-based

Crown Realty & Development for more than $110 million.

The transaction is expected to be completed in March. Crown Realty

reportedly plans to revitalize the mall and its surrounding area.

Pan Pacific officially acquired the 11-year-old mall from Center

Trust Inc. on Jan. 16.

The value of the properties Crown owns is upwards of $380 million

for more than 3-million square feet of office and retail space in

Burbank, West Los Angeles and Orange County.

Jackson Bell