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.