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June 17, 2024
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Pacific Castle Completes Two Property Acquisitions and One Sale in Deals Totaling About $50 Mil


Pacific Castle recently completed three CA transactions totaling more than $50 mil. The deals consisted of two acquisitions and one disposition.

In one of the acquisitions, Pacific Castle purchased Prune Tree Shopping Center, a 131k sf power center in Salinas, for $20 mil. It was sold by JG Management.

Prune Tree Shopping Center, Salinas
Prune Tree Shopping Center, Salinas
The property is located at 17601 Vierra Canyon Rd and is anchored by Safeway and CVS Pharmacy. It also includes tenants such as McDonald’s, Taco Bell, Starbucks Coffee and AutoZone. Pacific Castle financed the acquisition through a 1031 exchange with existing capital partners.

Pacific Castle plans to invest approximately $1 mil into the property to upgrade the parking lot, roof, façade and common areas to realize the property’s full potential.

In the other acquisition, Pacific Castle purchased the University of California, San Francisco Medical Center building for $5.3 mil from KB Homes. The property totals 3.4k sf and is on the ground level of KB Homes’ newest condo development at 2655 Bush St in San Francisco called the District at Lower Pacific Heights. The space is occupied by UCSF medical offices and physical therapy services.

“San Francisco is currently one of the hottest markets in the nation,” said Rod Astarabadi, president of Pacific Castle. “This brand new, core asset is located on a busy street in the heart of the city and will enable us to realize great long-term returns. Both this property and the Salinas location were acquired to satisfy a portion of a 1031 exchange.”

The disposition portion of the exchange was for Pacific Castle’s Santee Town Center in Santee, which was sold for $27 mil. The 122k sf power center is anchored by Ross Dress for Less, Michael’s and Office Depot. Santee Town Center is located adjacent to the Santee Trolley Square, a vibrant shopping, dining and entertainment experience in San Diego.

Bryan Ley of HFF represented the seller in the purchase of Prune Tree Shopping Center, Don LeBuhn of Cushman & Wakefield represented the seller in the purchase of the UCSF Medical Center, and REZA Investment Group represented the firm in the disposition of Santee Town Center.

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