PACIFIC DEVELOPMENT GROUP ACQUIRES 55,000-SQUARE-FOOT SAFEWAY

LODI, CALIF. — Newport Beach, Calif.-based Pacific Development Group has acquired a 55,000-square-foot Safeway, one of the largest supermarket chains in the United States. Located in Lodi, the property was purchased for $11.1 million with a $6.875 million loan provided by Union Bank of California. In addition to the acquisition, Pacific Development Group is also planning the final phase of Colonies Crossroads, a 109-acre lifestyle shopping center along Interstate 210 in Upland, Calif. Colonies Crossroads offers more than 1.1 million square feet of promotional, neighborhood and specialty retail and hosts major tenants such as Target, Kohl’s, Office Depot and PetSmart. The final phase’s projected 200,000 square feet will be anchored by Best Buy, Nordstrom’s Rack and Beverages & More, along with other retail shops and restaurants.