Pan Pacific Retail Properties Acquires Grocery-Anchored Shopping Center for $33 MM

Pan Pacific Retail Properties, Inc. (NYSE:PNP) the
largest neighborhood shopping center real estate investment trust
(REIT) focused exclusively on the West Coast, today announced the
acquisition of Silverdale Plaza, a grocery-anchored shopping center
located within the greater Seattle metropolitan region. The center
totals 170,406 square feet and is currently 100% leased, anchored by
Safeway Supermarket, Rite Aid Drugstore, Jo-Ann Fabrics & Crafts, and
Staples. The property was acquired for $33.0 million, which was
financed with a draw under the Company's unsecured line of credit.
   Stuart A. Tanz, President and Chief Executive Officer of Pan
Pacific stated, "We continue to execute our disciplined strategy of
acquiring well-established grocery-anchored shopping centers within
our core metropolitan markets. Silverdale Plaza will serve as a
strong, strategic complement to our neighboring Silverdale Shopping
Center property and should enhance our ability to capitalize on
greater operating efficiencies and re-leasing opportunities within our
Seattle portfolio." Tanz continued, "Year-to-date we have acquired
$101.7 million and are firmly on-track to achieve our stated growth
objectives for 2005."

   ABOUT PAN PACIFIC RETAIL PROPERTIES

   Pan Pacific Retail Properties, Inc. is an equity real estate
investment trust (REIT) traded on the New York Stock Exchange under
the symbol PNP. The Company is the largest neighborhood shopping
center REIT focused exclusively on the West Coast. Pan Pacific's
portfolio currently totals 138 properties, encompassing approximately
22.5 million square feet of retail space. The portfolio is principally
diversified across five distinct regions in the Western United States:
Northern California, Southern California, Washington, Oregon and
Nevada.
   Pan Pacific specializes in the acquisition, ownership and
management of community and neighborhood shopping centers for everyday
essentials. The Company's strategy is aimed at generating long-term
stable cash flow through maintaining a diverse portfolio and tenant
base, balanced with consistent growth through implementing its
acquisition and property management programs.
   Pan Pacific is headquartered in Vista (San Diego), California, and
has regional offices located in Sacramento, California; Kent,
Washington; Portland, Oregon; and Las Vegas, Nevada.
   Additional information on Pan Pacific is available on the
Company's web site at www.pprp.com.

   (Note: Certain matters discussed within this press release are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 which reflect management's
current views with respect to future events and financial performance.
Forward-looking statements are subject to risks and uncertainties.
Factors that could cause actual results to differ materially from
expectations include market valuations of our stock, financial
performance and operations of our shopping centers, real estate
conditions, execution of shopping center development programs,
successful completion of renovations, completion of pending
acquisitions and dispositions, including the completion of customary
due diligence and closing conditions, the Company's ability to
successfully integrate acquired assets, changes in the availability of
additional acquisition and disposition opportunities, changes in local
or national economic conditions, acts of terrorism or war and other
risks detailed from time to time in reports filed with the Securities
and Exchange Commission including the Company's Annual Report on Form
10-K for the year ended December 31, 2004.)