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12/31/12
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Retail Opportunity Investments Corp (ROIC) has closed on three shopping centers and has a binding contract to acquire a fourth shopping center as part of a retail portfolio acquisition worth $114 mil. The four properties, comprising approximately 444k sf of space, were previously owned and operated by a Southern California family. The acquisitions are being funded with borrowings under ROIC's unsecured credit facility.
Commenting on the acquisition, Stuart A. Tanz, President and Chief Executive Officer of Retail Opportunity Investments Corp, stated, "The shopping centers are well-located at major intersections within densely populated communities, which we know extremely well, and are an excellent strategic fit with our current Southern California portfolio. The four shopping centers represent a balance of stable cash flow, derived from well-established anchor retailers, and numerous value-added growth opportunities."
Tanz added, "With three of the four properties closed, we have completed a total of $278 mil of shopping center investments in 2012, surpassing our target for the year. Looking ahead, we expect to close the fourth property in the first quarter of 2013. Additionally, as part of the portfolio transaction, we have rights of first refusal to acquire the seller's remaining properties in Southern California, which include three additional grocery-anchored shopping centers."
The four recent property acquisitions are:
• Cypress West - ROIC acquired Cypress West for $27.6 mil. The shopping center is approximately 106k sf and is anchored by Ralph's Supermarket (Kroger) and Rite Aid. The property is located in Cypress and is currently 94.1% leased.
• Redondo Beach Plaza -ROIC acquired Redondo Beach Plaza for $30.8 mil. The shopping center is approximately 111k sf and is anchored by Von's Supermarket (Safeway). The property is located in Redondo Beach and is currently 98.8% leased.
• Harbor Place Center - ROIC acquired Harbor Place Center for $27.7 mil. The shopping center is approximately 120k sf and is anchored by Albertson's Supermarket and Ross Dress for Less. The property is located in Garden Grove and is currently 100% leased. Albertson's is no longer operating at the shopping center. ROIC is currently in advanced discussions with several national retailers regarding the Albertson's space.
• Diamond Bar Town Center - ROIC has a binding contract to acquire Diamond Bar Town Center for $27.8 mil. The shopping center is approximately 107k sf and is anchored by Wal-Mart, featuring Wal-Mart's new grocery-store format. The property is located in Diamond Bar and is currently 91.2% leased.
As part of the portfolio transaction, ROIC also has contractual rights of first refusal to acquire three additional grocery-anchored shopping centers located in the Los Angeles and Orange County metropolitan areas, including: Hawthorne Plaza, a 97k sf shopping center located in Hawthorne and anchored by Albertson's Supermarket; Plaza Del Sol, a 165k sf shopping center located in Burbank and anchored by Vallarta Supermarket; and Peninsula Marketplace, a 95k sf shopping center located in Huntington Beach and anchored by Ralph's Supermarket (Kroger).
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