REIT Acquires $114M Shopping Center PortfolioMonday, December 31, 2012
San Diego-based Retail Opportunity Investments Corp. has closed on the purchase of three Southern California shopping centers and has a binding contract to acquire a fourth, in a portfolio transaction totaling $114 million.
A company statement did not disclose the name of the seller, but said the portfolio was previously owned and operated by a Southern California family. The grocery-anchored properties total 444,000 square feet and are located in Cypress, Redondo Beach, Garden Grove and Diamond Bar.
The Diamond Bar transaction is expected to close in the first quarter of 2013. President and CEO Stuart Tanz said the company during 2012 completed $278 million in shopping center investments, surpassing its target for the year.
Retail Opportunity Investments Corp. is a real estate investment trust focused on community and neighborhood shopping centers. It trades under the symbol ROIC on the Nasdaq stock exchange.
— SDBJ Staff Report