San Diego-based Retail Opportunity Investments Corp. has entered into an agreement to purchase Fallbrook Shopping Center in West Hills for $210 million in cash.
Officials of the real estate investment trust said the transaction is expected to close by the end of the current quarter. The 1.1-million-square-foot property is located in the western San Fernando Valley area, within the city of Los Angeles.
The retail center is 98 percent leased, with anchor tenants including Wal-Mart, Home Depot, Target and Ralphs. ROIC officials said the center serves an affluent trade area with a population of 474,000.
The company is exploring opportunities to increase the property’s cash flow through leasing, repositioning and development initiatives, among other plans, said President and CEO Stuart A. Tanz.
ROIC (Nasdaq: ROIC) has its headquarters in University Towne Center. As of March 31, it owned 56 shopping centers encompassing approximately 6 million square feet.