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Thursday, Oct 6, 2022
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ROIC Buying Los Angeles Retail Center for $210 Million

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.

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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.

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