Retail Opportunity Investments Corp. Closes On Three Shopping Centers Totaling $52 Million
PURCHASE, N.Y., Dec. 27, 2010 (GLOBE NEWSWIRE) -- Retail Opportunity Investments Corp. (the "Company") (Nasdaq:ROIC), a fully integrated owner and operator of shopping centers, announced today that it has completed the acquisition of Gateway Village, Halsey Crossing and Division Crossing and acquired a $58 million loan portfolio on the west coast.
Stuart A. Tanz, the Company's Chief Executive Officer, commented, "We are pleased to announce the closing of the three dominant grocery anchored shopping centers, continuing our strong acquisition pace for the year. We believe these acquisitions demonstrate our ability to execute our business plan of capitalizing on opportunities to acquire irreplaceable real estate. We are also pleased to acquire additional mortgages secured by strong retail properties at a discount to their face value."
Gateway VillageOn December 16, 2010, the Company completed the acquisition of Gateway Village, a 91.0% occupied grocery anchored neighborhood shopping center located in Chino Hills, California for an aggregate purchase price of $34.0 million. The Company assumed the Sellers' obligations under three existing loans totaling approximately $21.8 million carrying a blended 5.8% interest rate and maturing between 2014 and 2016. The 96,959 square foot shopping center is anchored by Henry's Marketplace (Smart & Final). Division Crossing and Halsey Crossing On December 22, 2010 the Company closed on the acquisition of two grocery anchored neighborhood shopping centers in Oregon for an aggregate purchase price of $18.0 million. The assets, Division Crossing ("Division") and Halsey Crossing ("Halsey") further enhance the Company's footprint in Oregon and the greater Pacific Northwest. The Company continues to be one of the most active acquirers of assets in the region and with the acquisitions has increased its Pacific Northwest portfolio to nine assets. Division is a grocery-anchored neighborhood shopping center of approximately 98,321 square feet and was acquired for $11.0 million. It is anchored by Safeway and currently 98.5% leased. The property is located in an area with approximately 305,215 people within a five mile radius, with an average household income of approximately $58,403.
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