Retail Opportunity Investments Corporation Has Closed On The Acquisition Of A Forty-Nine Percent Interest In Crossroads Shopping Center In Bellevue, Washington
PURCHASE, N.Y., Dec. 30, 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 closed on the purchase of a 49% interest in the Crossroads Shopping Center ("Crossroads") in Bellevue, Washington.
Commenting on the transaction Stuart A. Tanz, the Company's Chief Executive Officer, said, "Crossroads is one of the strongest retail shopping centers in the Pacific Northwest. The addition of Crossroads solidifies our presence in the Seattle marketplace and the Pacific Northwest where we now have ownership in eleven shopping centers. We are well positioned to capitalize on our presence on the west coast through our in-place leasing and management infrastructure."
One of the strongest assets in the Pacific Northwest, Crossroads is a 435,900 square foot grocery anchored shopping center situated on approximately 40 acres of land in Bellevue, Washington. Major tenants include QFC (Kroger) supermarket, Bed Bath & Beyond and Sports Authority among many national, regional and local tenants. There are over 214,000 people living within a five mile radius with an average household income of $121,163. The Company purchased a forty-nine percent interest in the partnership that owns Crossroads for approximately $12 million. The Company will receive forty-nine percent of any cash flows after debt service and preferred returns. The Company will also have the absolute right to purchase the remaining fifty-one percent interest in Crossroads during a specified period in the future for either cash or units of the Company's operating partnership priced at a ten percent premium to common stock at the date of acquisition. In addition to its right to purchase Crossroads, the Company will have the first right of offer to purchase the following additional properties from the Sellers for up to a 10-year period: Five Points Plaza, Huntington Beach, CA; Southside Shopping Center, Santa Rosa, CA; Brook 35 Plaza, Sea Girt, NJ; Brook 35 West, Sea Girt, NJ; The Grove West, Shrewsbury, NJ and The Grove at Shrewsbury, Shrewsbury, NJ (subject to an existing right of first offer in favor of the current interest holders).
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