The partnership will cooperatively operate and develop Crossroads with the goal to make Crossroads an even more vibrant, attractive and successful community shopping center that serves the needs of its unique, multi-cultural area.
Ron Sher and Stuart Tanz have known each other since 1997 when Ron's company sold three shopping centers in the Pacific Northwest to Pan Pacific Retail Properties ("Pan Pacific"), where Mr. Tanz was the CEO. Mr. Tanz ultimately built Pan Pacific into the largest operator of grocery drug anchored shopping centers on the west coast of United States until selling the company in 2006. Pan Pacific operated 138 shopping centers on the west coast including 37 shopping centers in the Pacific Northwest.
ABOUT RETAIL OPPORTUNITY INVESTMENTS CORP.
Retail Opportunity Investments Corporation (Nasdaq:ROIC) is a fully integrated real estate company that intends to qualify as a REIT for U.S. federal income tax purposes. The Company is focused on acquiring, owning leasing, repositioning and managing a diverse portfolio of necessity-based retail properties, including, primarily, well located community and neighborhood shopping centers, anchored by national or regional supermarkets and drugstores. The Company targets properties strategically situated in densely populated, middle and upper income markets in western and eastern regions of the United States. The Company presently owns and operates 18 shopping centers encompassing approximately 1,790,000 square feet.
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This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We have based these forward-looking statements on the current expectations and projections of the Company about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause the Company's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "should," "could," "would," "expect," "plan," "anticipate," "believe," "estimate," "continue," or the negative of such terms or other similar expressions. Factors that might cause or contribute to such a discrepancy include, but are not limited to, those described in the Company's Annual Reports on Form 10-K for the year ended December 31, 2009 and the Company's Quarterly and Periodic Reports filed since the date of the filing of the Company's Annual Report.
CONTACT: Retail Opportunity Investments Corp.