Retail Opportunity Investments Corp. Acquires Two Grocery Anchored Shopping Centers In California
PURCHASE, N.Y., Jan. 10, 2011 (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 Marketplace Del Rio, a 177,136 square foot neighborhood center anchored by Stater Brothers Supermarket, Walgreens and Ace Hardware. It is currently 91% leased. Marketplace Del Rio was acquired for $35.7 million; the center is located in the Coastal North County San Diego community of Oceanside with a population of 229,000 people within a five mile radius, with a median household income of $70,982.
The Company also closed on the acquisition of Pinole Vista, a grocery anchored neighborhood shopping center of approximately 165,025 square feet that is anchored by Kmart, Lucky Supermarket (Save Mart) and Dollar Tree. Pinole Vista was acquired for $20.8 million and is currently 90.9% leased. The property is located in the San Francisco Bay area with approximately 206,300 people within a five mile radius, with an average household income of approximately $77,400.
Stuart A. Tanz, the Company's Chief Executive Officer commented, "We are pleased to announce the closing of these dominant grocery anchored shopping centers, part of an active and strong year of acquisitions for the company. To date, we have acquired ownership and interests in 25 shopping centers with over 2.8 million leasable square feet."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 has ownership and interests in 25 shopping centers encompassing approximately 2.8 million square feet.
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