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SAN DIEGO, Dec. 28, 2012 (GLOBE NEWSWIRE) -- Retail Opportunity Investments Corp. (Nasdaq:ROIC) announced today, in an off-market transaction, it has closed on three shopping centers and has a binding contract to acquire a fourth shopping center. The four properties together comprise a portfolio transaction totaling $114 million, encompassing approximately 444,000 square feet of gross leaseable area. The portfolio was previously owned and operated by a Southern California family. The acquisitions are being funded with borrowings under ROIC's unsecured credit facility.
Stuart A. Tanz, President and Chief Executive Officer of Retail Opportunity Investments Corp. stated, "We are excited to be acquiring this exceptional portfolio of Southern California shopping centers. The properties were not marketed. We accessed the transaction through a long-standing relationship. The shopping centers are well-located at major intersections within densely populated communities, which we know extremely well, and are an excellent strategic fit with our current Southern California portfolio. The four shopping centers represent a balance of stable cash flow, derived from well-established anchor retailers, and numerous value-added growth opportunities." Mr. Tanz added, "With three of the four properties closed, we have completed a total of $278.0 million of shopping center investments in 2012, surpassing our target for the year. Looking ahead, we expect to close the fourth property in the first quarter of 2013. Additionally, as part of the portfolio transaction, we have rights of first refusal to acquire the seller's remaining properties in Southern California, which include three additional grocery-anchored shopping centers."
In December 2012, ROIC acquired Cypress West for $27.6 million. The shopping center is approximately 106,000 square feet and is anchored by Ralph's Supermarket (Kroger) and Rite Aid. The property is located in Cypress, California, in the heart of Orange County and is currently 94.1% leased.
Redondo Beach Plaza
In December 2012, ROIC acquired Redondo Beach Plaza for $30.8 million. The shopping center is approximately 111,000 square feet and is anchored by Von's Supermarket (Safeway). The property is located in Redondo Beach, California, within the Los Angeles metropolitan area and is currently 98.8% leased.