Gateway VillageIn December 2010, ROIC acquired Gateway Village for approximately $34.0 million, funded with $12.2 million of cash and the assumption of an existing $21.8 million mortgage loan. The shopping center is approximately 97,000 square feet and is anchored by Henry's Marketplace (Smart & Final), a Southern California based grocer. The property is located in Chino Hills, California. ( 2) Includes pro rata consolidation of the Crossroads Shopping Center. Crossroads Shopping Center In December 2010, ROIC acquired a 49% interest in the Crossroads Shopping Center for $42.1 million, funded with $12.4 million in cash, and the assumption of existing mortgage debt (49% interest equating to $29.7 million). The shopping center is approximately 465,000 square feet and is anchored by QFC (Kroger) Supermarket, Sports Authority and Bed, Bath & Beyond. The property is located in Bellevue, Washington, within the Seattle metropolitan area. ROIC has the right to acquire the remaining 51% interest in 2014. 2011 INVESTMENT ACTIVITY TO DATE To date in 2011, ROIC has acquired five shopping centers in three separate transactions as follows: Single Asset Acquisitions: To date in 2011, ROIC has acquired two shopping centers for a total of $56.5 million. The properties acquired are as follows.
- Marketplace Del Rio
- Pinole Vista
- Desert Springs Marketplace
- Mills Shopping Center
- Nimbus Winery Shopping Center