Save the date: RealShare L.A.comes to the Hyatt Regency Century Plaza in Los Angeles, CA on March 27, 2013
LOS ANGELES-Retail Opportunity Investments Corp. says it has completed the purchase of three Southern California shopping centers from a private investment group and will soon close on a fourth, with a total value of $114 million.
Two of the properties are in Los Angeles County and two are in Orange County. In addition, the San Diego-based REIT says, the deal gives it first right-of-refusal to buy three other properties from the same investors.
A ROIC spokesperson wouldn’t identify the seller, but says that it’s “a Southern California family.”
The four 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,” says Stuart A. Tanz, president and CEO of ROIC, in a prepared statement.
“The four shopping centers represent a balance of stable cash flow, derived from well-established anchor retailers, and numerous value-added growth opportunities,” Tanz adds.
All four centers are anchored by major supermarket chains and total 440,000 square feet of gross leasable space. They are:
- Redondo Beach Plaza, 4001 Inglewood Ave., Redondo Beach. ROIC paid $30.8 million for the 111,000-square-foot property, which is anchored by a Von’s supermarket and is 98.8% leased.
- Cypress West, 4005-4197 Ball Road, Cypress. The 106,000-square-foot center cost $27.6 million, is anchored by Von’s and a Rite-Aid store, and is currently 94.1% leased.
- Harbor Place Center, 13220 Harbor Blvd., Garden Grove. The REIT paid $27.7 million for the 120,000-square-foot property, which is anchored by an Albertson’s market and Ross Dress for Less. It is fully leased, though the supermarket has closed. Tanz says that his company is in “advanced discussions” with several national retailers for the empty space.
- Diamond Bar Town Center, 1132 S. Diamond Bar Blvd., Diamond Bar. The $27.8-million sale of this 107,000-square-foot center is expected to close soon. It’s anchored by a Wal-Mart that features the chain’s new grocery-store format and is currently 91.2% leased.
The three additional Southern California shopping centers that ROIC has secured first right-of-refusal are the 97,000-square-foot Hawthorne Plaza in Hawthorne, the 165,000-square-foot Plaza Del Sol in Burbank, and the 95,000-square-foot Peninsula Marketplace in Huntington Beach.