ROIC Picks Up Peninsula Marketplace

HUNTINGTON BEACH, CA-San Diego-based ROIC has purchased Peninsula Marketplace, an open-air shopping center here, from what GlobeSt.com has learned is a family trust for $32.5 million. The 95,416-square-foot center sits on nearly 10 acres of land bordered by I-405 to the northeast and a little over a mile from the ocean.

Geoff Tranchina and Jason Gribin from Wilson Commercial Real Estate represented the buyer, while the seller was represented by Deborah Collins of the Collins Co. “Peninsula Marketplace is one of the most unique properties in the trade area and will add another irreplaceable asset to ROIC's diverse portfolio,” says Tranchina. “The opportunity to acquire an infill grocery-anchored shopping center in a supply-constrained coastal community doesn't come around very often.”

The property is anchored by Ralphs and CVS/pharmacy and includes several other shops including a Carl's Jr. “During the first half of the year, Los Angeles and the surrounding region led the country in total retail investment-sales activity with more than $947 million,” adds Tranchina. “The area continues to be a top-tier retail market, attracting capital from all over the globe. We expect to see a few more sales of similar assets through the end of the year.”

As GlobeSt.com reported last month, the latest restaurant trend among malls in Newport Beach and Los Angeles is upscale restaurants with panache. Despite the slowly recovering economy, consumers are appreciating the option of having these better-quality eating establishments right near where they shop.