An announcement in San Diego, California, was made by Retail Opportunity Investments Corp. reporting that it has made the acquisition of three grocery-anchored properties and was in an agreement to purchase a fourth.
The shopping centers, totaling 444,000 square feet in all, are located in Southern California and were purchased at a price of $114 million. The centers were previously the property of a family in the area.
The centers include:
• Diamond Bar Town Center, which is currently under contract, measuring out at a square feet of 107,000 and is fixed by a Walmart Neighborhood Market, at $27.8 million.
• Harbor Place Center, located in Garden Grove, totaling 120,000 square feet, at $27.7 million.. It is fixed by Ross Dress for Less and a closed Albertsons.
• Redondo Beach Plaza, acquired for $30.8 million and measuring a total 111,000 square feet. It is fixed by a Vons market.
• Cypress West, Cypress, with a square footage of 106,000 and acquired for $27.6 million. The property is anchored by a Rite Aid and Kroger market.
Retail Opportunity Investment Corp also said that it had rights to refuse three supermarket-anchored properties located in Huntington Beach, Burbank, and Hawthorne, California.
The investment firm owns and manages necessity-based retail centers. The firm has a diverse portfolio of properties that include mainly those located in neighborhood shopping areas and anchored by regional and national drugstores and supermarkets. The Retail Opportunity Investment Corporation targets properties that are strategically located in densely populated areas and middle-upper income regions, particularly in the western and eastern regions of the country.