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ROIC Closes $186.2M in Shopping Center Acquisitions

September Sees Three Centers Trade in Seattle, Orange County, Portland Markets; Fourth Under Contract
October 1, 2013
Retail Opportunity Investments Corp. (NASDAQ: ROIC) has acquired three grocery-anchored shopping centers spread across the West Coast in separate transactions totaling $153.7 million in the past month. It currently has a binding contract to acquire a fourth grocery-anchored shopping center for an additional $32.5 million.

The company has committed $186.2 million to shopping center acquisitions during the third quarter 2013, bringing its year-to-date investment total to $368 million in the acquisition of ten grocery-anchored shopping centers.

Stuart A. Tanz, president and chief executive officer of ROIC, stated, "We continue to execute our prudent strategy of carefully seeking out attractive, off-market opportunities, through capitalizing on our long-standing relationships, to acquire exceptional shopping centers in our core West Coast markets that will provide the company with a balance of stable cash flow and good growth opportunities for years to come."

Crossroads Shopping Center - Seattle

ROIC acquired the remaining 51% interest in the Crossroads Shopping Center at 15600 NE 8th St. in Bellevue, WA for $87.1 million, or about $331 per square foot. ROIC had acquired a 49% interest in the property back in December 2010.

Crossroads totals 516,305 square feet on 80 acres in the Suburban Bellevue submarket of Seattle. The asset is 99.5% leased, anchored by Kroger Supermarket, Sports Authority, and Bed Bath & Beyond.

The buyer funded the acquisition through assumption of $49.6 million in existing debt and the issuance of $37.5 million in common equity to the seller, Ron Sher at Metrovation Capital, in the form of roughly 2.6 million operating partnership units at a value of $14.25 per unit.

Sher commented, "I was thrilled in 2010 to become partners with ROIC, and in only three years’ time we have made significant enhancements to Crossroads, including increasing occupancy from 86.9% in 2010 to 99% today. Additionally, I am very pleased to now be an investor in ROIC, as a common stakeholder, and have great confidence in the company and its future prospects."

Please see CoStar COMPS #2851281 for additional information on this transaction.

Five Points Plaza - Orange County

ROIC acquired the Five Points Plaza at 18501-18691 Main St. in Huntington Beach, CA for $52.4 million, or about $316 per square foot, from Metrovation Capital.

The 161,000-square-foot shopping center is located on 12.7 acres in the Huntington Beach submarket of Orange County. The asset is 99.1% leased, anchored by Trader Joe's and Old Navy.

ROIC funded the acquisition with cash, borrowing under its unsecured credit facility, and the issuance of $8.8 million in ROIC common equity in the form of roughly 700,000 operating partnership units valued at $13.57 per unit.

Please see CoStar COMPS #2851285 for additional information on this transaction.

Robinwood Shopping Center - Portland

ROIC acquired the Robinwood Shopping Center at 19121-19181 Willamette Dr. in West Linn, OR from Lynn Properties LLC for $14.15 million, or about $200 per square foot, in an all-cash deal.

The 70,831-square-foot shopping center was built in 1980 on 6.2 acres in the Lake Oswego / West Linn submarket of Portland's Clackamas County. It was 95.6% leased, anchored by a new WalMart Neighborhood Market.

Please see CoStar COMPS #2829543 for additional information on this transaction.

Peninsula Marketplace - Orange County

The company has entered into a binding contract to acquire Peninsula Marketplace at 19051-19125 Goldenwest St. in Huntington Beach, CA.

This retail center totals 113,916 square feet, and is currently 100% leased, anchored by Kroger (Ralph's) Supermarket and CVS Pharmacy.

The property last sold back in October 2003 for $27.2 million, according to CoStar data. See CoStar COMPS #833020.

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