{"id":1004097913,"date":"2014-06-06T07:12:28","date_gmt":"2014-06-06T15:12:28","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=267441"},"modified":"2022-12-08T10:13:45","modified_gmt":"2022-12-08T18:13:45","slug":"retail-opportunity-investments-corp-announces-purchase-of-fallbrook-shopping-center-for-210-million","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/retail-opportunity-investments-corp-announces-purchase-of-fallbrook-shopping-center-for-210-million\/","title":{"rendered":"Retail Opportunity Investments Corp. Announces Purchase of Fallbrook Shopping Center for $210 Million"},"content":{"rendered":"<p class=\"MsoNormal\"><em>By Alex Girda, Associate Editor<\/em><\/p>\n<p class=\"MsoNormal\">Retail Opportunity Investments Corp. recently announced that it will become the new owner of a major retail center in the San Fernando Valley. The company has entered into a binding contract for the acquisition of the Fallbrook Shopping Center, for a purchase fee of $210 million in cash, from General Growth Properties. The transaction will reportedly be closed by the end of this quarter.<\/p>\n<p class=\"MsoNormal\">Fallbrook Shopping Center is a 1.12-mi<a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/06\/fallbrook.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-267442\" title=\"fallbrook\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/06\/fallbrook.jpg\" alt=\"\" width=\"300\" height=\"201\" \/><\/a>llion square foot shopping center located in West Hills, CA, and is one of the top retail properties in the West San Fernando Valley. The property\u2019s current tenant roster includes three different supermarkets, namely Ralph\u2019s, Trader Joe\u2019s and Sprouts, while a diverse mix of national retailers such as WalMart, Home Depot and Target, is also part of the package available at Fallbrook.<\/p>\n<p class=\"MsoNormal\">In terms of leasing, the retail property is currently 98 percent under contract, with two-thirds of the agreements being completed with investment-grade rated retailers. The average remaining lease term for the property\u2019s anchor tenants currently stands at around 12 years.<\/p>\n<p class=\"MsoNormal\">The acquisition of the Fallbrook Shopping Center will contribute to the enhancement of the new owner\u2019s long-term cash flow and tenant diversification, while also increasing its pro forma unencumbered GLA to 87 percent. The acquisition is accretive to Retail Opportunity Investments Corp.\u2019s net income and fund from operations per diluted share. The asset is located in a trade area that totals around 474,000 in population, with a median house-hold income of around $100,000 per year.<\/p>\n<p class=\"MsoNormal\">According the President and CEO of Retail Opoortunity Investments Corp., Stuart A. Tanz, the buyer expressed its excitement regarding the deal, noting the fact that \u201cFallbrook is one of the strongest shopping centers in the San Fernando Valley and is an excellent strategic fit with our existing portfolio, given its location and market position.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Retail Opportunity Investments Corp. recently made the announcement that it is set to become the new owner of a major retail center in the San Fernando Valley. The company has entered into a binding contract for the acquisition of the Fallbrook Shopping Center, for a purchase fee of $210 million in cash. The transaction will reportedly be closed by the end of this quarter.<\/p>\n","protected":false},"author":237,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1594,21742],"tags":[1815],"class_list":["post-1004097913","post","type-post","status-publish","format-standard","hentry","category-los-angeles","category-latest","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Retail Opportunity Investments Corp. Announces Purchase of Fallbrook Shopping Center for $210 Million - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/retail-opportunity-investments-corp-announces-purchase-of-fallbrook-shopping-center-for-210-million\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Retail Opportunity Investments Corp. Announces Purchase of Fallbrook Shopping Center for $210 Million\" \/>\n<meta property=\"og:description\" content=\"Retail Opportunity Investments Corp. recently made the announcement that it is set to become the new owner of a major retail center in the San Fernando Valley. The company has entered into a binding contract for the acquisition of the Fallbrook Shopping Center, for a purchase fee of $210 million in cash. The transaction will reportedly be closed by the end of this quarter.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/retail-opportunity-investments-corp-announces-purchase-of-fallbrook-shopping-center-for-210-million\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-06-06T15:12:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T18:13:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/06\/fallbrook.jpg\" \/>\n<meta name=\"author\" content=\"Anca Gagiuc\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/retail-opportunity-investments-corp-announces-purchase-of-fallbrook-shopping-center-for-210-million\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/retail-opportunity-investments-corp-announces-purchase-of-fallbrook-shopping-center-for-210-million\/\",\"name\":\"Retail Opportunity Investments Corp. 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