ROIC Acquires Two West Coast Shopping Centers for $96.5M

Quality Food Center anchors Riverstone Marketplace, a 108,323-square-foot center in Vancouver, Washington. Quality Food Center anchors Riverstone Marketplace, a 108,323-square-foot center in Vancouver, Washington.

Fullerton, Calif., and Vancouver, Wash. —  Retail Opportunity Investment Corp. (ROIC) has acquired two shopping centers on the West Coast for a total of $96.5 million.

The purchase includes Fullerton Crossroads, a 221,636-square-foot, grocery-anchored community center in Fullerton, and Riverstone Marketplace, a 108,323-square-foot, grocery-anchored shopping center in Vancouver.

Fullerton Crossroads was built in 1971 and renovated in 1996 and 2005. The center is 98 percent leased to tenants including Ralphs, Kohl’s, JoAnn Fabric & Craft and Daiso Japan.

Riverstone Marketplace is located in the Fisher’s Landing area of Vancouver. The center is 99 percent leased, with Quality Food Center as the anchor.

ROIC represented itself in this stock transaction, while JLL’s Geoff Tranchina represented the seller, the Uhlmann Family Trust.

“The seller was looking to divest itself of the day-to-day operations of these properties while maintaining its relationship and exposure to high-quality, West Coast retail real estate,” says Tranchina. “These unique tax-deferred structures, while complex to execute, provide long-term holders of real estate the potential to diversify their risk, eliminate management responsibilities and provide liquidity flexibility in the future.”

ROIC’s stock price closed at $18.71 per share on Tuesday, Oct. 24, down from $21.13 one year ago.

— Nellie Day

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