Retail Opportunity Investment Corp. buys Fallbrook Shopping Center

San Diego - Retail Opportunity Investments Corp. has completed the acquisition of Fallbrook Shopping Center, located in West Hills, California. ROIC acquired the property for $210 million in cash funded by a borrowing under its unsecured credit facility.

Fallbrook Shopping Center totals approximately 1.12 million sq. ft. of gross leasable area (762,000 sq. ft. of owned GLA). Fallbrook is currently 98% leased, featuring three supermarkets (Ralph's, Trader Joe's and Sprouts) along with a diverse mix of major retailers including WalMart, Home Depot, Target, and Kohl's.

"We are very pleased to acquire this exceptional property,” said Stuart A. Tanz, president and CEO of ROIC. “Given our market knowledge and relationship with the seller, we successfully sourced, underwrote and closed this off-market transaction in less than 30 days. We look forward to integrating Fallbrook into our portfolio and already have a number of initiatives planned that we believe will enhance value over time."

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