REIT Acquires National City Retail Center for $21.5MMonday, November 19, 2012
San Diego-based Retail Opportunity Investments Corp. has acquired the Bay Plaza retail center in National City for approximately $21.5 million.
The seller was Irvine-based Pacific Castle Inc., according to CoStar Group. The two-building center, located at 1420-1430 E. Plaza Blvd., was 88 percent occupied at the time of sale.
The 73,025-square-foot center has 36 tenants, including Big Lots, Jo-Ann Fabrics and Seafood City. Broker Reza Investment Group Inc. represented the seller, and ROIC represented itself in the transaction.
Retail Opportunity Investments Corp., a retail-focused real estate investment trust that trades as ROIC on the Nasdaq stock exchange, moved its headquarters from New York to San Diego earlier this year. It owns more than 40 shopping centers nationwide, totaling more than 4.3 million square feet.
The REIT said in a statement that it has purchased 10 shopping centers totaling $156.2 million so far this year, and has binding contracts to acquire three centers in separate transactions for a total of $58 million.
Those include a contract to acquire the 38,000-square-foot Bernardo Heights Plaza in Rancho Bernardo for $12.4 million. That center is anchored by Sprouts Farmers Market and is 100 percent leased, the company said.
— SDBJ Staff Report