San Diego Business Journal

Local REIT Buys Diamond Bar Retail Center for $48M

Wednesday, April 24, 2013

San Diego-based Retail Opportunity Investments Corp. has purchased Diamond Hills Plaza, a 139,314-square-foot retail center in Diamond Bar, for $48 million in an all-cash transaction.

The seller was Sarofim Realty Advisors of Dallas, according to a statement from Cassidy Turley San Diego, which represented the seller’s entity known as Country Hills Holdings LLC. The transaction was brokered by Cassidy Turley San Diego’s Irvine office.

The grocery-anchored retail center, located in eastern Los Angeles County, is 99.4 percent leased, with tenants including the Asian supermarket chain Super H-Mart, Rite-Aid Pharmacy, Starbucks, Burger King and HSBC Bank.

Retail Opportunity Investments Corp., also known as ROIC, is a publicly traded real estate investment trust with headquarters in University Towne Center. Its portfolio includes 45 other shopping centers totaling more than 4.8 million square feet, according to its website.

— SDBJ Staff Report