Local REIT Buys Diamond Bar Retail Center for $48MWednesday, 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