Retail Opportunity Investments To Acquire Fallbrook Shopping Center For $210 Mln

(RTTNews) - Retail Opportunity Investments Corp. (ROIC) Monday said it will buy Fallbrook Shopping Center for $210.0 million in cash.

Fallbrook, located in West Hills, California, is one of the leading shopping centers serving the West San Fernando Valley, a densely-populated affluent community within the Los Angeles metropolitan area.

ROIC expects to close the transaction during the second quarter of 2014.

Commenting on the acquisition, Stuart Tanz, President and Chief Executive of ROIC said: "...Fallbrook is one of the strongest shopping centers in the San Fernando Valley and is an excellent strategic fit with our existing portfolio, given its location and market position, as well as its diverse mix of tenants, many of which are necessity-based retailers. In addition to the strategic attributes, we expect that the transaction will be immediately accretive and enhance our long-term, stable cash flow."