REIT pays $96.5 million for two retail shopping centers on the West Coast0 Comment
JLL today announced that Retail Opportunity Investment Corporation’s (ROIC) successful acquisition, via OP units, of Fullerton Crossroads in Fullerton, California and Riverstone Marketplace in Vancouver, Washington from the Uhlmann Family Trust. ROIC paid $96.5 million in this stock transaction.
JLL’s Executive Vice President Geoff Tranchina represented the seller in the transaction. The buyer represented itself.
Fullerton Crossroads is a 221,636-square-foot grocery-anchored community center located at 3200–3362 East Yorba Linda Boulevard in Fullerton, California. Built in 1971 and renovated in 1996 and 2005, the center is 98 percent leased to several national and local retailers including Ralphs, Kohl’s Department Stores, JoAnn Fabric & Craft and Daiso Japan.
Riverstone Marketplace is a 108,323-square-foot grocery-anchored shopping center located at 19215 and 19221 SE 34th Street and 3415, 3425 and 3505 SE 192nd Avenue in the Fisher’s Landing area of Vancouver, Washington. The center is 99 percent leased and anchored by Quality Food Center (QFC).
“The seller was looking to divest itself of the day-to-day operations of these properties while maintaining its relationship and exposure to high quality, west coast retail real estate,” said Tranchina. “These unique tax deferred structures, while complex to execute, provide long-term holders of real estate the potential to diversify their risk, eliminate management responsibilities, and provide liquidity flexibility in the future.”