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Vancouver/Portland Shopping Center Sale June 23, 2010

Posted by Sean Tufts in Articles, Retail Sales Comps, Sale.
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ROIC just closed on another purchase in the NW with more coming.  ROIC closed June 17th on the Vancouver Market Center in Vancouver, WA.  This is the third grocery-anchored retail center purchased in the state this year by ROIC.  The Vancouver Market Center closed for $11.19m, less than the $11.9m sales price in 1999.  The company has four more centers under contract being sold by Portland developer, Gramor Development.  The total purchase of $90m makes ROIC a significant player in the Northwest.

 Monday, June 21, 2010, 10:32am PDT

New York investor buys malls for $90M

Portland Business Journal – by Wendy Culverwell Business Journal staff writer

A New York real estate investor is acquiring five local shopping centers in transactions valued at $90.1 million.

Purchase, N.Y.-based Retail Opportunity Investments Corp. (Nasdaq: ROIC) said Monday it closed a deal to purchase Vancouver Market Center for $11.19 million. The all-cash deal closed June 17.

It also entered a contract to purchase four shopping centers in the greater Portland area for approximately $79 million.  Vancouver Market Center is anchored by an Albertsons grocery store and includes approximately 118,466 square feet. Its overall occupancy rate is 96 percent.

The deals under contract include:

  • Cascade Summit Shopping Center. The 94,924-square-foot shopping center in West Linn is anchored by a Safeway grocery store and is 95.1 percent occupied. The buyer will assume the current $7.2 million loan on the property.
  • Heritage Market Center is a 107,471-square-foot retail center in Vancouver and is anchored by a Safeway grocery. It is 94.1 per cent occupied. The $20 million sale includes $8.3 million in cash and assumption of a $11.6 million loan.
  • Happy Valley Town Center is a 135,422-square-foot shopping center anchored by new Seasons Market. The center is 89.6 percent occupied. The all-cash price is approximately $40.5 million.
  • Oregon City Point is a 33,305 square foot retail center near the entrance to Clackamas Community College. It is 80.8 percent occupied. The all-cash price is $12.1 million.

Retail Opportunity Investments owns and operates shopping centers in densely populated middle- and upper-income markets. Its portfolio includes eight shopping centers with a total of 739,000 square feet.

Read more: New York investor buys malls for $90M – Portland Business Journal

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