SAN DIEGO, Feb. 26, 2013 (GLOBE NEWSWIRE) -- Retail Opportunity Investments Corp. (ROIC) announced today that it has been awarded the 2013 Retail Deal Of The Year by the San Diego Business Journal in recognition of ROIC's acquisition of Euclid Plaza.
ROIC acquired Euclid Plaza in March 2012. The shopping center is located in San Diego, California, and is anchored by Vallarta Supermarket, a Southern California based grocer, and Walgreens. Upon acquiring the property, ROIC began implementing repositioning initiatives, including redesigning and upgrading common areas, along with adding 10,000 square feet of new retail space. ROIC completed its repositioning and expansion of the shopping center in December 2012. Today the property totals approximately 79,000 square feet and is 100% leased.
Stuart A. Tanz, President and Chief Executive Officer of Retail Opportunity Investments Corp. stated, "We are pleased to receive this award. Our team worked diligently to reposition and expand Euclid Plaza in less than nine months, quickly repositioning and expanding Euclid Plaza to capitalize on the strong demand for space within the property's primary trade area. Our success at repositioning this property is indicative of our ability to enhance the underlying value of our shopping centers."
ABOUT RETAIL OPPORTUNITY INVESTMENTS CORP.
Retail Opportunity Investments Corporation (ROIC) is a fully integrated, self-managed real estate investment trust. ROIC specializes in the acquisition, ownership and management of necessity-based community and neighborhood shopping centers, anchored by national or regional supermarkets and drugstores. At December 31, 2012, ROIC's property portfolio included 45 shopping centers encompassing approximately 4.8 million square feet. Additional information is available at www.roireit.net.
The Retail Opportunity Investments Corp. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6855
When used herein, the words "believes," "anticipates," "projects," "should," "estimates," "expects," and similar expressions are intended to identify forward-looking statements with the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and in Section 21F of the Securities and Exchange Act of 1934, as amended. Certain statements contained herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of ROIC to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors. Additional information regarding these and other factors is described in ROIC's filings with the SEC, including its most recent Annual Report on Form 10-K.
Ashley Bulot, Investor Relations