updated 12/27/2010 5:15:41 AM ET 2010-12-27T10:15:41

PURCHASE, N.Y., Dec. 27, 2010 (GLOBE NEWSWIRE) -- Retail Opportunity Investments Corp. (the "Company") (Nasdaq:ROIC), a fully integrated owner and operator of shopping centers, announced today that it has completed the acquisition of Gateway Village, Halsey Crossing and Division Crossing and acquired a $58 million loan portfolio on the west coast.

Stuart A. Tanz, the Company's Chief Executive Officer, commented, "We are pleased to announce the closing of the three dominant grocery anchored shopping centers, continuing our strong acquisition pace for the year. We believe these acquisitions demonstrate our ability to execute our business plan of capitalizing on opportunities to acquire irreplaceable real estate. We are also pleased to acquire additional mortgages secured by strong retail properties at a discount to their face value." 

Gateway Village

On December 16, 2010, the Company completed the acquisition of Gateway Village, a 91.0% occupied grocery anchored neighborhood shopping center located in Chino Hills, California for an aggregate purchase price of $34.0 million.  The Company assumed the Sellers' obligations under three existing loans totaling approximately $21.8 million carrying a blended 5.8% interest rate and maturing between 2014 and 2016. The 96,959 square foot shopping center is anchored by Henry's Marketplace (Smart & Final).  

Division Crossing and Halsey Crossing

On December 22, 2010 the Company closed on the acquisition of two grocery anchored neighborhood shopping centers in Oregon for an aggregate purchase price of $18.0 million. The assets, Division Crossing ("Division") and Halsey Crossing ("Halsey") further enhance the Company's footprint in Oregon and the greater Pacific Northwest. The Company continues to be one of the most active acquirers of assets in the region and with the acquisitions has increased its Pacific Northwest portfolio to nine assets.

Division is a grocery-anchored neighborhood shopping center of approximately 98,321 square feet and was acquired for $11.0 million.  It is anchored by Safeway and  currently 98.5% leased.  The property is located in an area with approximately 305,215 people within a five mile radius, with an average household income of approximately $58,403.

Halsey is a grocery-anchored neighborhood shopping center of approximately 99,438 square feet and was acquired for $7.0 million. It is anchored by Safeway and is currently 89.6% leased and subject to a ground lease that expires on June 1, 2069.  Halsey is located in an area with approximately 275,215 people within a five mile radius, with an average household income of approximately $62,078.  

California Loan Portfolio

On December 16, 2010, the Company acquired four loans (the "Loans") for an aggregate purchase price of $50.0 million, which represents approximately a 14% discount to the aggregate outstanding principal amount owed under the Loans. The Loans are currently in default and provide for a default interest rate of 5.0% over the regular interest rate of LIBOR +350 basis points to +450 basis points. The Loans are cross-collateralized and are secured by: (i) Desert Springs Marketplace, a shopping center located in Palm Desert, CA (ii) Mills Shopping Center, a shopping center located in Rancho Cordova, CA, and (iii) Nimbus Winery Shopping Center, a shopping center located in Rancho Cordova, CA. The line of credit facility is secured by a second mortgage on an office building in Kirkland, WA.    Notices of Default have been filed for all the Loans. [More information on the Loans can be found in the company's 8K filing.]

Desert Springs Marketplace is a grocery-anchored neighborhood shopping center of approximately 105,157 square feet that is anchored by Ralphs "Fresh Fare" Grocer (Kroger Co.) and Rite Aid Pharmacy. It is currently 99.1% leased and located in an area with approximately 100,315 people within a five mile radius, with an average household income of approximately $86,886.

Mills Shopping Center is a grocery-anchored neighborhood shopping center of approximately 252,912 square feet that is anchored by Raley's supermarket, Sears and Dollar Tree. It is currently 77.9% leased and located in an area with approximately 223,563 people within a five mile radius, with an average household income of approximately $71,156.

Nimbus Winery Shopping Center is a grocery-anchored neighborhood shopping center of approximately 74,998 square feet. It is currently 79.4% leased and located in an area with approximately 155,250 people within a five mile radius, with an average household income of approximately $87,291.

ABOUT RETAIL OPPORTUNITY INVESTMENTS CORP.

Retail Opportunity Investments Corporation (Nasdaq:ROIC) is a fully integrated real estate company that intends to qualify as a REIT for U.S. federal income tax purposes. The Company is focused on acquiring, owning, leasing, repositioning and managing a diverse portfolio of necessity-based retail properties, including, primarily, well located community and neighborhood shopping centers, anchored by national or regional supermarkets and drugstores. The Company targets properties strategically situated in densely populated, middle and upper income markets in western and eastern regions of the United States. The Company presently owns and operates 18 shopping centers encompassing approximately 1,790,000 square feet.

The Retail Opportunity Investments Corp. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6855

Forward-looking statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We have based these forward-looking statements on the current expectations and projections of the Company about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause the Company's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "should," "could," "would," "expect," "plan," "anticipate," "believe," "estimate," "continue," or the negative of such terms or other similar expressions. Factors that might cause or contribute to such a discrepancy include, but are not limited to, those described in the Company's Annual Reports on Form 10-K for the year ended December 31, 2009 and the Company's Quarterly and Periodic Reports filed since the date of the filing of the Company's Annual Report.

CONTACT: Retail Opportunity Investments Corp.
         Investor Relations
         Liz Coughlin
         914-393-0874
         lcoughlin@roireit.net

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