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IN-DEPTH: GGP sells Southern California mall for $210m
Retail Opportunity Investments has purchased Fallbrook Shopping Center in Southern California for $210 million, or $239 per square foot, in cash. General Growth Properties is the seller.
The deal is expected to close during second quarter 2014.
“We are very pleased to be acquiring this exceptional property,” Stuart Tanz, president and CEO of ROIC, says in a statement. “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.”
GGP bought the property in 1983. Following the close, the firm