FOSTER CITY, CA-Retail Opportunity Investments Corp., a REIT and owner/manager of necessity-based retail properties, has purchased Marlin Cove Shopping Center from a private investor for $17.38 million. Comprising 74,596 square feet that includes a three-story office building, the center is located at 1070-1098 Foster City Blvd.
The shopping center is located in a residential area adjacent to Foster City’s newest luxury rental community, Marlin Cove. The property is one contiguous center including 53,379 square feet of retail and 21,217 square feet of office space, and the shopping center is currently 82% occupied by well-known tenants including 99 Ranch Market, Starbucks, Round Table Pizza, UPS Store and office tenant PrimePay. One of the most active shopping-center investors in the Bay Area, ROIC plans to lease the remaining available space quickly.
Cornish & Carey Commercial Newmark Knight Frank’s Ryan Forsyth and Scott Crowle were involved in the off-market transaction. “Scott Crowle and I continually search the market for good investment opportunities,” said Forsyth in a prepared statement. “We seek properties in healthy, core Bay Area locations, which provide opportunities for our clients to increase a property’s value. Marlin Cove has all the hallmarks of a great opportunistic investment, and we are pleased that we were able to help ROIC secure it.”
As GlobeSt.com previously reported, in January 2011 ROIC purchased the Marketplace Del Rio shopping center located at 3742-3784 Mission Ave. in Oceanside, CA, for $35.7 million. The 177,136-square-foot shopping center included tenants such as: Stater Bros., Walgreens, Ace Hardware, Everything $5 Clothing, Blockbuster, Chase Bank, Burger King, US Post Office and others. The seller, Mission Center LLC, and ROIC were represented by Richard Lebert, Matt Zimsky, Kirk Allison, Vic Gausepohl and Savvas Marinos of Colliers International. Also in January 2011, Stuart Tanz of ROIC in Purchase, NY, acquired the 96,959-square-foot Gateway Village in Chino Hills, CA, for a total of $34 million, according to Irvine, CA-based Hanley Investment Group. The deal was “a very good indicator that the retail investment market is slowly gaining more confidence,” said Edward B. Hanley, president of Hanley Investment Group, at the time.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
