LOS ANGELES-Retail Opportunity Investment Corp. has acquired the 100,408-square-foot retail center Plaza De La Cañada from the Vons Cos. Inc. for $35.9 million. Gelson's Market will move into the anchor space in the first quarter of 2014.

“This property fit perfectly into ROIC's criteria for quality, high demographic grocery anchored centers in supply constrained markets,” says Dixie Walker of Cassidy Turley's Irvine office, who along with Charley Simpson and Tom Blake represented the seller in the transaction.

A Vons grocery store formerly occupied the anchor location; however, demand in the submarket has increased for specialty grocery stores that, according to Walker, “match the trade area's high household income.” He adds, “Von's made the correct decision to sell in one of the strongest markets we have seen in a long time.” In addition to Gelson's Market, tenants at the center include T.J. Maxx and Rite Aid.