Retail Opportunity Investments Corp. (Nasdaq:ROIC)
Retail Opportunity Investments Corp. 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, ROIC'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."
On December 16, 2010, ROIC 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 ROIC 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.
Retail Opportunity Investments Corp. engages in investing in, acquiring, owning, and managing commercial real estate in the United States. Its portfolio of retail properties include community and neighborhood shopping centers anchored by national or regional supermarkets and drugstores. The company also focuses on acquiring other retail properties, including power centers, regional malls, lifestyle centers, and single-tenant retail locations. It operates shopping centers in Paramount, Santa Ana, Sacramento, Pleasant Hill, and Pomona, California; Kent, Washington; and Lake Stevens, Washington. The company was formerly known as NRDC Acquisition Corp. and changed its name to Retail Opportunity Investments Corp. in October 2009. Retail Opportunity Investments Corp. was founded in 2007 and is based in Purchase, New York.
American Video Teleconferencing Corp. (OTCPK:AVOT)
The 17 elements that are classified as "rare earth" are becoming an increasingly crucial aspect of our day-to-day lives. Rare earth metals are definitely the life blood of modern computers, batteries and alternative energies. For instance, you'll find nearly 10 pounds of the rare earth element, lanthanum, in each and every Toyota Prius engine. In addition, rare earth elements are essential to military technologies. Contrary to the name, rare earth metals aren't particularly uncommon and can be found in nearly all region. In recent weeks the us government made important measures to increase production of these types of metals, as they will play a significant part in President Obama's overhaul of United states energy.
Rare-earth minerals consist of terbium, which is used in flat-panel TVs and high-efficiency fluorescent lamps; and neodymium, key to the permanent magnets in high-efficiency electric motors. Rare-earth materials are not all that unusual. The series of nonferrous metals frequently occurs in the environment. According to Design Chain Associates, the majority of rare-earth materials are as common as copper, and even the rarest, is more common than gold.
Part of the market pressure on rare-earth minerals arises from new demand that green technologies has prompted. Industry, including electric- and hybrid-vehicle motors and wind turbines, requires magnets.
American Video Teleconferencing Corp. recently reported that it is presently in final discussions to enter into a formal agreement to acquire an exclusive option on a molybdenum property in the Otter lake area in the province of Quebec, Canada. The property has been dormant since the 1960's when Hupon Mining and Exploration carried out surface work, stripping, trenching and a minor drill program of 445 feet contained in 11 drill holes. Some of the sample results from the trenching in 1962 showed 0.94% to 25% molybdenum averaging 5-10%. These values were obtained from assessment files in the Department of Mines in Quebec City.
This property is only one of several advanced stage properties AVOT has under consideration in the province of Quebec.
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