Blackstone Strikes $4 Billion Deal for Shopping-Center Landlord

Blackstone Inc. agreed to buy Retail Opportunity Investments Corp. in an all-cash deal valued at about $4 billion.

The purchase price is $17.50 a share, the companies said in a statement Wednesday. That’s 34% more than the real estate investment trust’s closing share price on July 29, the day before a report of a possible deal.

Shares of Retail Opportunity Investments have climbed 18% so far this year through Tuesday’s close.

Retail Opportunity Investments has 93 shopping centers, focused in the western US. Its property portfolio, which often features grocery stores as anchor tenants, was roughly 97% leased at the ...