| 1)   | PURCHASE PRICE: The purchase price for the Property is Eighteen Million One Hundred Forty Thousand Dollars ($18,140,000) (the "Purchase Price"). The balance of the Purchase Price shall be payable in immediately available funds at close of escrowpursuant to the terms stated below. |
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| 2)   | ESCROW: Upon signing of the Agreement, Seller and Buyer shall open escrow ("Opening of Escrow") withLawyers Title, 4100 Newport Place Drive, Suite #120, Newport Beach, CA 92660, attention: Joy Eaton telephone (949) 724-3145 facsimile (949) 271-5762 ("EscrowHolder") by the deposit of a copy of this Purchase Agreement ("Agreement") with the Escrow Holder. Seller and Buyer agree to prepare and execute such escrow instructions as may be necessary and appropriate to close the transaction based on all terms and conditions of this Agreement. Should said instructions fail to be executed as required, Escrow Holder shall and is hereby directed to cancel escrow pursuant to the terms and conditions of this Agreement.Close of escrow (or the "Closing Date"), which shall mean the date on which the deed transferring title is recorded in the office of the County Recorder of Los Angeles shall occur on or before seven (7) days from the expiration of the "Due Diligence Period" or December 22, 2009 whichever comes first. Escrow fees shall be shared equally by Buyer and Seller. Unless otherwise set forth herein, all otherclosing costs shall be paid in accordance with the custom in the county in which the Property is located. Contemporaneous with Buyer's execution and delivery of this Agreement, Buyer has delivered to Seller and Seller hereby acknowledges the receipt of One Hundred Dollars ($100.00) ("Independent Contract Consideration"), which amount the parties bargained for and agreed as consideration for Buyer'sexclusive right to inspect and purchase the Property pursuant to this Agreement and for Seller's execution, delivery and performance of this Agreement. The Independent Contract Consideration is in addition to and independent of any other consideration or payment provided in this Agreement, is nonrefundable, and is fully earned and shall be retained by Seller notwithstanding any other provision of this Agreement. |
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| 3)   | PRORATIONS: Real Property ad valorem taxes, rents, NNN & CAM reconciliation shall be prorated on a calendar year basis as of the Closing Date. All utility accounts shall be closed as of the Closing Date and Seller shallbe responsible for all charges for service through the Closing Date. Buyer shall be responsible for reopening and reinstituting utility service following the Closing Date. Within one hundred eighty (180) days following the Closing Date (or such earlier date after the Closing Date when such figures are available), Seller and Buyer shall reprorate real and personal property taxes and other items of income and expenses based upon actual bills or invoices received after the Closing Date (if original prorations werebased upon estimates) and any other items necessary to effectuate the intent of the parties that all income and expense items be prorated as provided above in this Section 3. Any reprorated items shall be promptly paid to the party entitled thereto |
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| 4)   | TITLE: Within five (5) days from the signing of the Agreement, Seller shall procure and cause to be delivered to Buyer, at Seller's cost, a current commitment for title insurance report ("PreliminaryTitle Report") issued by Lawyers Title, 4100 Newport Place Drive, Suite #120, Newport Beach, CA 92660, attention: Barbie Herndon telephone (949) 724-3161 facsimile (949) 930-9392, (the "Title Company") on the Property together with complete and legible copies of all underlying documents which will remain as exceptions to Buyer's policy of title insurance, including but not limited to, conditions, covenants and restrictions, agreements, deed restrictions,and easements along with a plat map drawn by the title company reflecting the location of all easements and other exceptions affecting the Property which are located of record drawn and identified on the plat map. Buyer shall have ten (10) days from receipt to either approve in writing the exceptions contained in said title report or specify in writing any exceptions to which Buyer reasonably objects. If Buyer objects to any exceptions, Seller shall, within five (5) calendar days after receipt of Buyer's objections,deliver to Buyer written notice that either (i) Seller will, at Seller's expense, remove the exception(s) to which Buyer has objected before the Closing Date or (ii) Seller is unwilling or unable to eliminate said exception(s). If Seller fails to so notify Buyer or states in such notice that it is unwilling or unable to remove any such exception by the Closing Date, Buyer may elect to terminate this Agreement and receive back the entire Deposit, in which event Buyer and Seller shall have no further obligationsunder this Agreement; or, alternatively, Buyer may elect to purchase the Property subject to such exception(s). Notwithstanding any provision herein to the contrary, Seller shall cause all judgments, deeds of trust, mechanics liens or other financial encumbrances to be removed prior to (or upon) the Closing Date, without the requirement of any notice of objection by Buyer. |
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| 5)   | FINANCING CONTINGENCIES: NOT APPLICABLE — ALL CASH. |
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| 6)   | INSPECTION CONTINGENCIES: |
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| (a)   | There shall have occurred no material adverse change in the physical condition of the Property (defined as a loss exceed $500,000 to repair); |
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| (b)   | Seller shall not enter into any new Leases, Contracts or agreements for the Property without Buyer's written consent. Buyer shall approve or disapprove any new Leases, Contracts or agreements submitted by Seller within five (5) calendar days. Buyer shall not unreasonably withhold their consent; |
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| (c)   | The Title Company shall be committed to issue to Buyer at the Closing a CLTA Title Policy insuring title to the Property vested in Buyer in the aggregate amount of the Purchase Price subject only to the requirements and title exceptions shown on the title commitment delivered pursuant to Paragraph 4 to which Buyer has not objected. All endorsements theretoare at the sole cost of Buyer, unless purchased by Seller to cure a title exception to which Buyer has objected; and |
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| (d)   | Seller shall have performed all of the obligations required to be performed by Seller under this Agreement. |
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| 7)   | ESTOPPEL CERTIFICATE CONTINGENCY: Buyer hereby instructs Seller to use Sellers standard Estoppel Certificate (attached as "Exhibit B"). |
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| 8)   | DEPOSIT TRANSFER: Buyer's deposit shall remain with Escrow Holder until removal of the Inspection Contingencies set forth in Paragraph(s) 4 and 6 hereof. Upon removal of said contingencies, Buyer's deposit of Five Hundred Thousand Dollars ($500,000) ("EarnestMoney Deposit") shall become immediately non-refundable and applicable to the Purchase Price. Buyer acknowledges and agrees that, in the event Buyer defaults on this Agreement after removal of contingencies, Buyer's Deposit is non-refundable and is forfeited to Seller. Seller shall hold Buyer's Deposit subject to the remaining terms and conditions of this Agreement. If the Property is made unmarketable by Seller, or acts of God, or Seller should default on this Agreement, the Deposit shall be returnedto Buyer. |
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| 9)   | CONDITION OF PROPERTY: Seller shall maintain the Property in the same manner as it has maintained the Property prior to the date hereof pursuant to its normal course of business, subject to reasonable wear and tear and further subject to destruction by casualty or other events beyond the control ofSeller. |
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| 10)   | RISK OF LOSS: Risk of loss to the Property, including without limitation, physical damage or actual or threatened taking, shall be borne by Seller until title has been conveyed to Buyer. In the event that the improvements on the Property are materially destroyed or materially damaged between the EffectiveDate of this Agreement (defined as a loss exceed $500,000 to repair) and the date title is conveyed to Buyer, or if any portion of the property is taken (or threatened to be taken) by eminent domain, act of terrorism or deed in lieu thereof, Buyer shall have the option of demanding and receiving back the entire Deposit and being released from all obligations hereunder, or alternatively, taking such portion of the Property and improvements as Seller can deliver. Upon Buyer's physical inspection and approval ofthe Property, Seller shall maintain the Property through close of escrow in the same condition and repair as approved, reasonable wear and tear excepted. |
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| 11)   | POSSESSION: Exclusive possession of the Property shall be delivered to Buyer on Closing Date |
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| 12)   | REMEDIES: |
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|   |  /s/ MB            |   |  /s/ ST           |   |
|--------|-------------------------|--------|------------------------|--------|
|   |  SELLER'S INITIALS |   |  BUYER'S INITIALS |   |

|   |  /s/ MB            |   |  /s/ ST           |   |
|--------|-------------------------|--------|------------------------|--------|
|   |  SELLER'S INITIALS |   |  BUYER'S INITIALS |   |

| 13)   | SELLER EXCHANGE: Buyer agrees to cooperate should Seller elect to sell the Property as part of a like-kind exchange under IRC Section 1031. Seller's contemplated exchange shall utilize a qualified intermediary and shall not impose upon Buyer any additional liability or financial obligation, nor shallBuyer be obligated to enter into any other contracts or agreements (other than acknowledging Seller's assignment of this contract to the qualified intermediary for the purpose of completing the exchange) and Seller agrees to hold Buyer harmless from any liability that might arise from such exchange. Seller shall not be relieved from any of its obligations hereunder as a result of its entering into the exchange or assigning its rights to the qualified intermediary, nor shall any time periods hereunder be extendedas a result of Seller's exchange. This Agreement is not subject to or contingent upon Seller's ability to acquire a suitable exchange property or effectuate an exchange. In the event any exchange contemplated by Seller should fail to occur, for whatever reason, the sale of the Property shall nonetheless be consummated as provided herein. |
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| 14)   | BUYER EXCHANGE: Seller agrees to cooperate should Buyer elect to purchase the Property as part of a like-kind exchange under IRC Section 1031. Buyer's contemplated exchange shall not impose upon Seller any additional liability or financial obligation, and Buyer agrees to hold Seller harmless fromany liability that might arise from such exchange. This Agreement is not subject to or contingent upon Buyer's ability to dispose of its exchange property or effectuate an exchange. In the event any exchange contemplated by Buyer should fail to occur, for whatever reason, the sale of the Property shall nonetheless be consummated as provided herein. |
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| 15)   | AGENCY DISCLOSURE: Seller shall pay Capital Real Estate Advisors a real estate commission per their separate agreement at the close of escrow. Each party indemnifies the other with respect to any claim made by any broker, and the party so incurring or causing such claims shall indemnify, defend andhold harmless the other party from any loss or damage, including attorney's fees which said other party suffers because of said claims. |
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| 16)   | SUCCESSORS & ASSIGNS: This Agreement and any addenda hereto shall be binding upon and inure to the benefit of the heirs, successors, agents, representatives and assigns of the parties hereto. |
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| 17)   | ATTORNEYS' FEES: In any litigation, arbitration or other legal proceeding which may arise between any of the parties hereto, the prevailing party shall be entitled to recover its costs, including court costs, and reasonable attorneys' fees in addition to any other relief to which such party may beentitled up to $50,000. Each party shall be responsible for its own fees and costs above $50,000. |
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| 18)   | TIME: Time is of the essence of this Agreement. |
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| 19)   | NOTICES: All notices required or permitted hereunder shall be given to the parties in writing at their respective addresses as set forth below. Should the date upon which any act required to be performed by this Agreement fall on a Saturday, Sunday or holiday, the time for performance shall be extendedto the next business day. |
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| 20)   | FOREIGN INVESTOR DISCLOSURE: Seller and Buyer agree to execute and deliver any instrument, affidavit or statement, and to perform any act reasonably necessary to carry out the provisions of this Foreign Investment in Real Property Tax Act and regulations promulgated there under as well as any comparablestatutes pertaining to sales of real property by non-residents. |
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| 21)   | ADDENDA: Any addendum attached hereto and either signed or initialed by the parties shall be deemed a part hereof. This Agreement, including addenda, if any, expresses the entire agreement of the parties and supersedes any and all previous agreements between the parties with regard to the Property.There are no other understandings, oral or written, which in any way alter or enlarge its terms, and there are no warranties or representations of any nature whatsoever, either express or implied, except as set forth herein. Any future modification of this Agreement will be effective only if it is in writing and signed by the party to be charged. |
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| 22)   | ACCEPTANCE AND EFFECTIVE DATE: Buyer's signature hereon constitutes an offer to Seller to purchase the Property on the terms and conditions set forth herein. Unless acceptance hereof is made by Seller's execution of this Agreement and delivery of a fully executed copy to Buyer, either in person orby nationally-recognized overnight delivery service at the address shown below or by facsimile, this offer shall be null and void, the Deposit shall be returned to Buyer, and neither Seller nor Buyer shall have any further rights or obligations hereunder. |
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| 23)   | GOVERNING LAW: This Agreement shall be governed by and construed in accordance with the laws of the State of California. |
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| 24)   | OTHER TERMS AND CONDITIONS: |
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| A.   | Seller is not in monetary default or material non-monetary default under any of such Leases that remains uncured. |
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| B.   | To the best of Seller's knowledge there is no pending action, litigation, condemnation or other proceeding against the Property or against Seller (or any of its partners or principals) with respect to the Property. There are no written threats or demands of any litigation, condemnation or other proceeding against the Property or against Seller (or anyof its partners or principals) with respect to the Property. To the best of Seller's knowledge, there are no threatened or contemplated actions, suits, arbitrations, claims or proceedings, at law or in equity, affecting the Property or in which Seller is, or will be, a party by reason of Seller's ownership of the Property. |
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| C.   | To the best of Seller's knowledge Seller has received no written notice from any governmental authority having jurisdiction over the Property to the effect that the Property is not currently in compliance with applicable laws and ordinances, and Seller has no knowledge that the Property is not currently in compliance with all applicable laws and ordinances. |
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| D.   | Other than those which are either (a) cancelable on thirty (30) days' notice without payment of any fees, or (b) expressly assumed by Buyer in writing at the Closing, there are no Contracts or other agreements relating to the Property which will be in force on the Closing Date, and Seller is not in monetary default or material non-monetary default thereunderthat remains uncured. |
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| E.   | This Agreement and all agreements, instruments and documents herein provided to be executed or to be caused to be executed by Seller are and on the Closing Date will be duly authorized, executed and delivered by and are binding upon Seller. Seller has the legal capacity and authority to enter into this Agreement and consummate the transactions herein providedwithout the consent or joinder of any other party. |
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| F.   | The rent roll and operating statements that will be provided to Buyer by Seller are complete, true and correct in all material respects. At Closing, Seller will deliver to Buyer an updated, certified rent roll (current to within five (5) days of the Closing Date) that will be complete, true and correct in all material respects. |
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| G.   | Neither the execution and delivery of this Agreement and documents referenced herein, nor the incurrence of the obligations set forth herein, nor the consummation of the transactions herein contemplated, nor compliance with the terms of this Agreement and the documents referenced herein conflict with or result in the material breach of any terms, conditionsor provisions of, or constitute a default under, any bond, note, or other evidence of indebtedness or any contract, indenture, mortgage, deed of trust, loan, partnership agreement, lease or other agreements or instruments to which Seller is a party or affecting the Property. |
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| H.   | To the best of Seller's knowledge, there is not any plan, study or effort of any governmental agency which in any way would materially affect the use of the Property for its intended uses or any intended public improvements which will result in any charge being levied against, or any lien assessed upon, the Property. |
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| I.   | To the best of Seller's knowledge, (i) Seller has disclosed any and all notices of violations received by the Seller with respect to the Property, (ii) all licenses, approvals, permits and certificates from all applicable governmental authorities or private parties necessary for all Property alterations completed by the Seller were obtained prior to thecommencement of such alterations, and (iii) the Property is in compliance with all recorded covenants, conditions, restrictions, easements and agreements affecting the Property. |
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| J.   | Seller is not currently obligated to sell the Property to any party or entity other than Buyer, nor do there exist any rights of first refusal or options to purchase the Property. |
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| SELLER:               | ADDRESS: | Michelle BellC/O Robert CliffordCapital Real Estate Advisors |
|-----------------------|----------|--------------------------------------------------------------|
| By: /s/ Michelle Bell |     | 11755 Wilshire Blvd., Suite 1800                             |
|                  |     | Los Angeles, CA 90025310.231.1270 x 233racwh@earthlink.net   |
| Date                  |     |                                                         |
|                  |     |                                                         |
|                  |     |                                                         |
| BUYER:                | ADDRESS: | Retail Opportunity Investments Corp.3 Manhattanville Road    |
| By: /s/ Stuart Tanz   |     | 2nd Floor                                                    |
| Stuart TanzCEO        |     | Purchase, New York 10577                                     |
|  Date 11/25/09   |     |                                                         |