InvenTrust Properties Corp. Announces Acquisition of Two Strategically Located, High Performing Shopping Centers
July 15, 2019 at 03:48 pm
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InvenTrust Properties Corp. announced that it has acquired two strategically located, high-performing, grocery-anchored shopping centers. First, InvenTrust acquired the Shoppes at Fairview, a 67,500 square foot Whole Foods anchored center in Fairview, Texas, a suburb of Dallas, for $36 million. Secondly, InvenTrust purchased Southern Palm Crossing, a 346,200 square foot Costco anchored center in Royal Palm Beach, Florida, for $97 million. InvenTrust has now acquired over $280 million of high quality grocery-anchored centers in key growth markets year-to-date. Following these acquisitions, IVT is on target to hit the Company’s acquisition goals for 2019. Southern Palm Crossing is located in a key, high-traffic area in Palm Beach County within the dynamic South Florida MSA. The center is anchored by Costco, Marshalls/Homegoods and a newly leased 24 Hour Fitness.
InvenTrust Properties Corp. is a Sun Belt, multi-tenant essential retail real estate investment trust (REIT). The Company owns, leases, redevelops, acquires, and manages grocery-anchored neighborhood and community centers, as well as power centers that often have a grocery component. It is focused on owning, leasing, redeveloping, acquiring, and managing a multi-tenant retail platform. The Company owns approximately 62 retail properties with a total gross leasable area (GLA) of approximately 10.3 million square feet. Its retail properties consist of community and neighborhood centers and power centers. Community and neighborhood centers are generally open-air and designed for tenants that offer a wide array of merchandise and services, including groceries, soft goods, and convenience-oriented offerings. Power centers are generally larger and consist of several anchors, such as discount department stores, off-price stores, specialty grocers and warehouse clubs.