InvenTrust Properties Corp., a publicly registered non-traded real estate investment trust, has purchased additional square footage at Peachland Promenade by buying the adjacent Publix-anchored center located in Port Charlotte, Florida. The property was purchased for $18.7 million from Benderson Development Company.
“This transaction enables us to expand our footprint in Florida and advance our portfolio strategy with the addition of an adjacent strong grocery-anchored property,” said Christopher Covey, senior vice president of transactions for InvenTrust. “Developed in 2012, Peachland is an established neighborhood center anchored by the #1 grocer in Florida, Publix Supermarkets. The center complements our existing shopping center, Peachland Promenade, and is 100 percent leased with a strong diverse tenant base.”
In other company news, InvenTrust recently increased its annual distribution rate by approximately 3 percent, from $0.0716 per share to $0.0737 per share of common stock, effective January 2019.
InvenTrust Properties, formerly known as Inland American Real Estate Trust, focuses on open air retail centers in growth markets. The offering was declared effective in August 2005 and closed in April 2009 after raising $8.4 billion, according to Summit Investment Research. The company became a self-managed REIT in 2014 and oversees a $3.6 billion portfolio of 77 retail properties, as of the third quarter of 2018.