InvenTrust Buys Los Angeles Retail Center for $115 Million

InvenTrust Properties, a publicly registered non-traded real estate investment trust, purchased River Oaks, a grocery-anchored retail center located in the San Fernando Valley sub-market of Los Angeles, California. The purchase price was approximately $115 million.

“We are excited to acquire this institutional-quality retail destination positioned at the epicenter of the Valencia retail hub,” said Michael Podboy, Chief financial officer and chief investment officer of InvenTrust. “River Oaks is located in a highly desirable suburban market with a diverse tenant lineup and attractive, high performing anchors. We anticipate that this accretive transaction will drive long term value.”

Tenants at the 275,000-square-foot retail center include Target, Sprouts, buybuyBaby, ULTA, Total Women Gym & Spa, Pier 1 Imports and Big 5 Sporting Goods.

InvenTrust Properties, formerly known as Inland American Real Estate Trust, focuses on acquiring 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, which became a self-managed REIT in 2014, owns and manages 85 retail properties, representing 15.2 million square feet of retail space, and one non-core property.

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