InvenTrust Buys North Carolina Retail Property for $23.3 Million
InvenTrust Properties Corp., a publicly registered non-traded real estate investment trust, has purchased Commons at University Place, a 92,100-square-foot retail center anchored by Harris Teeter and CVS in Durham, North Carolina.
InvenTrust Properties Corp., a publicly registered non-traded real estate investment trust, has purchased Commons at University Place, a 92,100-square-foot retail center anchored by Harris Teeter and CVS in Durham, North Carolina, for nearly $23.3 million.
“With the acquisition of Commons at University Place, we are building on our North Carolina portfolio,” said Christopher Covey, senior vice president of transactions for InvenTrust. “Recently renovated, University Place has a solid base of diverse, long-term tenants and is experiencing strong leasing momentum. This acquisition supports InvenTrust’s grocery-anchored strategy to invest in the right centers in the right markets.”
Covey continued, “The research triangle is a region [InvenTrust] will continue to invest in so we can build our portfolio in the area. This market checks all of our key demographic metrics – strong population growth, technology jobs and impressive household income growth in the region. In 2019, my group will continue to explore additional acquisition opportunities in the Raleigh-Durham market.”
University Place is located within close proximity to Duke University, the Research Triangle Park and other InvenTrust-owned assets. The property features numerous shops and restaurants as well as a new Harris Teeter fuel station.
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.
