InvenTrust Properties Corp., a publicly registered non-traded real estate investment trust, has purchased Eldorado Marketplace in the Dallas suburb of Frisco, Texas and Travilah Square in the Washington, D.C. suburb of Rockville, Maryland for a combined $123 million.
Eldorado Marketplace, a 186,000-square-foot center anchored by Market Street, was purchased for approximately $71 million. Other tenants at the property include AT&T, Jersey Mike’s, Re/Max, PetSmart and UPS.
Travilah Square, a 56,220-square-foot shopping center anchored by Trader Joe’s, was purchased for approximately $52 million. In addition to Trader Joe’s, the shopping center includes national tenants such as TITLE Boxing and Flower Child, and several new tenants, including Tropical Smoothie and The Joint.
“InvenTrust has now acquired over $400 million of high-quality grocery-anchored centers in key growth markets year-to-date,” said Christy David, executive vice president for InvenTrust and head of transactions. “IVT remains on track to hit [its] acquisition goals for 2019 and these acquisitions both support our strategy of investing in the right assets in the right markets.”
InvenTrust Properties, formerly known as Inland American Real Estate Trust, focuses on acquiring grocery-anchored open-air centers in growth markets. The offering was declared effective in August 2005 and closed in April 2009 after raising $8.4 billion. The company became a self-managed REIT in 2014 and oversees a multi-billion-dollar portfolio of 71 retail properties, as of the second quarter of 2019.