InvenTrust Buys Two Grocery-Anchored Shopping Centers for $133 Million
InvenTrust Properties Corp., a publicly registered non-traded real estate investment trust, has purchased two grocery-anchored shopping centers for a combined $133 million.
InvenTrust Properties Corp., a publicly registered non-traded real estate investment trust, has purchased two grocery-anchored shopping centers for a combined $133 million.
InvenTrust acquired the Shoppes at Fairview, a 67,500-square-foot Whole Foods-anchored center in the Dallas suburb of Fairview, Texas, for $36 million. The company also purchased Southern Palm Crossing, a 346,200-square-foot Costco-anchored center in Royal Palm Beach, Florida, for $97 million.
“The acquisitions of the Shoppes at Fairview and Southern Palm Crossing enhance IVT’s already strong grocery portfolio in our key target markets,” said Christopher Covey, senior vice president of transactions for InvenTrust. “Both properties are in-line with our strategy to acquire strong performing, grocery-anchored centers in areas featuring high growth demographics.”
Southern Palm Crossing is located in Palm Beach County within the South Florida MSA and is anchored by Costco, Marshalls/Homegoods and a newly leased 24-Hour Fitness.
The Shoppes at Fairview is anchored by Whole Foods, and other tenants include Capital One and Jos. A. Bank.
The REIT noted that it has now acquired more than $280 million of grocery-anchored centers year-to-date and is on target to hit its 2019 acquisition goals.
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 73 retail properties, as of the first quarter of 2019.
