InvenTrust Properties Corp., a publicly registered non-traded real estate investment trust, has purchased the Kennesaw Marketplace, a new 114,000-square-foot retail property located 24 miles northwest of Atlanta, for $64.3 million.
“Developed in 2017, the marketplace requires minimal capital investment, while providing significant upside for InvenTrust due to Whole Foods’ extended drawing power and the region’s favorable demographics,” said Michael Podboy, EVP, chief financial officer, chief investment officer of InvenTrust.
The Kennesaw Marketplace is 99 percent leased to a number of tenants including Whole Foods, Starbucks, MOD Pizza, PNC Bank, AT&T, Del Taco, and Navy Federal Credit Union.
In related news, the company purchased PGA Plaza in Palm Beach Gardens, Florida late last month for $88 million.
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 multi-billion-dollar portfolio of 81 retail properties, as of the first quarter of 2018.