InvenTrust Continues Buying Spree with $44 Million Retail Purchase
InvenTrust Properties Corp., a publicly registered non-traded real estate investment trust, has purchased Sandy Plains Centre, a 124,000-square-foot center in the Atlanta suburb of Marietta, Georgia.
InvenTrust Properties Corp., a publicly registered non-traded real estate investment trust, has purchased Sandy Plains Centre, a 124,000-square-foot center in the Atlanta suburb of Marietta, Georgia, for $44.2 million. The property is anchored by Kroger Co. and Pets Supply Plus.
“Through this transaction, we expand our existing shopping center portfolio in Atlanta. This asset’s location in Marietta affords favorable demographics and compelling opportunities for future revenue growth,” said Christopher Covey, senior vice president of transactions for InvenTrust. “Developed in 1997, Sandy Plains Centre boasts a stable tenant base featuring Kroger, the region’s number-one grocer, as well as other nationally-recognized, fast-growing retailers and restaurants.”
Additional tenants at the Sandy Plains Centre include AT&T, Great Clips, Jersey Mike’s, OrangeTheory Fitness and MassageEnvy, as well as other shops, services and restaurants.
In other acquisition news, the company recently purchased a Publix-anchored retail center located in Port Charlotte, Florida for $18.7 million, as reported by The DI Wire last month.
In November, the company announced an approximate 3 percent increase to its annual distribution rate, from $0.0716 per share to $0.0737 per share of common stock, effective January 2019.
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.
