InvenTrust Properties Corp., a publicly registered non-traded real estate investment trust formerly known as Inland American Real Estate Trust, acquired The Highlands of Flower Mound shopping center in the Dallas suburb of Flower Mound, Texas for $45.8 million.
The Highlands of Flower Mound is a 169,447-square-foot shopping center that is shadow anchored by SuperTarget and 96 percent leased to major tenants including Bed Bath and Beyond, Cost Plus World Market, Stein Mart, Pier 1, Famous Footwear and Party City. The center is strategically located in the master-planned community of Flower Mound, which has received numerous awards for quality of life, jobs, and its high income demographics.
“We are pleased to further bolster our portfolio with the acquisition of The Highlands of Flower Mound,” said Michael E. Podboy, executive vice president and chief investment officer of InvenTrust. “This investment provides InvenTrust the opportunity to increase our Dallas presence in line with our current objectives, which include reducing the overall number of markets in our portfolio and focusing our platform on key, select markets across the country where strategic characteristics exist, such as job and wage growth.”
Christopher Covey, senior vice president of transactions, added, “The Highlands of Flower Mound is located in an expansive trade area, attracting consumers from across northwest Dallas. We believe this property presents an ideal opportunity for InvenTrust to take advantage of a profitable market poised for future growth, while providing stability through a diverse national tenant base.”
InvenTrust became a self-managed real estate investment trust in 2014. The company owns 108 multi-tenant retail properties, comprising 15.5 million square feet of retail space in 24 states. In addition, its student housing business, University House Communities, has 14 properties with 7,989 beds and five additional properties in development. InvenTrust also owns 6.4 million square feet of non-core, office and industrial buildings.