Invesco Real Estate Income Trust Inc., a publicly registered non-traded real estate investment trust, has purchased an industrial property and a grocery-anchored retail property for a combined $94 million, bringing its gross assets to more than $850 million.
Invesco REIT purchased a 95 percent interest in 2919-2999 Lewis Centre Way, an industrial warehouse facility located in the Columbus suburb of Grove City, Ohio, as part of a joint venture with Trident Capital Group. Built in 2000, the fully leased, 378,300-square-foot distribution facility is located in a market where the vacancy rate is currently below 2 percent for bulk distribution space, the company said.
The Lewis Centre property is Invesco REIT’s fourth industrial investment, bringing its industrial portfolio to more than $85 million.
The REIT also purchased a 100 percent interest in Cortlandt Crossing, a newly constructed grocery-anchored shopping center located in Westchester, New York. Built in 2019, the 122,200-square-foot property is 95 percent leased with anchors that include ShopRite and HomeSense, an affiliate of the TJX Companies.
“There continues to be strong demand for the industrial sector, which is benefiting from both secular and cyclical tailwinds. Investing in industrial properties is a strategic objective for [Invesco REIT] and we are committed to finding the best ideas within the sector,” said R. Scott Dennis, president and chief executive officer. “We continue to have strong convictions that physical retail, such as grocery-anchored properties, have a role to play in portfolios and our approach remains selective when evaluating opportunities.”
Invesco Real Estate Income Trust invests in stabilized commercial real estate in the United States and intends to diversify globally. It launched its public offering in late May 2021, which consists of up to $2.4 billion in shares of common stock and up to $600 million through the distribution reinvestment plan. It has raised $61.8 million in the primary offering, and as of January 31, 2022, had an aggregate NAV of $421.4 million.