DOWNERS GROVE, ILL.--(BUSINESS WIRE)--
InvenTrust Properties Corp. (“InvenTrust”, “IVT”, or the “Company”) today announced that it has acquired two strategically located, high-performing, grocery-anchored shopping centers. First, InvenTrust acquired the Shoppes at Fairview, a 67,500 square foot Whole Foods anchored center in Fairview, Texas, a suburb of Dallas, for $36 million. Secondly, InvenTrust purchased Southern Palm Crossing, a 346,200 square foot Costco anchored center in Royal Palm Beach, Florida, for $97 million.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190715005764/en/
(Photo: Business Wire)
InvenTrust has now acquired over $280 million of high quality grocery-anchored centers in key growth markets year-to-date. Following these acquisitions, IVT is on target to hit the Company’s acquisition goals for 2019.
“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. We believe that these acquisitions will present us with additional operational economies of scale in the large and active Dallas and Southern Florida markets and will provide us with significant growth potential and attractive cash flow opportunities.”
Southern Palm Crossing is located in a key, high-traffic area in Palm Beach County within the dynamic South Florida MSA. The center is anchored by Costco, Marshalls/Homegoods and a newly leased 24 Hour Fitness.
Covey added, “It is not often a premier property such as this is available with a Costco on a lease as well as such an exceptional and diversified tenant line-up.”
The Shoppes at Fairview is an established and well-trafficked center anchored by Whole Foods and featuring tenants such as Capital One and Jos. A. Bank. In addition, a new multi-tenant building will be coming online later this summer which will include national and regional tenants. Key demographics for the center such as population growth and average household income are above InvenTrust’s targets for its portfolio.
About InvenTrust Properties Corp.
InvenTrust Properties Corp. is a retail REIT with a focus on acquiring grocery-anchored open-air centers in key growth markets with favorable demographics. This disciplined acquisition strategy, along with our innovative and collaborative property management approach, ensures the success of both our tenants and business partners and drives net operating income growth for the Company. InvenTrust became a self-managed REIT in 2014 and a Global Real Estate Sustainability Benchmark ("GRESB") member in 2018. As of March 31, 2019, the company is an owner and manager of 73 retail properties, representing 12.3 million square feet of retail space.
Forward-Looking Statements Disclaimer
Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical, including statements regarding management’s intentions, beliefs, expectations, plans or predictions of the future and are typically identified by words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations. For further discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see our filings with the securities and Exchange Commission (“SEC”), including the Risk Factors included in our most recent Annual Report on Form 10-K, as updated by any subsequent Quarterly Report on Form 10-Q, in each case as filed with the SEC. InvenTrust intends that such forward-looking statements be subject to the safe harbors created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, except as may be required by applicable law. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
Copyright Business Wire 2019