OAK BROOK, Ill.--(BUSINESS WIRE)--InvenTrust Properties Corp. (“InvenTrust” or “Company”) today announced that it has acquired The Shops at Walnut Creek (“Walnut Creek”), a 216,325 square foot, 93% leased shopping center located in Westminster, Colorado for $57.1 million.
“Walnut Creek meets all of the key criteria in our acquisition strategy, and we are pleased to be adding this property to the InvenTrust portfolio,” said Michael E. Podboy, Executive Vice President, and Chief Investment Officer of InvenTrust. “Walnut Creek is a core retail asset in a high barrier to entry market that enhances our current portfolio population density, income statistics and calculated average base rent. Walnut Creek’s strategic location, including its immediate adjacency to the highway, facilitates easy and convenient access from both Boulder and the rest of the Denver metro area. The premier location combined with its synergy with a nearby promenade will drive a steady flow of traffic to the center.”
Christopher Covey, SVP of Transactions added, “Walnut Creek is well-positioned to continue its excellent performance and enhance its position as a prominent retail center. We further expect that the support of InvenTrust team will build the performance of this asset and help support value creation for our stockholders.”
Walnut Creek is ideally located 15 miles northwest of downtown Denver, in a high traffic commercial node immediately off US Highway 36, the main traffic artery linking Denver with Boulder. Walnut Creek is anchored by national tenants such as T.J. Maxx/HomeGoods, Petsmart, Dollar Tree, and Michaels, with the top three largest tenants having eight years of remaining lease term, providing for long-term cash flow stability. Walnut Creek has 14,524 square feet of available space, plus a potential 5,000 square foot outparcel, which, upon lease-up, will enhance the future cash flow and value of the property.
InventTrust Properties owns and manages 3 other retail properties in central Colorado. Cheyenne Meadows in Colorado Springs, Quebec Square Shopping Center in Denver and Centerplace of Greeley in Greeley. The company also owns a student housing community, University House – Denver, located one block from the University of Denver.
ABOUT INVENTRUST PROPERTIES CORPORATION
InvenTrust became a self-managed real estate investment trust in 2014; it 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 7,986 beds and five additional properties in development. InvenTrust also owns 6.4 million square feet of non-core, office and industrial buildings.
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