OAK BROOK, Ill.--(BUSINESS WIRE)--InvenTrust Properties Corp. (“InvenTrust or “the Company”) today announced that it has acquired Northcross Commons, a 61,000 square foot Whole Foods-anchored center located in Huntersville, NC, part of the Charlotte, NC metropolitan statistical area (“MSA”), for approximately $31 million.
“The property will improve our asset base and provide us with additional economies of scale in the Charlotte market. Northcross Commons builds on our hub-and-spoke strategy and is accretive to InvenTrust’s portfolio.” said Michael E. Podboy, Executive Vice President – Chief Financial Officer, Chief Investment Officer of InvenTrust.
Christopher Covey, Senior Vice President of Transactions, added, “Northcross Commons is a fantastic addition to our existing Charlotte MSA properties, which include Poplin Place in Monroe and Sycamore Commons in Matthews. We believe this asset possesses the ideal combination of internet proof retailers, geographic location and demographics that will drive significant value over the long term to our investors. This acquisition is an excellent fit for us as it is a high performing grocer anchored asset in a location with a strong outlook for growth.”
Northcross Commons is located in Huntersville, NC, in the Charlotte MSA, just 15 miles north of downtown Charlotte.
ABOUT INVENTRUST PROPERTIES CORP.
InvenTrust Properties Corp. is a pure-play retail company with a focus on acquiring open-air centers with a disciplined approach, in key growth markets with favorable demographics. This 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 real estate investment trust in 2014 and, as of June 30, 2016, is an owner and manager of 91 multi-tenant retail properties, comprising 15.7 million square feet of retail space.
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