OAK BROOK, Ill.--(BUSINESS WIRE)--InvenTrust Properties Corp. (“InvenTrust” or “the Company”) today announced that it has acquired The Shops at Town Center, a 125,000 square foot Safeway-anchored center located in Germantown, MD, for approximately $53.6 million.
“This transaction provides us with an opportunity to begin our expansion in the Washington, DC market,” said Michael E. Podboy, EVP – Chief Financial Officer, Chief Investment Officer of InvenTrust. “This property provides us with a strong submarket location in one of the country’s wealthiest counties, while giving us an opportunity to acquire a core grocer-anchored center located amidst a growing residential development.”
Christopher Covey, Senior Vice President of Transactions, added, “The acquisition of The Shops at Town Center is an exciting opportunity that we anticipate will drive long term value. The Shops at Town Center is an excellent fit for us as it has an exceptional geographic location, a strong tenant base, and stable cash flows. This acquisition builds on our existing strategy and will be accretive to our portfolio.”
The Shops at Town Center is located in Germantown, MD, just twenty-five miles northwest of Washington, DC. The center features national tenants such as Safeway, Chipotle, Baja Fresh, Sunco, and Verizon.
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 REIT in 2014 and as of September 30, 2016, is an owner and manager of 88 retail properties, representing 15.1 million square feet of retail space, and one non-core property.
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