OAK BROOK, Ill.--(BUSINESS WIRE)--InvenTrust Properties Corp. (“InvenTrust” or “the Company”) today announced that it has acquired Sonterra Village Shopping Center (“Sonterra Village”), a newly-built, 42,492 square foot shopping center located in San Antonio, Texas for approximately $21.5 million.
“The acquisition of Sonterra Village is complementary to our four existing properties in the highly-attractive and fast-growing San Antonio market, and we are pleased to enhance our portfolio with this strong asset,” said Michael E. Podboy, Executive Vice President – Chief Financial Officer, Chief Investment Officer of InvenTrust. “The center’s ABR and income demographics are accretive to our retail portfolio of assets.”
Christopher Covey, SVP of Transactions, added, “Sonterra Village is strategically located in one of InvenTrust’s target markets. We believe the combination of retailers, geographic location and demographic attributes of this property will drive significant value over the long term. Importantly, this acquisition is aligned with our objectives of acquiring high performing retail assets and growing in strong locations that have job and population growth.”
Newly constructed, Sonterra Village is anchored by Trader Joe’s with an attractive mixture of restaurants, fitness, lifestyle and soft goods retailers.
ABOUT INVENTRUST PROPERTIES CORP.
InvenTrust became a self-managed real estate investment trust in 2014; as of September 30, 2015, it owned 128 multi-tenant retail properties (including 18 JV assets), comprising 19 million square feet of retail space in 24 states.
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