OAK BROOK, Ill.--(BUSINESS WIRE)--InvenTrust Properties Corp. (“InvenTrust” or “the Company”) today announced that it has acquired Old Grove Marketplace, a 91% leased, 81,279 square foot grocery anchored community center located in Oceanside, California, for approximately $23.25 million.
“We are excited to announce the acquisition of Old Grove Marketplace, a center with a core grocer in a highly attractive and fast-growing Californian market,” said Michael E. Podboy, Executive Vice President – Chief Financial Officer, Chief Investment Officer of InvenTrust. “The property’s rental rates and income demographics are accretive to our portfolio averages and we believe that this acquisition will help to provide operational economies of scale as the Company continues to build its California asset base.”
Christopher Covey, SVP of Transactions, added, “Old Grove Marketplace is advantageously situated in the third largest city in San Diego County, in an area with a number of established employers as well as a frequented U.S. Military base. We believe this property possesses the ideal combination of established retailers, geographic location and demographic attributes in order to drive significant long term value for our stockholders.”
Old Grove Marketplace is a grocery-anchored community center located in Oceanside, CA, just 35 miles north of San Diego. The property is anchored by Kroger’s Ralphs brand and Lowe’s. Originally built in 2005, the property also features other national tenants such as US Bank, Starbucks, Subway, H&R Block, AT&T, McDonald’s and Shell.
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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