DOWNERS GROVE, Ill.--(BUSINESS WIRE)--InvenTrust Properties Corp. (“InvenTrust” or “the Company”) today announced the acquisition of PGA Plaza, a 120,000 square foot Trader Joe’s grocery-anchored neighborhood center located in Palm Beach Gardens, Florida, for $88 million from Delray Beach, FL based Menin Development Inc.
“This transaction represents a compelling growth opportunity for InvenTrust and expands the Company’s presence in the vibrant and burgeoning South Florida market,” said Michael E. Podboy, EVP – Chief Financial Officer, Chief Investment Officer of InvenTrust. “Following a $14 million renovation in 2015, PGA Plaza is a best-in-class property, attracting high traffic-driving anchors such as Trader Joe’s, Marshalls and Ulta. We are confident this accretive acquisition will drive long-term value creation.”
Christopher Covey, Senior Vice President of Transactions, said, “PGA Plaza, located in one of IVT’s targeted Sun Belt markets, is an excellent fit for our portfolio. The center is 95% leased and has a stable internet resistant tenant base. It is located on highly travelled PGA Boulevard and will enhance the demographics of InvenTrust’s portfolio. This transaction will further advance our strategy of concentrating our portfolio into grocery-anchored assets in markets with above-average wage and population growth.”
PGA Plaza is well located, with access to Florida’s major arterials of I-95 and the Florida Turnpike. Including the tenants above, the property also features national tenants such as Verizon, Orangetheory and Chase.
About InvenTrust Properties Corp.
InvenTrust Properties Corp. is a pure-play retail company with a focus on acquiring grocery-anchored open-air centers in key growth markets with favorable demographics. This disciplined 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 March 31, 2018, is an owner and manager of 81 retail properties, representing 14.2 million square feet of retail space.
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