DOWNERS GROVE, Ill.--(BUSINESS WIRE)--InvenTrust Properties Corp. (“InvenTrust” or “the Company”) today announced the acquisition of additional square footage at Peachland Promenade by purchasing the adjacent Publix-anchored center located in Port Charlotte, Florida. The center was purchased for $18.7 million from Benderson Development Company.
“This transaction enables us to expand our footprint in Florida and advance our portfolio strategy with the addition of an adjacent strong grocery-anchored property,” said Christopher Covey, Senior Vice President of Transactions for InvenTrust. “Developed in 2012, Peachland is an established neighborhood center anchored by the #1 grocer in Florida, Publix Supermarkets. The center complements our existing shopping center, Peachland Promenade, and is 100% leased with a strong diverse tenant base. This transaction will enhance the value and control of our Peachland Promenade center.”
This shopping center boasts access to the high-traffic intersection of Kings Highway and I-75.
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 a Global Real Estate Sustainability Benchmark (“GRESB”) member in 2018. As of September 30, 2018, the company is an owner and manager of 77 retail properties, representing 13.5 million square feet of retail space.
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