DOWNERS GROVE, Ill.--(BUSINESS WIRE)--InvenTrust Properties Corp. (“InvenTrust”, “IVT”, or the “Company”) today announced the acquisition of Sandy Plains Centre, a 124,000 square foot center anchored by Kroger Co. and Pets Supply Plus in Marietta, Georgia, for $44.2 million.
“Through this transaction, we expand our existing shopping center portfolio in Atlanta. This asset’s location in Marietta affords favorable demographics and compelling opportunities for future revenue growth,” said Christopher Covey, Senior Vice President of Transactions for InvenTrust. “Developed in 1997, Sandy Plains Centre boasts a stable tenant base featuring Kroger, the region’s number-one grocer, as well as other nationally-recognized, fast-growing retailers and restaurants.”
For 2018, InvenTrust has acquired over $220 million in new grocery-anchored assets, advancing the Company’s strategy of acquiring high quality, grocery-anchored assets in key growth markets.
Sandy Plains Centre is an established center in a high-trafficked area in close proximity to other IVT-owned assets. The property features national tenants such as AT&T, Great Clips, Jersey Mike’s, OrangeTheory Fitness and MassageEnvy, as well as other shops, services and restaurants.
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.
Forward-Looking Statements Disclaimer
Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical, including statements regarding management’s intentions, beliefs, expectations, plans or predictions of the future and are typically identified by words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations. For further discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see our filings with the securities and Exchange Commission (“SEC”), including the Risk Factors included in our most recent Annual Report on Form 10-K, as updated by any subsequent Quarterly Report on Form 10-Q, in each case as filed with the SEC. InvenTrust intends that such forward-looking statements be subject to the safe harbors created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, except as may be required by applicable law. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.