InvenTrust Properties acquires N. Carolina retail center

Business Wire

OAK BROOK - InvenTrust Properties Corp. recently acquired Renaissance Center, a 96-percent leased, 363,176 square foot retail power center in Durham, North Carolina, for $129.2 million.

Renaissance Center includes a broad mix of national and local destination retailers, service tenants, restaurants and office space, which promotes continual traffic along a dominant retail corridor. Other anchors include Old Navy, Cost Plus World Market, REI, Babies "R" Us and Best Buy.

"This acquisition underscores our strategy of owning a strong asset from which we can significantly bolster our presence in key regions with favorable demographics," said Michael E. Podboy, executive vice president - chief financial officer, chief investment officer of InvenTrust. "We are excited by the opportunity that Renaissance Center creates for InvenTrust in North Carolina and the Raleigh-Durham MSA,"

Christopher Covey, senior vice president of transactions, added the proximity to Research Triangle Park allows Renaissance Center to benefit from favorable population demographics in Raleigh, Durham and Chapel Hill.

"Renaissance Center also boasts a strong tenant base, including the only Nordstrom Rack in the market, and is located near the high trafficked Streets of Southport Mall, one of the top performing retail malls in the region," Covey said.