InvenTrust acquires S. California retail center for $72.5 million

OAK BROOK - InvenTrust Properties Corp. said it acquired Stevenson Ranch Plaza, a 97 percent occupied, 187,035 square foot Ralphs grocery anchored retail center in the Los Angeles metro area, for $72.5 million.

Stevenson Ranch Plaza is located approximately 35 miles northwest of downtown Los Angeles. The retail center is anchored by Ralphs, whose parent company is Kroger, with other anchor tenants including LA Fitness, PetSmart and Stein Mart.

"We are excited to announce the acquisition of Stevenson Ranch Plaza, a premier retail center with a top-tier grocer in one of the largest retail markets in the U.S.," said Michael E. Podboy, executive vice president - chief financial officer, chief investment officer of InvenTrust. "Stevenson Ranch Plaza presents an opportunity to drive value over the long term to our investors."

Christopher Covey, senior vice president of transactions, added Stevenson Ranch Plaza is a property "that checks all the boxes for us and provides InvenTrust the opportunity to further expand our presence in Southern California.

"This property is an excellent fit for our retail portfolio and is aligned with our strategy of acquiring top-notch retail centers in markets with superior demographics," Covey said.

In less than a month, InvenTrust has announced over $330 million in trophy-quality acquisitions, all in top markets, which accelerate the execution of the Company's portfolio repositioning strategy.