InvenTrust acquires Texas, Georgia retail properties

DOWNERS GROVE -InvenTrust Properties Corp. recently acquired two commercial properties in Texas and Georgia for a total of approximately $144.05 million.

The Texas property, The Parke, consists of 404,000 square feet of retail space in a northwest Austin sub-market of Cedar Park. The site is anchored by a new 365 by Whole Foods and was purchased for approximately $112.25 million.

The center also features national tenants such as Dick's Sporting Goods, Field & Stream, Nordstrom Rack, Marshalls, DSW, Michaels, Old Navy, buybuy Baby, Cost Plus, F21, Petco, Ulta, and Tuesday Morning.

"This transaction upgrades our grocery-anchored portfolio in one of our key target Texas markets," said Michael E. Podboy, EVP - Chief Financial Officer, Chief Investment Officer of InvenTrust. "This property provides us grocer diversification with our first 365 by Whole Foods and provides future income growth opportunities rare for grocery-anchored properties. The Parke is also located at a strong retail corridor in one of Austin's most affluent and fastest-growing suburbs."

The Georgia property, The Plaza Midtown, is a 70,000 square foot Publix-anchored center located in the Midtown submarket of Atlanta. The company said it was purchased for approximately $31.8 million.

Including the grocery anchor tenant Publix, the center features a number of high performing up-scale and casual dining restaurants and internet resistant services including fitness and beauty/wellness tenants.

"This is a compelling transaction given the significant annual sales growth and built-in customer base of Publix. The property is adjacent to Georgia Tech University and within a major employment hub that will provide favorable and consistent traffic to the center," said Christopher Covey, Senior Vice President of Transactions.