InvenTrust in Downers Grove acquires Texas center

DOWNERS GROVE - InvenTrust Properties Corp. said Monday that it acquired Kyle Marketplace, a 226,000-square-foot center located in the south Austin suburb of Kyle, Texas, for approximately $59 million.

"This transaction will allow us to continue to build our asset base and concentration in the high-growth MSA of Austin," said Michael E. Podboy, chief financial officer of InvenTrust. "We are pleased to be acquiring a property that includes the region's top grocer in one of our target markets. With this acquisition, IVT now owns eight centers in the Austin market, providing us with valuable scale and delivering operational efficiencies."

The center has a strong grocery anchor tenant with H-E-B Plus, drives high traffic and makes this property attractive for other internet resistant retailers. The asset builds on our existing strategy and will be accretive to InvenTrust's portfolio."

Kyle Marketplace is located in the south Austin suburb of Kyle, Texas, about 20 miles south of the Austin CBD. The center has an established tenancy and features other nationally known tenants such as Chase, Starbucks, Subway and Whataburger.

InvenTrust Properties Corp. based in Downers Grove is a pure-play retail company with a focus on acquiring open-air centers with a disciplined approach, in key growth markets with favorable demographics.