InvenTrust Properties acquires California shopping center

Business Wire

OAK BROOK - InvenTrust Properties Corp. has acquired Campus Marketplace, a 144,000 square foot Ralphs- and CVS-anchored center located in San Marcos, California, for approximately $73 million.

Campus Marketplace is located in San Marcos, California, thirty-five miles north of San Diego. The center has an established tenancy and features national tenants such as Ralphs, CVS, Bank of America, Starbucks, Subway, and Sport Clips.

"This transaction will allow us to continue to build our asset base and concentration in Southern California," said Michael E. Podboy, executive vice president - chief financial officer, chief investment officer of InvenTrust. "This property provides us with additional operational economies of scale while giving us an opportunity to acquire a top grocer in one of InvenTrust's target markets."

Christopher Covey, senior vice president of transactions, added the center is 98 percent leased.

"We believe this is an excellent fit for us as it has an exceptional geographic location and strong anchor tenants. This acquisition builds on our existing strategy and will be accretive to InvenTrust's portfolio," Covey said.