Business

InvenTrust acquires Florida retail centers for $163 million

Posted February 03, 2017 12:00 am

Business Wire

OAK BROOK - InvenTrust Properties Corp. has acquired Paraiso Parc and Westfork Plaza, two adjacent retail centers located in Pembroke Pines, Florida, for $163 million.

The two retail centers will total approximately 389,000 square feet upon the mid-2017 completion of an ongoing expansion project.

Paraiso Parc and Westfork Plaza are located in Pembroke Pines, Florida, 20 miles northwest of downtown Miami and 15 miles southwest of Fort Lauderdale. The center has an excellent tenancy and features national tenants such as Publix, Costco, Regal Cinemas, Ross and TJ Maxx.

"The acquisition of Paraiso Parc and Westfork Plaza represents a truly unique opportunity to secure an 'A+' asset in one of South Florida's strongest retail submarkets," said Michael E. Podboy, executive vice president - chief financial officer, chief investment officer of InvenTrust. "This property represents the type of high-quality properties InvenTrust will continue to invest in as we execute on our portfolio transformation. Additionally, from this transaction, we anticipate operational efficiencies in this key target market for InvenTrust's existing portfolio."

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