Expands Presence in Key Washington, D.C. & Dallas MSAs
DOWNERS GROVE, Ill.–(BUSINESS WIRE)–InvenTrust Properties Corp. (“InvenTrust”, “IVT”, or the “Company”) today announced the acquisition of Eldorado Marketplace, a 186,068 square foot center anchored by Market Street in Frisco, TX, a suburb of Dallas, for approximately $71 million and the acquisition of Travilah Square, a 56,220 square foot shopping center anchored by Trader Joe’s in Rockville, MD, a suburb of Washington, D.C., for approximately $52 million.
“The acquisition of Eldorado Marketplace expands our footprint in the attractive Frisco market and provides significant opportunities for future revenue growth,” said Stephen Snodgrass, Vice President of Transactions for InvenTrust. “Frisco is home to a number of large corporate headquarters including the PGA and Keurig Dr. Pepper, and this property benefits from a prime, high-traffic location in this high-income and rapidly growing market.”
Eldorado Marketplace has a stable tenant base featuring a top performing Market Street in the region as well as nationally recognized retailers and restaurants such as AT&T, Jersey Mike’s, Re/Max, PetSmart and UPS.
“We are excited to expand our footprint in the active Washington, D.C. submarket with the addition of a core asset like Travilah Square,” said Nicole Horne, Vice President of Acquisitions for InvenTrust. “This property benefits from the Rockville area’s key demographics, including a growing population and an increasing average household income. The property also provides considerable lease up opportunity with the recent opening of the newly built Trader Joe’s.”
Travilah Square is strategically located in the high-income Rockville, MD area. In addition to Trader Joe’s, the shopping center features national tenants such as TITLE Boxing and Flower Child, and several new tenants, including Tropical Smoothie and The Joint.
Christy David, Executive Vice President for InvenTrust and head of transactions added, “InvenTrust has now acquired over $400 million of high quality grocery-anchored centers in key growth markets year-to-date. IVT remains on track to hit the Company’s acquisition goals for 2019 and these acquisitions both support our strategy of investing in the right assets in the right markets.”
About InvenTrust Properties Corp.
InvenTrust Properties Corp. is a retail company with a focus on acquiring grocery-anchored open-air centers in key growth markets with favorable demographics. This disciplined acquisition strategy, along with our innovative and collaborative property management approach, ensures the success of both our tenants and business partners and drives net operating income growth for the Company. InvenTrust became a self-managed REIT in 2014 and a Global Real Estate Sustainability Benchmark (“GRESB”) member in 2018. As of June 30, 2019, the company is an owner and manager of 71 retail properties, representing 12.1 million square feet of retail space.
Forward-Looking Statements Disclaimer
Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical, including statements regarding management’s intentions, beliefs, expectations, plans or predictions of the future and are typically identified by words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations. For further discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see our filings with the securities and Exchange Commission (“SEC”), including the Risk Factors included in our most recent Annual Report on Form 10-K, as updated by any subsequent Quarterly Report on Form 10-Q, in each case as filed with the SEC. InvenTrust intends that such forward-looking statements be subject to the safe harbors created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, except as may be required by applicable law. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
Contacts
Dan Lombardo, InvenTrust Properties Corp.
630-570-0604 or [email protected]
