InvenTrust Properties Corp. has acquired two strategically located, high-performing, grocery-anchored shopping centers. First, InvenTrust acquired the Shoppes at Fairview, a 67,500 square foot Whole Foods anchored center in Fairview, Texas, a suburb of Dallas, for $36 million. Secondly, InvenTrust purchased Southern Palm Crossing, a 346,200 square foot Costco anchored center in Royal Palm Beach, Florida, for $97 million.
InvenTrust has now acquired over $280 million of high quality grocery-anchored centers in key growth markets year-to-date. Following these acquisitions, IVT is on target to hit the Company’s acquisition goals for 2019.
“The acquisitions of the Shoppes at Fairview and Southern Palm Crossing enhance IVT’s already strong grocery portfolio in our key target markets,” said Christopher Covey, Senior Vice President of Transactions for InvenTrust. “Both properties are in-line with our strategy to acquire strong performing, grocery-anchored centers in areas featuring high growth demographics. We believe that these acquisitions will present us with additional operational economies of scale in the large and active Dallas and Southern Florida markets and will provide us with significant growth potential and attractive cash flow opportunities.”
Southern Palm Crossing is located in a key, high-traffic area in Palm Beach County within the dynamic South Florida MSA. The center is anchored by Costco, Marshalls/Homegoods and a newly leased 24 Hour Fitness.
Covey added, “It is not often a premier property such as this is available with a Costco on a lease as well as such an exceptional and diversified tenant line-up.”
The Shoppes at Fairview is an established and well-trafficked center anchored by Whole Foods and featuring tenants such as Capital One and Jos. A. Bank. In addition, a new multi-tenant building will be coming online later this summer which will include national and regional tenants. Key demographics for the center such as population growth and average household income are above InvenTrust’s targets for its portfolio.