InvenTrust Properties Corp. recently revealed the acquisition of additional square footage at Peachland Promenade by purchasing the adjacent Publix-anchored center located in Port Charlotte, FL. The center was purchased for $18.7 million from Benderson Development Co.
“This transaction enables us to expand our footprint in Florida and advance our portfolio strategy with the addition of an adjacent strong grocery-anchored property,” said Christopher Covey, Senior Vice President of Transactions for InvenTrust. “Developed in 2012, Peachland is an established neighborhood center anchored by the #1 grocer in Florida, Publix Supermarkets.”
Covey adds that “The center complements our existing shopping center, Peachland Promenade, and is 100% leased with a strong diverse tenant base. This transaction will enhance the value and control of our Peachland Promenade center.”
This shopping center boasts access to the high-traffic intersection of Kings Highway and I-75, according to a prepared release. InvenTrust Properties Corp. is a pure-play retail company with a focus on acquiring grocery-anchored open-air centers in key growth markets with favorable demographics.