InvenTrust Buys 400,000 SF Retail Center Near Austin, Texas
InvenTrust Properties Inc., a publicly registered non-traded REIT formerly known as Inland American Real Estate Trust, purchased The Parke, a newly developed grocery-anchored power near Austin, Texas, for approximately $112.25 million.
The Parke consists of 404,000 square feet of retail space in the Austin suburb of Cedar Park, Texas and is anchored by a 365 by Whole Foods grocery store.
“This transaction upgrades our grocery-anchored portfolio in one of our key target Texas markets,” said Michael Podboy, EVP – chief financial officer and chief investment officer. “This property provides us grocer diversification with our first 365 by Whole Foods and provides future income growth opportunities rare for grocery-anchored properties. The Parke is also located at a strong retail corridor in one of Austin’s most affluent and fastest-growing suburbs.”
The retail center includes other national tenants such as Dick’s Sporting Goods, Field & Stream, Nordstrom Rack, Marshalls, DSW, Michaels, Old Navy, buybuy Baby, Cost Plus, F21, Petco, Ulta, and Tuesday Morning.
In other news, Inventrust recently appointed Paula Saban as the interim chairperson of the company’s board of directors.
InvenTrust Properties focuses on acquiring open-air retail centers in key growth markets. The offering was declared effective in August 2005 and closed in April 2009 after raising $8.6 billion, according to Summit Investment Research. The company, which became a self-managed REIT in 2014, owns and manages 85 retail properties, representing 15.2 million square feet of retail space, and one non-core property.
