InvenTrust Announces Acquisition of the Plaza Midtown in Atlanta
August 22, 2017 | James Sprow | Blue Vault
InvenTrust Properties Corp. (“InvenTrust” or “the Company”) today announced that it has acquired The Plaza Midtown, a 70,000 square foot Publix-anchored center located in the Midtown submarket of Atlanta, GA, for approximately $31.8 million.
“We are excited to acquire this core, urban infill asset located in the vibrant Midtown submarket of Atlanta,” said Michael E. Podboy, EVP – Chief Financial Officer, Chief Investment Officer of InvenTrust. “The Plaza Midtown is located in an ideal neighborhood with diverse demographics and anchored by a strong performing Publix. We anticipate that this accretive transaction will drive long term value as we continue to focus on enhancing our portfolio with premier assets in the Sun Belt region.”
Christopher Covey, Senior Vice President of Transactions, added, “This is a compelling transaction given the significant annual sales growth and built-in customer base of Publix. The property is adjacent to Georgia Tech University and within a major employment hub that will provide favorable and consistent traffic to the center.”
Including the grocery anchor tenant Publix, the center features a number of high performing up-scale and casual dining restaurants and internet resistant services including fitness and beauty/wellness tenants.
About InvenTrust Properties Corp.
InvenTrust became a self-managed nontraded REIT in 2014 and as of June 30, 2017, is an owner and manager of 85 retail properties, representing 15.2 million square feet of retail space, and one non-core property.
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