InvenTrust Properties Acquires Kyle Marketplace
September 25, 2017 | Luke Schmidt | Blue Vault
On September 28, 2017, InvenTrust Properties Corp. announced that it had acquired Kyle Marketplace, a 226,000 square foot H-E-B Plus-anchored center, for $59 million.
“This transaction will allow us to continue to build our asset base and concentration in the high-growth MSA of Austin,” said Michael E. Podboy, Executive Vice President – Chief Financial Officer, Chief Investment Officer of InvenTrust. “We are pleased to be acquiring a property that includes the region’s top grocer in one of our target markets. With this acquisition, IVT now owns eight centers in the Austin market, providing us with valuable scale and delivering operational efficiencies.”
Christopher Covey, Senior Vice President of Transactions, added, “Kyle Marketplace is a terrific asset that is 98% leased, and we believe it is an excellent fit for our growing Austin retail portfolio. The center has a strong grocery anchor tenant with H-E-B Plus, drives high traffic and makes this property attractive for other internet resistant retailers. The asset builds on our existing strategy and will be accretive to InvenTrust’s portfolio.”
Kyle Marketplace is located in the south Austin suburb of Kyle, Texas, about 20 miles south of Austin. The center has an established tenancy and features nationally known tenants such as H-E-B Plus, Chase, Starbucks, Subway, and Whataburger.
InvenTrust is a self-managed REIT formerly known as Inland American Real Estate Trust, Inc.
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