OAK BROOK, Ill.–(BUSINESS WIRE)–
InvenTrust Properties Corp. (“InvenTrust” or “the Company”) today announced that it has acquired Old Grove Marketplace, a 91% leased, 81,279 square foot grocery anchored community center located in Oceanside, California, for approximately $23.25 million.
“We are excited to announce the acquisition of Old Grove Marketplace, a center with a core grocer in a highly attractive and fast-growing Californian market,” said Michael E. Podboy, Executive Vice President – Chief Financial Officer, Chief Investment Officer of InvenTrust. “The property’s rental rates and income demographics are accretive to our portfolio averages and we believe that this acquisition will help to provide operational economies of scale as the Company continues to build its California asset base.”
Christopher Covey, SVP of Transactions, added, “Old Grove Marketplace is advantageously situated in the third largest city in San Diego County, in an area with a number of established employers as well as a frequented U.S. Military base. We believe this property possesses the ideal combination of established retailers, geographic location and demographic attributes in order to drive significant long term value for our stockholders.”
Old Grove Marketplace is a grocery-anchored community center located in Oceanside, CA, just 35 miles north of San Diego. The property is anchored by Kroger’s Ralphs brand and Lowe’s. Originally built in 2005, the property also features other national tenants such as US Bank, Starbucks, Subway, H&R Block, AT&T, McDonald’s and Shell.
ABOUT INVENTRUST PROPERTIES CORP.
InvenTrust Properties Corp. is a pure-play retail company with a focus on acquiring open-air centers with a disciplined approach, in key growth markets with favorable demographics. This acquisition strategy, along with our innovative and collaborative property management approach, ensures the success of both our tenants and business partners and drives net operating income growth for the Company. InvenTrust became a self-managed real estate investment trust in 2014 and, as of June 30, 2016, is an owner and manager of 91 multi-tenant retail properties, comprising 15.7 million square feet of retail space.
Forward-Looking Statements Disclaimer
Forward-looking statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical, including statements regarding management’s intentions, beliefs, expectations, representation, plans or predictions of the future and are typically identified by words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, among others, our ability to integrate and successfully operate acquired properties and the risks associated with such properties. For further discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see our filings with the Securities and Exchange Commission, including the Risk Factors included in our most recent Annual Report on Form 10-K. We intend that such forward-looking statements be subject to the safe harbors created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, except as may be required by applicable law. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.