OAK BROOK, Ill.–(BUSINESS WIRE)–InvenTrust Properties Corp. (“InvenTrust” or “the Company”) today announced that it has acquired Sonterra Village Shopping Center (“Sonterra Village”), a newly-built, 42,492 square foot shopping center located in San Antonio, Texas for approximately $21.5 million.
“The acquisition of Sonterra Village is complementary to our four existing properties in the highly-attractive and fast-growing San Antonio market, and we are pleased to enhance our portfolio with this strong asset,” said Michael E. Podboy, Executive Vice President – Chief Financial Officer, Chief Investment Officer of InvenTrust. “The center’s ABR and income demographics are accretive to our retail portfolio of assets.”
Christopher Covey, SVP of Transactions, added, “Sonterra Village is strategically located in one of InvenTrust’s target markets. We believe the combination of retailers, geographic location and demographic attributes of this property will drive significant value over the long term. Importantly, this acquisition is aligned with our objectives of acquiring high performing retail assets and growing in strong locations that have job and population growth.”
Newly constructed, Sonterra Village is anchored by Trader Joe’s with an attractive mixture of restaurants, fitness, lifestyle and soft goods retailers.
ABOUT INVENTRUST PROPERTIES CORP.
InvenTrust became a self-managed real estate investment trust in 2014; as of September 30, 2015, it owned 128 multi-tenant retail properties (including 18 JV assets), comprising 19 million square feet of retail space in 24 states.
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 execute on our strategy and our ability to build our core multi-tenant retail platform and position our Company for growth. For further discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see the Risk Factors included in our most recent Annual Report on Form 10-K, as updated by any subsequent Quarterly Report on Form 10-Q, in each case as filed with the Securities and Exchange Commission. 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.
InvenTrust Properties Corp.
Dan Lombardo, 630-570-0605
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