InvenTrust Properties Corp. Acquires PGA Plaza in Palm Beach Gardens, FL
DOWNERS GROVE, Ill.--(BUSINESS WIRE)--May 17, 2018--InvenTrust Properties Corp. (“InvenTrust” or “the Company”) today announced the acquisition of PGA Plaza, a 120,000 square foot Trader Joe’s grocery-anchored neighborhood center located in Palm Beach Gardens, Florida, for $88 million from Delray Beach, FL based Menin Development Inc.
“This transaction represents a compelling growth opportunity for InvenTrust and expands the Company’s presence in the vibrant and burgeoning South Florida market,” said Michael E. Podboy, EVP – Chief Financial Officer, Chief Investment Officer of InvenTrust. “Following a $14 million renovation in 2015, PGA Plaza is a best-in-class property, attracting high traffic-driving anchors such as Trader Joe’s, Marshalls and Ulta. We are confident this accretive acquisition will drive long-term value creation.”
Christopher Covey, Senior Vice President of Transactions, said, “PGA Plaza, located in one of IVT’s targeted Sun Belt markets, is an excellent fit for our portfolio. The center is 95% leased and has a stable internet resistant tenant base. It is located on highly travelled PGA Boulevard and will enhance the demographics of InvenTrust’s portfolio. This transaction will further advance our strategy of concentrating our portfolio into grocery-anchored assets in markets with above-average wage and population growth.”
PGA Plaza is well located, with access to Florida’s major arterials of I-95 and the Florida Turnpike. Including the tenants above, the property also features national tenants such as Verizon, Orangetheory and Chase.
About InvenTrust Properties Corp.
InvenTrust Properties Corp. is a pure-play retail company with a focus on acquiring grocery-anchored open-air centers in key growth markets with favorable demographics. This disciplined 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 REIT in 2014 and as of March 31, 2018, is an owner and manager of 81 retail properties, representing 14.2 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, 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 (“SEC”), including 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 SEC. InvenTrust intends 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 press 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.
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CONTACT: InvenTrust Properties Corp.
Dan Lombardo, 630-570-0605
KEYWORD: UNITED STATES NORTH AMERICA FLORIDA ILLINOIS
INDUSTRY KEYWORD: REIT RETAIL CONSTRUCTION & PROPERTY SUPERMARKET COMMERCIAL BUILDING & REAL ESTATE OTHER RETAIL
SOURCE: InvenTrust Properties Corp.
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PUB: 05/17/2018 03:20 PM/DISC: 05/17/2018 03:20 PM