OAK BROOK, Ill.--(BUSINESS WIRE)-- InvenTrust Properties Corp. (“InvenTrust” or “Company”) today announced that it has acquired The Highlands of Flower Mound (“The Highlands”), a 169,447 square foot, 96% occupied shopping center located in Flower Mound, Texas, for $45.75 million.

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“We are pleased to further bolster our portfolio with the acquisition of The Highlands of Flower Mound,” said Michael E. Podboy, Executive Vice President, and Chief Investment Officer of InvenTrust. “This investment provides InvenTrust the opportunity to increase our Dallas presence in line with our current objectives, which include reducing the overall number of markets in our portfolio and focusing our platform on key, select markets across the country where strategic characteristics exist, such as job and wage growth.”

Christopher Covey, SVP of Transactions added, “The Highlands of Flower Mounds is located in an expansive trade area, attracting consumers from across northwest Dallas. We believe this property presents an ideal opportunity for InvenTrust to take advantage of a profitable market poised for future growth, while providing stability through a diverse national tenant base.”

Podboy continued, “The acquisition of this property was a direct result of the efforts and due diligence of the InvenTrust acquisition team. Upon self-management last year, InvenTrust has created and established an outstanding internal transaction team with the ability to source and manage a variety of real estate transactions. As we continue to execute on our capital rotation strategy in our retail platform, this team’s activities and performance will become even more critical towards the success of InvenTrust.”

The center is strategically located in the master-planned community of Flower Mound, which has received numerous awards for quality of life, jobs, and its high income demographics. Highlands of Flower Mount is a seasoned asset that is still occupied by 60% of its original tenants, and has shown the ability to attract new tenants when space at the center is available. This center is shadow anchored by a SuperTarget with major tenants including Bed Bath and Beyond, Cost Plus World Market, Stein Mart, Pier 1, Famous Footwear and Party City.

ABOUT INVENTRUST PROPERTIES CORPORATION

InvenTrust became a self-managed real estate investment trust in 2014; it owns 108 multi-tenant retail properties, comprising 15.5 million square feet of retail space in 24 states. In addition, its student housing business, University House Communities, has 14 properties with 7,989 beds and five additional properties in development. InvenTrust also owns 6.4 million square feet of non-core, office and industrial buildings.

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 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.

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Media:
InvenTrust Properties Corp.
Dan Lombardo, 630-570-0605
dan.lombardo@InvenTrustProperties.com

Source: InvenTrust Properties Corp.