OAK BROOK, Ill.--(BUSINESS WIRE)-- InvenTrust Properties Corp. (“InvenTrust” or “Company”) today announced that it has acquired Westpark Shopping Center (“Westpark”), a 176,935 square foot, 95% leased shopping center located in Glen Allen, Virginia for $33.75 million.

“We are pleased to enhance our portfolio with the acquisition of Westpark Shopping Center,” said Michael E. Podboy, Executive Vice President, and Chief Investment Officer of InvenTrust. “Westpark is a grocery-anchored asset located in a heavily trafficked retail corridor that will allow us to gain entry into the Richmond market. Further, Westpark provides us the opportunity to improve InvenTrust’s portfolio population demographic and diversify our grocery-anchored portfolio.”

Christopher Covey, SVP of Transactions added, “Westpark is a prominent asset in Glen Allen, Virginia that is well-positioned to provide stable cash flows in coming years. With a strong list of tenants and situated among other large-scale national retailers, we believe this a valuable addition to our portfolio.”

The center is well-located along the busy Broad Street Retail Corridor, which contains 1.91 million square feet of retail space with a vacancy rate of 5.2%. Westpark is anchored by tenants such as Martin’s, Christmas Tree Shops, The Tile Shop, and Victory Lady Fitness Centers, and the four largest tenants have an average remaining term of 6.9 years, providing for long-term cash flow stability. $1.4 million in capital improvements have been completed since 2011, including new roofs over the majority of the property. Further, Richmond’s close proximity to Washington D.C. and its strong economic diversity of government, military, and private sector jobs provide a strong foundation for the local economy.

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.