OAK BROOK, Ill.--(BUSINESS WIRE)-- InvenTrust Properties Corp. (“InvenTrust” or “the Company”) today announced the acquisition of the newly developed grocery-anchored power center – The Parke. The Parke consists of 404,000 square feet of retail space in a premier northwest Austin sub-market of Cedar Park, TX. This high-quality, trophy asset is anchored by a new 365 by Whole Foods and was purchased for approximately $112.25 million.

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The Parke, a 404,000 square feet retail space located in a premier northwest Austin sub-market of Cedar Park, TX, is acquired by InvenTrust Properties Corp. (Photo: Business Wire)

“This transaction upgrades our grocery-anchored portfolio in one of our key target Texas markets,” said Michael E. Podboy, EVP – Chief Financial Officer, Chief Investment Officer of InvenTrust. “This property provides us grocer diversification with our first 365 by Whole Foods and provides future income growth opportunities rare for grocery-anchored properties. The Parke is also located at a strong retail corridor in one of Austin’s most affluent and fastest-growing suburbs.”

Christopher Covey, Senior Vice President of Transactions, added, “The acquisition of The Parke demonstrates our progress executing on our objective to enhance our portfolio with Sun Belt assets. Further, The Parke is an excellent fit for InvenTrust with its exceptional geographic location allowing us to gain additional economies of scale within Central Texas following our Shops at the Galleria acquisition in 2016.”

The center features national tenants such as 365 by Whole Foods, Dick’s Sporting Goods, Field & Stream, Nordstrom Rack, Marshalls, DSW, Michaels, Old Navy, buybuy Baby, Cost Plus, F21, Petco, Ulta, and Tuesday Morning.

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 REIT in 2014 and as of June 30, 2017, is an owner and manager of 85 retail properties, representing 15.2 million square feet of retail space, and one non-core property.

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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InvenTrust Properties Corp.
Dan Lombardo, 630-570-0605
dan.lombardo@inventrustproperties.com

Source: InvenTrust Properties Corp.