DOWNERS GROVE, Ill.--(BUSINESS WIRE)--InvenTrust Properties Corp. (“InvenTrust”, “IVT”, or the “Company”) today announced the acquisition of Commons at University Place (“University Place”), a 92,100 square foot center anchored by Harris Teeter and CVS in Durham, NC, for $23.25 million.
“With the acquisition of Commons at University Place, we are building on our North Carolina portfolio,” said Christopher Covey, Senior Vice President of Transactions for InvenTrust. “Recently renovated, University Place has a solid base of diverse, long-term tenants and is experiencing strong leasing momentum. This acquisition supports InvenTrust’s grocery-anchored strategy to invest in the right centers in the right markets.”
Covey continued, “The research triangle is a region IVT will continue to invest in so we can build our portfolio in the area. This market checks all of our key demographic metrics - strong population growth, technology jobs and impressive household income growth in the region. In 2019, my group will continue to explore additional acquisition opportunities in the Raleigh-Durham market.”
University Place is an established center in a high-trafficked area in close proximity to Duke University, the Research Triangle Park and other IVT-owned assets. The property features numerous shops and restaurants as well as a new Harris Teeter fuel station.
About InvenTrust Properties Corp.
InvenTrust Properties Corp. is a 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 a Global Real Estate Sustainability Benchmark (“GRESB”) member in 2018. As of September 30, 2018, the company is an owner and manager of 77 retail properties, representing 13.5 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. 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.