InvenTrust Properties Corp has spent approximately $70 million in the acquisition of two separate high performing open air shopping centers in Florida and Texas.
The acquired properties are the Rio Pinar Plaza, a 124,283-square-foot, 100% occupied shopping center located in Orlando, Florida, for approximately $34.0 million, and the Price Plaza, a 205,813-square-foot, 92% leased power center located in Katy, Texas, for approximately $35.8 million.
"The acquisitions of Rio Pinar Plaza and Price Plaza further strengthen our presence in target markets," said Michael E. Podboy, Executive Vice President - Chief Financial Officer, Chief Investment Officer of InvenTrust. "Both transactions align with our objective of acquiring high performing retail assets and growing in strong locations that have large and active populations. We believe that these acquisitions, and our overall strategy, will further strengthen InvenTrust's portfolio, improve our portfolio population and income demographics, and provide opportunities to grow net operating income so that we can continue to drive value for shareholders."
According to their press release in Business Wire, the Rio Pinar Plaza is strategically situated in Orlando MSA, the third largest MSA in Florida and the fifth largest in the Southeast. The open air center is recently renovated and boasts constant well-known tenants with noteworthy operating records, while the Price Plaza in Houston MSA is anchored by Ross Dress for Less, Jo-Ann Fabrics and Best-Buy, with other tenants such as Sam's Club, Wal-Mart Supercenter and The Home Depot.
"Rio Pinar Plaza is strategically located and we believe the combination of destination retailers, service tenants and restaurants at Rio Pinar Plaza and its proximity to the Florida Hospital East Orlando will help drive continuous traffic throughout the center," said Christopher Covey, SVP of Transactions. "In addition, Price Plaza is a high performing power center in a key, high traffic market. Price Plaza has a history of successful, long-term anchor stores and tenants, and we believe will add important value to our Houston-area portfolio."
