The newly-built Sonterra Village Shopping Center located in San Antonio, Texas was acquired by InvenTrust Properties Corp. for $21.5 million.
"The acquisition of Sonterra Village is complementary to our four existing properties in the highly-attractive and fast-growing San Antonio market, and we are pleased to enhance our portfolio with this strong asset," said Michael E. Podboy, Executive Vice President - Chief Financial Officer, Chief Investment Officer of InvenTrust. "The center's ABR and income demographics are accretive to our retail portfolio of assets."
According to the press release of InvenTrust Properties Corp. in Business Wire, the newly constructed 42,492-square-foot shopping center is anchored by Trader Joe's with an attractive mixture of restaurants, fitness, lifestyle and soft goods retailers such as Zoe's Kitchen, Denver Mattress Company, Orange Theory Fitness, Tarka Indian Kitchen, Michin Fresh Mexican Kitchen, Smart Barre, Amazing Lash Studio, Super Target, H-E-B Plus! and Whole Foods Market. The shopping center is ideally located at Loop 1604 and Sonterra Place, between Stone Oak Parkway and Blanco Road, and is just a walk away from well-off neighborhoods that includes Sonterra, Stone Oak, Hollywood Park, Hill Country Village, Inwood, Rogers Ranch, The Vineyard, and Shavano Park.
"Sonterra Village is strategically located in one of InvenTrust's target markets. We believe the combination of retailers, geographic location and demographic attributes of this property will drive significant value over the long term," said Christopher Covey, SVP of Transactions of InvenTrust. "Importantly, this acquisition is aligned with our objectives of acquiring high performing retail assets and growing in strong locations that have job and population growth."
InvenTrust Properties Corp. formerly Inland American, has become a self-managed Real Estate Investment Trust in March 2014 after separating from its sponsor. In addition to its student housing business, University House Communities, that has 16 properties (including 1 JV asset) with 9,600 beds, InvenTrust also owns 128 multi-tenant retail properties (including 18 JV assets), comprising 19 million square feet of retail space in 24 states.
