Investor Looks to Enhance Portfolio with Sun Belt Assets

The Parke is anchored by a new 365 by Whole Foods and was purchased for $112.25 million.

CEDAR PARK, TX—Newly developed grocery-anchored power center, The Parke, consists of 404,000 square feet of retail space in a northwest Austin submarket. This trophy asset is anchored by a new 365 by Whole Foods and was purchased for approximately $112.25 million, according to InvenTrust Properties Corp., which acquired the center.

“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.