DALLAS--InvenTrust Properties Corp. has acquired The Highlands of Flower Mound, a 169,447-square-foot, 96 percent occupied shopping center in Flower Mound, for $45.75 million.

“InvenTrust Properties has built a nimble in-house acquisitions team, and we are actively pursuing on- and off-market deals in the Dallas metro area," Michael E. Podboy, executive vice president and chief investment officer of InvenTrust, told GlobeSt.com. "We have a regional property management and leasing office in Dallas, so acquiring more centers in the area aligns with our hub and spoke strategy.”

“The acquisition of this property was a direct result of the efforts and due diligence of the InvenTrust acquisition team. Upon self-management last year, InvenTrust has created and established an outstanding internal transaction team with the ability to source and manage a variety of real estate transactions. As we continue to execute on our capital rotation strategy in our retail platform, this team's activities and performance will become even more critical towards the success of InvenTrust.”

The center is strategically located in the master-planned community of Flower Mound, Highlands of Flower Mound is still occupied by 60 percent of its original tenants, and has shown the ability to attract new tenants when space at the center is available. This center is shadow-anchored by a SuperTarget with major tenants including Bed Bath and Beyond, Cost Plus World Market, Stein Mart, Pier 1, Famous Footwear and Party City.