AUSTIN, TX – Retail REIT, InvenTrust Properties Corp. has acquired two shopping centers in Austin, TX for $189.3 million.
The firm has purchased the 357,000-square-foot center, The Shops at Arbor Trails, which is 99% leased and anchored by Costco Wholesale and Whole Foods, and the 168,000-square-foot center, Escarpment Village, which is 100% leased anchored by regional grocer, HEB.
"These properties are great additions to our portfolio and further strengthen our foothold in the highly sought after Austin market," states David Heimberger, chief investment officer of InvenTrust. "This transaction validates the company's self-funded business plan and will bring meaningful cash flow growth to our platform. Our balance sheet continues to remain well-positioned to fund additional acquisitions in 2022 and beyond."
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"Both centers have components of sustainability, including but not limited to, solar and water reclamation, which continue to be important initiatives in our portfolio strategy," states Stephen Snodgrass, VP of acquisitions at InvenTrust.
Snodgrass adds, "Our significant presence in Austin and transaction track record allowed us to unlock this off-market opportunity and demonstrates the ability of our team to identify and execute in a market with high barriers to entry."
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
