Investor Looks to Enhance Portfolio with Sun Belt Assets

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.

The center features national tenants such as 365 by Whole Foods, Dick's Sporting Goods, Field & Stream, Nordstrom Rack, Marshalls, DSW, Michaels, Old Navy, buybuy Baby, Cost Plus, F21, Petco, Ulta, and Tuesday Morning.

“The acquisition of The Parke demonstrates our progress executing on our objective to enhance our portfolio with Sun Belt assets,” adds Christopher Covey, senior vice president of transactions. “Further, The Parke is an excellent fit for InvenTrust with its exceptional geographic location, allowing us to gain additional economies of scale within Central Texas following our Shops at the Galleria acquisition in 2016.”

InvenTrust Properties Corp. is a pure retail investment company with a focus on acquiring open-air centers with a disciplined approach in key growth markets with favorable demographics. This acquisition strategy, along with its innovative and collaborative property management approach, ensures the success of both its tenants and business partners.

At InvenTrust Properties, our goal is to build a retail portfolio of assets that includes the right centers in the right markets. The Parke matches our investment criteria perfectly,” Podboy tells GlobeSt.com. “This newly constructed grocery-anchored power center with a mix of popular national tenants will be the premier shopping location for the region for many years to come.”