OAK BROOK, Ill.--(EON: Enhanced Online News)--InvenTrust Properties Corp. (“InvenTrust” or “the Company”) today announced that it has acquired Paraiso Parc and Westfork Plaza, two adjacent retail centers located in Pembroke Pines, Florida, for $163 million. The two retail centers will total approximately 389,000 square feet upon the mid-2017 completion of an ongoing expansion project.
“These combined retail centers are a fantastic asset. This asset is well occupied, with strong best-in-class retail anchors, and we believe this is an excellent fit for our portfolio as the properties have superb demographics in the vibrant South Florida market.”
“The acquisition of Paraiso Parc and Westfork Plaza represents a truly unique opportunity to secure an ‘A+’ asset in one of South Florida’s strongest retail submarkets,” said Michael E. Podboy, EVP – Chief Financial Officer, Chief Investment Officer of InvenTrust. “This property represents the type of high-quality properties InvenTrust will continue to invest in as we execute on our portfolio transformation. Additionally, from this transaction, we anticipate operational efficiencies in this key target market for InvenTrust’s existing portfolio.”
Christopher Covey, Senior Vice President of Transactions, added, “These combined retail centers are a fantastic asset. This asset is well occupied, with strong best-in-class retail anchors, and we believe this is an excellent fit for our portfolio as the properties have superb demographics in the vibrant South Florida market.”
Paraiso Parc and Westfork Plaza are located in Pembroke Pines, Florida, situated just 20 miles northwest of downtown Miami and 15 miles southwest of Fort Lauderdale. The center has an excellent tenancy and features national tenants such as Publix, Costco, Regal Cinemas, Ross and TJ Maxx.
About InvenTrust Properties Corp.
InvenTrust Properties Corp. is a pure-play retail 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 our innovative and collaborative property management approach, ensures the success of both our tenants and business partners and drives net operating income growth for the Company. InvenTrust became a self-managed REIT in 2014 and as of September 30, 2016, is an owner and manager of 88 retail properties, representing 15.1 million square feet of retail space, and one non-core property.
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