InvenTrust Properties Corp. Acquires Kennesaw Marketplace in Kennesaw, GA

DOWNERS GROVE, Ill.--()--InvenTrust Properties Corp. (“InvenTrust” or “the Company”) today announced the acquisition of Kennesaw Marketplace, an 114,000 square foot Whole Foods-anchored new development located 24 miles northwest of Atlanta, for $64.3 million.

This transaction advances InvenTrust’s strategy, providing grocer diversification within the Company’s Atlanta portfolio,” said Michael E. Podboy, EVP – Chief Financial Officer, Chief Investment Officer of InvenTrust. “Developed in 2017, the Marketplace requires minimal capital investment, while providing significant upside for InvenTrust due to Whole Foods’ extended drawing power and the region’s favorable demographics. The acquisition continues InvenTrust’s strategy of acquiring high quality, grocery-anchored assets.”

Christopher Covey, Senior Vice President of Transactions, said, “This acquisition will diversify and strengthen InvenTrust’s portfolio in Atlanta, which also includes four Publix and two Kroger locations. The Marketplace is 99% leased with major national tenants that include Whole Foods, Starbucks, MOD Pizza and PNC Bank. Kennesaw is known for its strong school systems, first-rate parks and greenspaces and new housing stock, and we expect to benefit from the city’s above-average wage and population growth.”

Kennesaw Marketplace is well located at the highly trafficked intersection of Barrett Parkway NW and Cobb Parkway, northwest of Atlanta. In addition to the tenants above, the property features national tenants such as AT&T, Sports Clips, Newks, Del Taco, Zoe’s Kitchen and Navy Federal Credit Union.

About InvenTrust Properties Corp.

InvenTrust Properties Corp. is a pure-play retail company with a focus on acquiring grocery-anchored open-air centers in key growth markets with favorable demographics. This disciplined 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 March 31, 2018, is an owner and manager of 81 retail properties, representing 14.2 million square feet of retail space.

Forward-Looking Statements Disclaimer

Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical, including statements regarding management’s intentions, beliefs, expectations, plans or predictions of the future and are typically identified by words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, among others, our ability to integrate and successfully operate acquired properties and the risks associated with such properties. For further discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see our filings with the securities and Exchange Commission (“SEC”), including the Risk Factors included in our most recent Annual Report on Form 10-K, as updated by any subsequent Quarterly Report on Form 10-Q, in each case as filed with the SEC. InvenTrust intends that such forward-looking statements be subject to the safe harbors created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, except as may be required by applicable law. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

Contacts

InvenTrust Properties Corp.
Dan Lombardo, 630-570-0605
dan.lombardo@inventrustproperties.com

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