Acquires Rio Pinar Plaza in Orlando, Florida and Price Plaza in Katy, Texas
OAK BROOK, Ill., 2015-12-11 — /EPR Retail News/ — InvenTrust Properties Corp. (“InvenTrust” or “the Company”) today announced that it has acquired two high performing open air shopping centers. InvenTrust acquired Rio Pinar Plaza, a 124,283 square foot, 100% leased shopping center located in Orlando, Florida, for approximately $34.0 million and Price Plaza, a 205,813 square foot, 92% occupied power center located in Katy, Texas, for approximately $35.8 million.
“The acquisitions of Rio Pinar Plaza and Price Plaza further strengthen our presence in target markets,” said, Michael E. Podboy, Executive Vice President – Chief Financial Officer, Chief Investment Officer of InvenTrust. “Both transactions align with our objective of acquiring high performing retail assets and growing in strong locations that have large and active populations. We believe that these acquisitions, and our overall strategy, will further strengthen InvenTrust’s portfolio, improve our portfolio population and income demographics and provide opportunities to grow net operating income so that we can continue to drive value for shareholders.”
Christopher Covey, SVP of Transactions added, “Rio Pinar Plaza is strategically located and we believe the combination of destination retailers, service tenants and restaurants at Rio Pinar Plaza and its proximity to the Florida Hospital East Orlando will help drive continuous traffic throughout the center. In addition, Price Plaza is a high performing power center in a key, high traffic market. Price Plaza has a history of successful, long-term anchor stores and tenants and we believe will add important value to our Houston-area portfolio.”
Rio Pinar Plaza is strategically located in the densely populated Orlando MSA, the third largest MSA in Florida and the fifth largest in the Southeast. Recently renovated, Rio Pinar Plaza boasts stable legacy tenants with significant operating history.
Price Plaza is located in the key Houston MSA. The center is anchored by Ross Dress for Less, Jo-Ann Fabrics and Best-Buy with shadow anchors that include Sam’s Club, Walmart SuperCenter and The Home Depot.
ABOUT INVENTRUST PROPERTIES CORP.
InvenTrust became a self-managed real estate investment trust in 2014; as of September 30, 2015, it owned 128 multi-tenant retail properties (including 18 JV assets), comprising 19 million square feet of retail space in 24 states. In addition, its student housing business, University House Communities, has 16 properties (including 1 JV asset) with 9,600 beds. InvenTrust also owns 5.8 million square feet of non-core, office and industrial buildings.
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, representation, 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 execute on our strategy and our ability to build our core multi-tenant retail and position our Company for growth. For further discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see 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 Securities and Exchange Commission. We intend 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 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.
InvenTrust Properties Corp.
Dan Lombardo, 630-570-0605
Source: InvenTrust Properties Corp.