OAK BROOK, Ill., 2017-Feb-06 — /EPR Retail News/ — InvenTrust Properties Corp. (“InvenTrust” or “the Company”) today (02/02/2017) 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.
“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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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.
Source: InvenTrust Properties Corp.