Flower Mound Retail Blossoms for Self-Managed REIT
- Aug 01, 2015
For InvenTrust Properties Corp., less is more. The self-managed REIT, which boasts more than 100 retail properties across the U.S. and specializes in key markets like the ones in Texas, recently announced the acquisition of a new shopping center.
InvenTrust is now the owner of The Highlands of Flower Mound, a 169,447-square-foot property in Flower Mound, a master-planned community that has won multiple awards for its quality of life, jobs and high-income demographics. The asset was acquired for $45.8 million. It was 96 percent occupied at the time of the sale, by tenants such as Bed, Bath & Beyond; Cost Plus World Market; Stein Mart; Pier 1; Famous Footwear; and Party City. The shopping center is also shadow anchored by a SuperTarget.
“This investment provides InvenTrust the opportunity to increase our Dallas presence in line with our current objectives, which include reducing the overall number of markets in our portfolio and focusing our platform on key, select markets across the country where strategic characteristics exist, such as job and wage growth,” Michael Podboy, executive vice president & CIO of InvenTrust, said in a prepared statement.