InvenTrust Nabs Grocery-Anchored Center for $31M in Charlotte
- Oct 19, 2016
By Laura Calugar
Whole Foods opened its first store in 1980 in Austin, Texas. Since then, the firm has grown to 460 stores throughout the U.K., Canada and 42 U.S. states. With more than 85,000 employees, Whole Foods is the eighth largest food and drug store in the U.S. After the arrival of Whole Foods in the 61,000-square-foot center situated on 8.8 acres, Northcross Commons underwent enhancements to the building façade, parking lot and landscape areas.
“The property will improve our asset base and provide us with additional economies of scale in the Charlotte market. Northcross Commons builds on our hub-and-spoke strategy and is accretive to InvenTrust’s portfolio,” Michael E. Podboy, executive vice president, CFO & CIO of InvenTrust, said in a prepared statement.
Northcross Commons is just 15 miles north of downtown Charlotte.
“Northcross Commons is a fantastic addition to our existing Charlotte MSA properties, which include Poplin Place in Monroe and Sycamore Commons in Matthews. We believe this asset possesses the ideal combination of internet-proof retailers, geographic location and demographics that will drive significant value over the long term to our investors,” said Christopher Covey, senior vice president of transactions.
InvenTrust became a self-managed REIT in 2014. As of June 2016, it is the owner and manager of 91 multi-tenant retail properties, comprising 15.7 million square feet of retail space.
Images courtesy of Greenberg Farrow