InvenTrust Properties Corp. Goes Shopping in Maryland

The Safeway-anchored retail center traded for $54M.
The Shops at Town Center in Germantown, Md.
The Shops at Town Center in Germantown, Md.

Washington—InvenTrust Properties Corp. has recently acquired The Shops at Town Center, a 125,000-square-foot retail center located in Germantown. The asset traded for $53.6 million.

Situated at 19718 Germantown Road, the property was developed by Artery Capital Group LLC and opened doors in 2000. The asset is adjacent to a 328-unit apartment complex and in close proximity to Interstate 270 and State Route 355, being just 25 miles northwest of Washington, D.C.

The center is currently anchored by Safeway, the tenant roster also including Chipotle, Baja Fresh, Sunco, and Verizon.

InvenTrust Properties Corp. became a self-managed REIT in 2014 and, as of September 2016, owns and manages 88 retail properties, encompassing roughly 15.1 million square feet of retail space and one non-core property.

“This transaction provides us with an opportunity to begin our expansion in the Washington, D.C., market,” said Michael Podboy, CFO & CIO of InvenTrust, in a prepared statement. “This property provides us with a strong submarket location in one of the country’s wealthiest counties (Montgomery County), while giving us an opportunity to acquire a core grocer-anchored center located amidst a growing residential development.”

Image via Google Street View