InvenTrust Properties Pays $57M for Open-Air Shopping Center in Colorado
- May 01, 2015
InvenTrust Properties Corp. has acquired The Shops at Walnut Creek, an open-air shopping center in Westminster, Colo. The company paid $57.1 million for the 216,325-square-foot center, according to a news release.
“Walnut Creek is a core retail asset in a high barrier-to-entry market that enhances our current portfolio population density, income statistics and calculated average base rent,” said Michael Podboy, executive vice president and Chief Investment Officer at InvenTrust. “The premier location combined with its synergy with a nearby promenade will drive a steady flow of traffic to the center.”
Located at the corner of 104th Ave. and U.S. Hwy. 36, The Shops at Walnut Creek first opened in 2006 and was renovated in 2009. The shopping center is anchored by tenants such as T.J. Maxx/HomeGoods, Petsmart, Dollar Tree and Michaels, and is currently 93 percent leased. The center is conveniently situated just off Hwy. 36, a high-traffic artery linking Denver to Boulder, and offers 14,524 square feet of available space, as well as a potential 5,000-square-foot outparcel.
InvenTrust, formerly Inland American Real Estate Trust Inc., also owns and manages Cheyenne Meadows in Colorado Springs, Centerplace at Greeley in Greeley, and Quebec Square Shopping Center in Denver.
Image courtesy of InvenTrust Properties Corp.