N.C. Retail Power Center Commands $129.2M
- Apr 06, 2016
By Keith Loria, Contributing Editor
Durham, N.C.—InvenTrust Properties Corp. has acquired Renaissance Center, a 363,176-square-foot retail power center located in Durham, N.C., for $129.2 million.
The property was 96 percent leased at the time of the sale.
“This property checked all our boxes. Renaissance Center is a trophy-type asset in a region of economic and population growth,” Christopher Covey, InvenTrust’s SVP of transactions, told Commercial Property Executive. “The large number of highly educated produced by the three large universities have long served as a major catalyst for business growth and economic development in the region.”
Renaissance Center includes a broad mix of national and local destination retailers, service tenants, restaurants and office space, including Nordstrom Rack, Old Navy, Cost Plus World Market, REI, Babies “R” Us and Best Buy.
The property’s proximity to the Research Triangle Park allows Renaissance Center to benefit from favorable population demographics in Raleigh, Durham and Chapel Hill.
“This acquisition continues to expand our presence in one of InvenTrust’s target markets and fits the company’s current retail portfolio growth strategy,” Covey said. “Located across from a dominant super-regional mall and situated near the interchange with Interstate 40, Renaissance Center is a location and property where national, regional and local retailers need to lease space at if they want to be successfully in the Raleigh-Durham market.”
According to Covey, presently the company is not planning any significant capital or renovations for the center other than minor upgrades.
InvenTrust Properties landed another retail power center this week—The Shops at the Galleria in Austin, Texas. The financial details of the transaction have not been disclosed.