A Chicago real estate investment trust company recently announced the $180 million acquisition of two Austin shopping centers.
InvenTrust purchased the 357,000-square-foot shops at Arbor Trails and the 168,000-square-foot Escarpment Village, according to an InvenTrust press release.
“These properties are great additions to our portfolio and further strengthen our foothold in the highly sought after Austin market," InvenTrust Chief Investment Officer David Heimberger said, according to the release. "This transaction validates the company’s self-funded business plan and will bring meaningful cash flow growth to our platform. Our balance sheet continues to remain well-positioned to fund additional acquisitions in 2022 and beyond.”
According to InvenTrust Vice President of Acquisitions Stephen Snodgrass, Arbor Trails and Escarpment Village are 99% and 100% leased, respectively.
Snodgrass added that both properties have "components of sustainability," according to the release.
InvenTrust Properties is a retail REIT that owns and leases local community centers that are often in the grocery sector. The company has developed a good reputation across its portfolio. The organization focuses on leadership in environmental, social and governance practices. A member of Global Real Estate Sustainability Benchmark since 2018, InvenTrust owns 63 properties that span across 10.6 million square feet of retail space.
According to InvenTrust officials, the organization's total asset value equals $2.8 billion. Their target market states include California, Texas, Colorado, Georgia, Florida, North Carolina and Maryland.
For more information on InvenTrust, click here.