InvenTrust Properties Corp. Announces Acquisition of Windward Commons in Alpharetta, GA
OAK BROOK, Ill.–(BUSINESS WIRE)–
InvenTrust Properties Corp. (“InvenTrust or “the Company”) today announced that it has acquired Windward Commons, a 99% occupied, 117,234 square foot Kroger-anchored retail center in Alpharetta, GA, for $27.65 million.
“We are excited to announce the acquisition of Windward Commons, a premier retail center in one of the nation’s fastest-growing MSAs, anchored by the nation’s largest grocer,” said Michael E. Podboy, Executive Vice President – Chief Financial Officer, Chief Investment Officer of InvenTrust. “Windward Commons represents an attractive opportunity for InvenTrust to increase its presence in an affluent submarket location with favorable job, population and income demographics.”
Christopher Covey, Senior Vice President of Transactions, added, “Windward Commons is located at one of the area’s busiest intersections on a main thoroughfare connecting downtown Atlanta with the northern suburbs. A stable tenant base and long average tenant duration are added benefits of this property. The acquisition of Windward Commons is an exciting opportunity that we anticipate will drive long term value for our investors.”
Windward Commons is located approximately 29 miles north of Atlanta’s central business district. The retail center is anchored by Kroger with other tenants including Hallmark, Roasters and Ippolito’s Italian Restaurant.
ABOUT INVENTRUST PROPERTIES CORP.
InvenTrust Properties Corp. is a pure-play retail company with a focus on acquiring open-air centers with a disciplined approach, in key growth markets with favorable demographics. This acquisition strategy, along with our innovative and collaborative property management approach, ensures the success of both our tenants and business partners and drives net operating income growth for the Company. InvenTrust became a self-managed real estate investment trust in 2014 and, as of June 30, 2016, is an owner and manager of 91 multi-tenant retail properties, comprising 15.7 million square feet of retail space.
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