InvenTrust Properties buys Texas retail center

April 8, 2016
4/6/2016 3:49 PM | Business Wire via the Daily Herald
OAK BROOK — InvenTrust Properties Corp. has acquired Shops at the Galleria, a 99 percent occupied, 537,685 square foot retail center in Bee Cave, Texas.

Michael E. Podboy, InvenTrust executive vice president — chief financial officer, chief investment officer, said the center is located in one of the company’s key strategic growth markets.

“This acquisition underscores our strategy of acquiring top-notch retail centers in economic regions with strong job and population growth rates,” Podboy said. “The Galleria is a great example of how InvenTrust plans to grow our portfolio through our hub-and-spoke strategy within Texas and further capitalize on our existing strong presence in the Austin area.”

Galleria, located in the affluent Bee Cave suburb, sits approximately 11 miles west of downtown Austin. National tenants include Lowe’s, Marshalls, HomeGoods, BestBuy, Michaels, PetSmart and Cost Plus World Market.

“This property allows InvenTrust to continue its rotation to higher quality assets in our hub regions, as well as gain additional operational economies of scale within central Texas, a strategic area for our business,” said Christopher Covey, swecior vice president of transactions, “Galleria has an excellent anchor lineup and is located adjacent to the high trafficked 1.3 million square foot Hill Country Galleria, one of the top performing malls in Austin.”

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