InvenTrust Properties Corp. Acquired River Oaks in Valencia, CA
September 19, 2017 | Luke Schmidt | Blue Vault
On September 18, 2017, InvenTrust Properties Corp. announced the acquisition of River Oaks, a 275,000 square foot grocery-anchored center located in a premier San Fernando Valley sub-market of Los Angeles, CA, for approximately $115 million.
“We are excited to acquire this institutional-quality retail destination positioned at the epicenter of the Valencia retail hub,” said Michael E. Podboy, EVP – Chief Financial Officer, Chief Investment Officer of InvenTrust. “River Oaks is located in a highly desirable suburban market with a diverse tenant lineup and attractive, high performing anchors such as Target, Sprouts and buybuyBaby. We anticipate that this accretive transaction will drive long term value.”
Christopher Covey, Senior Vice President of Transactions, added, “The acquisition of River Oaks further highlights our continued progress enhancing our portfolio with premier open air retail assets. By expanding our presence in the Los Angeles submarket, we expect to benefit from favorable population demographics in the region and gain operational efficiencies with the nearby InvenTrust-owned Stevenson Ranch Plaza.”
The center features national tenants such as Target, Sprouts, buybuyBaby, ULTA, Total Women Gym & Spa, Pier 1 Imports and Big 5 Sporting Goods.
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