InvenTrust Properties Corp. Acquires Commons at University Place in Durham, NC
February 1, 2019 | Business Wire
InvenTrust Properties Corp. (“InvenTrust”, “IVT”, or the “Company”) today announced the acquisition of Commons at University Place (“University Place”), a 92,100 square foot center anchored by Harris Teeter and CVS in Durham, NC, for $23.25 million.
“With the acquisition of Commons at University Place, we are building on our North Carolina portfolio,” said Christopher Covey, Senior Vice President of Transactions for InvenTrust. “Recently renovated, University Place has a solid base of diverse, long-term tenants and is experiencing strong leasing momentum. This acquisition supports InvenTrust’s grocery-anchored strategy to invest in the right centers in the right markets.”
Covey continued, “The research triangle is a region IVT will continue to invest in so we can build our portfolio in the area. This market checks all of our key demographic metrics - strong population growth, technology jobs and impressive household income growth in the region. In 2019, my group will continue to explore additional acquisition opportunities in the Raleigh-Durham market.”
University Place is an established center in a high-trafficked area in close proximity to Duke University, the Research Triangle Park and other IVT-owned assets. The property features numerous shops and restaurants as well as a new Harris Teeter fuel station.
About InvenTrust Properties Corp.
InvenTrust Properties Corp. is a retail company with a focus on acquiring grocery-anchored open-air centers in key growth markets with favorable demographics. This disciplined 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 REIT in 2014 and a Global Real Estate Sustainability Benchmark (“GRESB”) member in 2018. As of September 30, 2018, the company is an owner and manager of 77 retail properties, representing 13.5 million square feet of retail space.