OAK BROOK, Ill.–(BUSINESS WIRE)–InvenTrust Properties Corp. (“InvenTrust” or “the Company”) today announced that it has acquired Stevenson Ranch Plaza, a 97% occupied, 187,035 square foot Ralphs grocery anchored retail center located in the Los Angeles metro area. The acquisition price was $72.5 million. In less than a month, InvenTrust has announced over $330 million in trophy-quality acquisitions, all in top markets, which accelerate the execution of the Company’s portfolio repositioning strategy.
“We are excited to announce the acquisition of Stevenson Ranch Plaza, a premier retail center with a top-tier grocer in one of the largest retail markets in the U.S.,” said Michael E. Podboy, Executive Vice President – Chief Financial Officer, Chief Investment Officer of InvenTrust. “Stevenson Ranch Plaza presents an opportunity to drive value over the long term to our investors.”
Christopher Covey, SVP of Transactions, added, “With strong residential growth and high traffic, Stevenson Ranch Plaza is a property that checks all the boxes for us and provides InvenTrust the opportunity to further expand our presence in Southern California. This property is an excellent fit for our retail portfolio and is aligned with our strategy of acquiring top-notch retail centers in markets with superior demographics.”
Stevenson Ranch Plaza is located approximately 35 miles northwest of downtown Los Angeles. The retail center is anchored by Ralphs, whose parent company is Kroger, with other anchor tenants including LA Fitness, PetSmart and Stein Mart.
ABOUT INVENTRUST PROPERTIES CORP.
InvenTrust became a self-managed REIT in 2014 and as of December 31, 2015, is an owner and operator of 112 multi-tenant retail properties. InvenTrust’s total retail portfolio comprises of 18.5 million square feet of retail space in 24 states. As of December 31, 2015, the Company also owned 11,039 student housing beds and 5.7 million square feet of non-core space.
Forward-Looking Statements Disclaimer
Forward-looking statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical, including statements regarding management’s intentions, beliefs, expectations, representation, plans or predictions of the future and are typically identified by words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, among others, our ability to execute on our strategy and our ability to build our core multi-tenant retail platform and position our Company for growth. For further discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see the Risk Factors included in our most recent Annual Report on Form 10-K as filed with the Securities and Exchange Commission. We intend that such forward-looking statements be subject to the safe harbors created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, except as may be required by applicable law. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
Best Due Diligence meeting in the industry. No sales pitches, senior level decision makers, meaningful discussions and the Broker Dealer networking sessions were especially useful. Thanks to Blue Vault for raising the bar!