OCEANSIDE, CA—InvenTrust Properties Corp. considers Southern California and San Diego target markets. The Oak Brook, IL-based firm recently opened up a regional office in the area and expects to increase its ownership concentration in the region, SVP of transactions Chris Covey tells GlobeSt.com.
As an example of its investment in San Diego, InvenTrust recently acquired Old Grove Marketplace, a 91%-leased, 81,279-square-foot grocery-anchored community center in Oceanside, CA, for approximately $23.25 million from an unnamed seller. The property is anchored by Kroger's Ralphs brand and Lowe's. Originally built in 2005, the property also features other national tenants such as US Bank, Starbucks, Subway, H&R Block, AT&T, McDonald's and Shell. We spoke exclusively with Covey about the firm's acquisition strategy and its plans in the San Diego market.
GlobeSt.com: What is your firm's primary strategy for shopping centers you acquire?
Covey: Our acquisition strategy emphasizes a focus on certain target markets, such as San Diego's MSA, with favorable demographics and characteristics that include significant population density and growth, above-average household income, job growth and strong barriers-to-entry into the market.
GlobeSt.com: Do you have plans to reposition Old Grove Marketplace at all?
Covey: No substantial repositioning of Old Grove Marketplace is planned at this time.
GlobeSt.com: What are your plans for this center going forward?
Covey: An opportunity exists to put InvenTrust's property management and leasing team experts to work to successfully operate and lease the available space in the center.
GlobeSt.com: Are you eyeing other centers in the San Diego market?
Covey: Southern California and San Diego are considered target markets for us. We recently opened up a regional office in the area, and we anticipate increasing our ownership concentration in the region from a pipeline of existing deals.
OCEANSIDE, CA—InvenTrust Properties Corp. considers Southern California and San Diego target markets. The Oak Brook, IL-based firm recently opened up a regional office in the area and expects to increase its ownership concentration in the region, SVP of transactions Chris Covey tells GlobeSt.com.
As an example of its investment in San Diego, InvenTrust recently acquired Old Grove Marketplace, a 91%-leased, 81,279-square-foot grocery-anchored community center in Oceanside, CA, for approximately $23.25 million from an unnamed seller. The property is anchored by
GlobeSt.com: What is your firm's primary strategy for shopping centers you acquire?
Covey: Our acquisition strategy emphasizes a focus on certain target markets, such as San Diego's MSA, with favorable demographics and characteristics that include significant population density and growth, above-average household income, job growth and strong barriers-to-entry into the market.
GlobeSt.com: Do you have plans to reposition Old Grove Marketplace at all?
Covey: No substantial repositioning of Old Grove Marketplace is planned at this time.
GlobeSt.com: What are your plans for this center going forward?
Covey: An opportunity exists to put InvenTrust's property management and leasing team experts to work to successfully operate and lease the available space in the center.
GlobeSt.com: Are you eyeing other centers in the San Diego market?
Covey: Southern California and San Diego are considered target markets for us. We recently opened up a regional office in the area, and we anticipate increasing our ownership concentration in the region from a pipeline of existing deals.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
