ORLANDO—InvenTrust Properties just snapped up an open-air retail center in Orlando. The company picked up the high-performing Rio Pinar Plaza for $34 million.
Rio Pinar Plaza is a 124,283-square-foot retail center in the densely populated Orlando MSA. Orlando is the third-largest MSA in Florida and the fifth largest in the Southeast.
"Rio Pinar Plaza is strategically located and we believe the combination of destination retailers, service tenants and restaurants at Rio Pinar Plaza and its proximity to the Florida Hospital East Orlando will help drive continuous traffic throughout the center," says Christopher Covey, senior vice president of Transactions at InvenTrust. The company is betting the acquisition will strengthen its portfolio, improve its portfolio population and include demographics that grow net operating income that drives value for shareholders.
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