GERMANTOWN, MD–Oak Brook, Ill.-based InvenTrust Properties has acquired The Shops at Town Center from The Artery Group for $53.6 million, or $429 per square foot. The 125,000-square foot, Safeway-anchored center also counts Chipotle, Baja Fresh, Sunco, and Verizon as its tenants.
The retail center is part of Germantown's Town Center, which debuted in 2000. Locally-based Artery developed the residential portion, and one of the builder/developers of the overall Town Center.
This deal gives InvenTrust the opportunity to begin its expansion in the Washington DC market, according to a prepared statement by CFO Michael Podboy. “This property provides us with a strong submarket location in one of the country's wealthiest counties, while giving us an opportunity to acquire a core grocer-anchored center located amidst a growing residential development,” he said.
InvenTrust, which changed its name in 2015 from Inland American Real Estate Trust, once owned several assets here and had an especially strong presence in in Northern Virginia, but it sold off many of these properties — as well as whole asset classes across the nation such as its student housing portfolio — as part of its new incarnation as a pure play retail REIT, a process it began in 2014.
As of September 30, 2016, InvenTrust owned 88 retail properties, representing 15.1 million square feet of retail space, and one non-core property.
GERMANTOWN, MD–Oak Brook, Ill.-based InvenTrust Properties has acquired The Shops at Town Center from The Artery Group for $53.6 million, or $429 per square foot. The 125,000-square foot, Safeway-anchored center also counts Chipotle, Baja Fresh, Sunco, and Verizon as its tenants.
The retail center is part of Germantown's Town Center, which debuted in 2000. Locally-based Artery developed the residential portion, and one of the builder/developers of the overall Town Center.
This deal gives InvenTrust the opportunity to begin its expansion in the Washington DC market, according to a prepared statement by CFO Michael Podboy. “This property provides us with a strong submarket location in one of the country's wealthiest counties, while giving us an opportunity to acquire a core grocer-anchored center located amidst a growing residential development,” he said.
InvenTrust, which changed its name in 2015 from Inland American Real Estate Trust, once owned several assets here and had an especially strong presence in in Northern
As of September 30, 2016, InvenTrust owned 88 retail properties, representing 15.1 million square feet of retail space, and one non-core property.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
