Invesco Acquires Industrial and Retail Assets for $94M
The distribution facility and grocery-anchored shopping center bring the firm’s portfolio to total more than $850 million in assets.
ATLANTA, GA – Institutionally managed REIT, Invesco Real Estate Income Trust Inc. has purchased an industrial property in Ohio and a retail property in New York for a combined purchased price of $94 million.
The acquisition brings the firm’s portfolio to total more than $850 million in gross assets.
The acquired 378,283-square-foot distribution facility, located at 2919-2999 Lewis Centre Way in Grove City, OH, is currently 100% leased. Built in 2000, the property was is situated in the Columbus metropolitan area, near the international airport and rail.
INREIT acquired a 95% interest in the warehouse as part of a joint-venture with Trident Capital Group. The acquisition represents INREIT’s fourth industrial investment and brings its industrial portfolio to total more than $85 million.
“There continues to be strong demand for the industrial sector, which is benefiting from both secular and cyclical tailwinds,” says R. Scott Dennis, president and CEO for INREIT. “Investing in industrial properties is a strategic objective for INREIT and we are committed to finding the best ideas within the sector.”
The firm additionally acquired the grocery-anchored retail property, Cortlandt Crossing, located at 3144 E. Main St. in Cortlandt Manor, NY. The newly-constructed, 122,225-square-foot shopping center is 95% leased, with anchor tenants including ShopRite and HomeSense, an affiliate of the TJX Cos. Situated in Westchester, NY, the grocery center was built in 2019.
Dennis adds, “We continue to have strong convictions that physical retail, such as grocery-anchored properties, have a role to play in portfolios and our approach remains selective when evaluating opportunities.”