InvenTrust Properties Corp. has acquired two premier grocery-anchored centers in high-demand markets, totaling more than $120 million.
It purchased Eldorado Marketplace, a 186,068-square-foot center anchored by Market Street in Frisco, Texas, a suburb of Dallas, for approximately $71 million, as well as Travilah Square, a 56,220-square-foot shopping center anchored by Trader Joe’s in Rockville, Md., a suburb of Washington, D.C., for approximately $52 million.
“The acquisition of Eldorado Marketplace expands our footprint in the attractive Frisco market and provides significant opportunities for future revenue growth,” said Stephen Snodgrass, vice president of transactions for InvenTrust. “Frisco is home to a number of large corporate headquarters, including the PGA and Keurig Dr Pepper, and this property benefits from a prime, high-traffic location in this high-income and rapidly growing market.”
Eldorado Marketplace has a stable tenant base featuring a top-performing Market Street in the region, as well as nationally recognized retailers and restaurants such as AT&T, Jersey Mike’s, Re/Max, PetSmart and UPS.
“We are excited to expand our footprint in the active Washington, D.C., submarket with the addition of a core asset like Travilah Square,” said Nicole Horne, vice president of acquisitions for InvenTrust. “This property benefits from the Rockville area’s key demographics, including a growing population and an increasing average household income. The property also provides considerable lease-up opportunity with the recent opening of the newly built Trader Joe’s.”
Travilah Square is strategically located in the high-income Rockville, Md., area. In addition to Trader Joe’s, the shopping center features national tenants such as TITLE Boxing and Flower Child, and several new tenants, including Tropical Smoothie and The Joint.
Christy David, executive vice president for InvenTrust and head of transactions, added, “InvenTrust has now acquired over $400 million of high-quality grocery-anchored centers in key growth markets year-to-date. IVT remains on track to hit the Company’s acquisition goals for 2019 and these acquisitions both support our strategy of investing in the right assets in the right markets.”
