Invesco Real Estate purchases industrial and grocery-anchored retail properties

Invesco Real Estate Income Trust (INREIT) announced the acquisition of an industrial property and a grocery-anchored retail property. The combined purchase price was $94 million

“There continues to be strong demand for the industrial sector, which is benefiting from both secular and cyclical tailwinds. Investing in industrial properties is a strategic objective for INREIT and we are committed to finding the best ideas within the sector,” said R. Scott Dennis, president and CEO for INREIT. “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.”

INREIT acquired a 95-percent interest in an industrial warehouse facility in the Columbus metropolitan area, where the market vacancy rate is below 2 percent for bulk distribution space. Built in 2000, the 378,283-square-foot distribution facility is 100-percent leased. The proper