UPDATED, Feb. 8, 2022, 11:33 p.m.: InvenTrust Properties bought two Austin shopping centers totaling 525,000 square feet for about $189 million.
The two centers, the Shops at Arbor Trails and Escarpment Village, are 99 percent and 100 percent leased, according to the REIT’s Monday press release.
“These properties are great additions to our portfolio and further strengthen our foothold in the highly sought after Austin market,” said David Heimberger, Chief Investment Officer of InvenTrust. “This transaction validates the Company’s self-funded business plan and will bring meaningful cash flow growth to our platform. Our balance sheet continues to remain well-positioned to fund additional acquisitions in 2022 and beyond.”
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The shopping centers “have components of sustainability, including but not limited to, solar and water reclamation, which continue to be important initiatives in our portfolio strategy,’’ said Stephen Snodgrass, vice president of acquisitions at InvenTrust. “Our significant presence in Austin and transaction track record allowed us to unlock this off-market opportunity and demonstrates the ability of our team to identify and execute in a market with high barriers to entry.”
The Shops at Arbor Trails is a high-end shopping center at 4301 W William Cannon Dr, southwest of downtown Austin. The 357,000-square-foot center is anchored by a Whole Foods and situated in the middle of Oak Hill, where the average annual household income is $158,827, according to Point2Homes data.
Escarpment Village, a 168,000 square-foot shopping center 10 miles outside Austin, is anchored by a HEB, one of the region’s top grocers. The shopping center sits on 5800 Slaughter Ln across the street from Circle C Ranch Metropolitan Park.
Correction:: Fixes typo in company name in headline and first paragraph.