By Mihaela Coste
InvenTrust Properties Corp. acquired The Parke, a 404,000-square-foot, newly developed grocery-anchored power center located in Austin’s Cedar Park submarket. The company paid approximately $112.3 million to Austin-based developer Endeavor Real Estate Group.
The Parke is anchored by a new 365 by Whole Foods. The tenant roster includes national retailers such as Dick’s Sporting Goods, Field & Stream, Nordstrom Rack, Marshalls, DSW, Michaels, Old Navy, buybuy Baby, Cost Plus, F21, Petco, Ulta, and Tuesday Morning. The asset features ample parking, five points of ingress & egress and contemporary architecture.
Located on a 42-acre site at 5001 183A Toll Road, 17 miles from Downtown Austin, the property is in close proximity to Cedar Park Center, Cedar Park Regional Hospital and the new Dell Children’s Hospital Center. Cedar Park has grown by 400 percent in the last decade and was ranked twice by the U.S. Census Bureau as the fastest-growing city in the country. The property benefits from exposure to more than 62,000 vehicles per day on Highway 183A and 40,000 on FM 1431, in an area where within a five-mile radius the average household income is roughly $97,000.
“This transaction upgrades our grocery-anchored portfolio in one of our key target Texas markets,” said Michael Podboy, CFO & CIO of InvenTrust, in prepared remarks. “This property provides us grocer diversification with our first 365 by Whole Foods and provides future income growth opportunities rare for grocery-anchored properties. The Parke is also located at a strong retail corridor in one of Austin’s most affluent and fastest-growing suburbs.”
“The acquisition of The Parke demonstrates our progress executing on our objective to enhance our portfolio with Sun Belt assets. Further, The Parke is an excellent fit for InvenTrust with its exceptional geographic location allowing us to gain additional economies of scale within Central Texas following our Shops at the Galleria acquisition in 2016,” added Christopher Covey, senior vice president of transactions.
InvenTrust became a self-managed REIT in 2014 and currently owns and manages 85 retail properties encompassing approximately 15.2 million square feet. Earlier this year, InvenTrust acquired a retail center anchored by Safeway in Germantown, Md., for $53.6 million.
Images courtesy of Endeavor Real Estate Group