By IvyLee Rosario
In a $115 million deal, InvenTrust Properties Corp. acquired River Oaks, a grocery-anchored center in Los Angeles.
“We are excited to acquire this institutional-quality retail destination positioned at the epicenter of the Valencia retail hub,” said Michael Podboy, executive vice president, chief financial officer & chief investment officer of InvenTrust, in prepared remarks.
Premier retail asset
The 275,000-square-foot shopping plaza features tenants such as Target, buybuyBaby, Total Women Gym & Spa, Big 5 Sporting Goods, Sprouts, ULTA and Pier 1 Imports.
“The acquisition of River Oaks further highlights our continued progress enhancing our portfolio with premier open air retail assets,” added Christopher Covey, senior vice president of transactions for InvenTrust, in prepared remarks. “By expanding our presence in the Los Angeles submarket, we expect to benefit from favorable population demographics in the region and gain operational efficiencies with the nearby InvenTrust-owned Stevenson Ranch Plaza.”
Last month, the company acquired The Parke, a 404,000-square-foot, grocery-anchored power center in Austin for $112 million.
Image courtesy of InvenTrust Properties Corp.