InvenTrust Goes Shopping in San Diego

By Ioana Neamt

Old Grove Marketplace

San Diego—InvenTrust Properties Corp. has acquired Old Grove Marketplace—an 81,279-square-foot, grocery-anchored retail center in Oceanside, Calif., for approximately $23.3 million. The property was 91 percent leased at the time of sale.

Anchored by a high-performing Ralph’s supermarket and Lowe’s home improvement, Old Grove Marketplace is conveniently situated in a densely populated area with high barriers to entry. Completed in 2005, the center was acquired by the Gerrity Group back in 2012 for nearly $19.6 million, as previously reported by Commercial Property Executive. Its tenant roster also includes U.S. Bank, Starbucks, Subway, AT&T, McDonald’s and Shell.

“Old Grove Marketplace is advantageously situated in the third largest city in San Diego County, in an area with a number of established employers as well as a frequented U.S. Military base,” Christopher Covey, senior vice president of transactions with InvenTrust, said in prepared remarks. “We believe this property possesses the ideal combination of established retailers, geographic location and demographic attributes in order to drive significant long term value for our stockholders.”

Image courtesy of Gerrity Group