By Keith Loria
InvenTrust Properties Corp. has acquired PGA Plaza, a 120,000-square-foot grocery-anchored retail center in Palm Beach Gardens, Fla., for $88 million from Menin Development Inc.
Located at 2550 PGA Blvd., the center is anchored by Trader Joe’s and has a tenant roster that includes Marshalls, Ulta Beauty, Chase, Anthony’s Coal Fired Pizza and Orangetheory Fitness. PGA Plaza offers convenient access to Interstate 95 and the Florida Turnpike. At the time of sale, the property was 95 percent occupied.
“This transaction represents a compelling growth opportunity for InvenTrust and expands the Company’s presence in the vibrant and burgeoning South Florida market,” Michael Podboy, InvenTrust’s executive vice president, CFO & CIO, said in a prepared statement. “We are confident this accretive acquisition will drive long-term value creation.”
Built in 1975, Menin acquired the 10-acre site in 2004 for approximately $17.5 million. The center went through a $14 million renovation in 2015, which included enhancements to its façade and landscaping.
A budding portfolio
The acquisition enhances the demographics of InvenTrust’s portfolio, which consists of 81 retail properties, representing 14.2 million square feet of retail space.
“This transaction will further advance our strategy of concentrating our portfolio into grocery-anchored assets in markets with above-average wage and population growth,” Christopher Covey, InvenTrust’s senior vice president of transactions, said.
Last November, InvenTrust acquired the 250,000-square-foot River Oaks, a Los Angeles grocery-anchored center. A month earlier, it acquired The Parke, a 404,000-square-foot, grocery-anchored power center in Austin for $112 million. In January, InvenTrust sold the Dothan Pavilion, a 327,423-square-foot open-air retail property in Dothan, Ala., for $33.8 million.
Image courtesy of Menin Development