InvenTrust Snaps Up $73M Retail Asset in San Diego Metro
The company purchased a 144,000-square-foot shopping center that is home to highly ranked tenants like CVS, Bank of America and Starbucks, among others.
By Evelina Croitoru
Campus Marketplace
San Marcos, Calif.—InvenTrust Properties Corp. has announced the purchase of Campus Marketplace in San Marcos, Calif., for the price tag of $73 million.
“This transaction will allow us to continue to build our asset base and concentration in Southern California. This property provides us with additional operational economies of scale while giving us an opportunity to acquire a top grocer in one of InvenTrust’s target markets,” Michael Podboy, executive vice president, chief financial officer & chief investment officer of InvenTrust, said in a prepared statement.
The 144,000-square-foot Ralphs- and CVS-anchored center is located just 35 miles north of San Diego. The property has an established tenancy being home to Ralphs, CVS, Bank of America, Starbucks, Subway and Sport Clips.
“Campus Marketplace is a fantastic stabilized asset that is 98 percent leased. We believe this is an excellent fit for us as it has an exceptional geographic location and strong anchor tenants. This acquisition builds on our existing strategy and will be accretive to InvenTrust’s portfolio,” added Christopher Covey, the company’s senior vice president of Transactions.
Image courtesy of Lee & Associates
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