{"id":1004230982,"date":"2018-05-20T23:58:48","date_gmt":"2018-05-21T07:58:48","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004230982"},"modified":"2022-12-08T19:25:52","modified_gmt":"2022-12-09T03:25:52","slug":"inventrust-snags-florida-grocery-anchored-shopping-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/inventrust-snags-florida-grocery-anchored-shopping-center\/","title":{"rendered":"InvenTrust Snags Florida Grocery-Anchored Shopping Center"},"content":{"rendered":"<p>By Keith Loria<\/p>\n<div id=\"attachment_1004230984\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/PGA-Plaza.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004230984\" data-attachment-id=\"1004230984\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/inventrust-snags-florida-grocery-anchored-shopping-center\/pga-plaza\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/PGA-Plaza.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"PGA Plaza\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;PGA Plaza&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/PGA-Plaza.jpg?w=800\" class=\"wp-image-1004230984 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/PGA-Plaza.jpg\" alt=\"PGA Plaza\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/PGA-Plaza.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/PGA-Plaza.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/PGA-Plaza.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004230984\" class=\"wp-caption-text\">PGA Plaza<\/p><\/div>\n<p>InvenTrust Properties Corp. has acquired PGA Plaza, a <a href=\"https:\/\/www.commercialsearch.com\/news\/palm-beach-area-retail-asset-lands-46m-refi\/\">120,000-square-foot grocery-anchored retail center<\/a> in Palm Beach Gardens, Fla., for $88 million from Menin Development Inc.<\/p>\n<p>Located at 2550 PGA Blvd., the center is anchored by Trader Joe\u2019s and has a tenant roster that includes Marshalls, Ulta Beauty, Chase, Anthony\u2019s Coal Fired Pizza and Orangetheory Fitness.\u00a0PGA Plaza offers convenient access to Interstate 95 and the Florida Turnpike.\u00a0At the time of sale, the property was 95 percent occupied.<\/p>\n<p><em>\u201cThis transaction represents a compelling growth opportunity for InvenTrust and expands the Company\u2019s presence in the vibrant and burgeoning South Florida market,\u201d <\/em>Michael Podboy, InvenTrust\u2019s executive vice president, CFO\u00a0&amp; CIO, said in a prepared statement.<em> \u201cWe are confident this accretive acquisition will drive long-term value creation.\u201d<\/em><\/p>\n<p>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 fa\u00e7ade and landscaping.<\/p>\n<h2>A budding portfolio<\/h2>\n<p>The acquisition enhances the demographics of InvenTrust\u2019s portfolio, which consists of 81 retail properties, representing 14.2 million square feet of retail space.<\/p>\n<p><em>\u201cThis transaction will further advance our strategy of concentrating our portfolio into grocery-anchored assets in markets with above-average wage and population growth,\u201d<\/em> Christopher Covey, InvenTrust\u2019s senior vice president of transactions, said.<\/p>\n<p>Last November, InvenTrust acquired the 250,000-square-foot River Oaks, a <a href=\"https:\/\/www.commercialsearch.com\/news\/inventrust-acquires-115m-la-shopping-center\/\">Los Angeles grocery-anchored center<\/a>. A month earlier, it acquired The Parke, a 404,000-square-foot, grocery-anchored\u00a0power center in Austin\u00a0for $112 million.\u00a0In January, InvenTrust sold the Dothan Pavilion, a 327,423-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/retail-center-fetches-34m-in-southern-al\/\">open-air retail property in Dothan<\/a>, Ala., for $33.8 million.<\/p>\n<p><em>Image courtesy of Menin Development<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tenants at the 120,000-square-foot asset include Marshalls, Ulta Beauty and Chase.\u00a0At the time of sale, the property was 95 percent occupied.<\/p>\n","protected":false},"author":451,"featured_media":1004230984,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,1492,21742,21749],"tags":[33413,33161,35438,33412],"class_list":["post-1004230982","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-miami","category-latest","category-retail","tag-christopher-covey","tag-inventrust-properties","tag-menin-development","tag-michael-podboy"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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