August 30, 2016 Comments Off on InvenTrust Picks Up Oceanside Retail Center for $23M Views: 566 California News, San Diego, West

InvenTrust Picks Up Oceanside Retail Center for $23M

Oak Brook, IL-based InvenTrust Properties Corp. acquired Old Grove Marketplace, a 91%-leased, 81,279-square-foot grocery anchored community center located in Oceanside, CA for approximately $23.25 million. The 244,500-square-foot center, constructed in 2005, was purchased from Solana Beach, CA-based Gerrity Group.

Built in 2005, Old Grove Marketplace is anchored by Kroger’s Ralphs brand and Lowe’s.

InvenTrust’s Michael E. Podboy says, “The property’s rental rates and income demographics are accretive to our portfolio averages, and we believe that this acquisition will help to provide operational economies of scale as the Company continues to build its California asset base.”

HFF’s Bryan Ley, Gleb Lvovich and CJ Osbrink represented the seller, while the buyer was self-represented.

Read More at InvenTrust

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For comments, questions or concerns, please contact Dennis Kaiser

Photo Credit: Gerrity Group 

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