August 30, 2016
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.
For comments, questions or concerns, please contact Dennis Kaiser
Photo Credit: Gerrity Group