InvenTrust acquires California retail center

OAK BROOK - InvenTrust Properties Corp. recently acquired Old Grove Marketplace, a 91 percent leased, 81,279 square foot grocery anchored community center located in Oceanside, California, for approximately $23.25 million.

Old Grove Marketplace is a grocery-anchored community center anchored by Kroger's Ralphs brand and Lowe's. Originally built in 2005, the property also features other national tenants such as US Bank, Starbucks, Subway, H&R Block, AT&T, McDonald's and Shell.

"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," said Michael E. Podboy, executive vice president - chief financial officer, chief investment officer of InvenTrust.

Christopher Covey, senior vice president of transactions, added the property is in an area with a number of established employers as well as a frequented U.S. Military base.

"We believe this property possesses the ideal combination of established retailers, geographic location and demographic attributes in order to drive significant long term value for our stockholders," Covey said.