Business

InvenTrust Properties acquires Maryland shopping center for $53.6M

Posted February 24, 2017 12:00 am

Business Wire

OAK BROOK - InvenTrust Properties Corp. has acquired The Shops at Town Center, a 125,000 square foot Safeway-anchored center located in Germantown, Maryland, for approximately $53.6 million.

The Shops at Town Center is located in Germantown, 25 miles northwest of Washington, D.C. The center features national tenants such as Safeway, Chipotle, Baja Fresh, Sunco, and Verizon.

"This transaction provides us with an opportunity to begin our expansion in the Washington, D.C. market," said Michael E. Podboy, executive vice president - chief financial officer, chief investment officer of InvenTrust. "This property provides us with a strong submarket location in one of the country's wealthiest counties, while giving us an opportunity to acquire a core grocer-anchored center located amid a growing residential development."

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