REAL ESTATE

InvenTrust sells three Texas centers

BY Jennifer Setteducato

Fidelis Realty Partners has purchased a three-property Texas shopping center portfolio totaling more than 885,000 sq. ft. of retail space from InvenTrust Properties. The purchase price was not disclosed for the transaction, which was brokered by CBRE.

InvenTrust maintains its highest profile in the Lone Star State with some 30 centers. The divested properties have combined occupancy rate of 94%, according to CBRE, and are located in affluent suburbs outside of Dallas and Houston.

Victory Lakes Town Center is a 370,367-sq.-ft. property on Gulf Freeway in League City houses Walmart, Lowe’s, J.C. Penney, Hobby Lobby, and Best Buy.

The retail lineup at the 272,535-sq.-ft. Riverstone Shopping Center in Missouri City includes Hobby Lobby, Ross, Bed Bath & Beyond and PetSmart.

The 242,000 sq. ft. McKinney Towne Crossing in McKinney is a grocery-anchored power center.

Chris Gerard, Mark Witcher and Blaine Dozier with CBRE National Retail Partners represented the seller, InvenTrust Properties, in the transaction.

“The average household income surrounding the portfolio was an astounding $144,000, and really serves as a testament to the truly core demographics these properties cater to,” said Gerard.

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