Large Chunk of Germantown Town Center Sold to New Owner
Much of the retail/commercial property, including the building which houses the Safeway grocery store in Germantown Town Center, has been sold.
According to a press release from the acquiring company, Oak Brook, IL-based InvenTrust Properties Corp. the 125,000 square foot The Shops at Town Center in Germantown was purchased for $53.6 million.
The property which is made up of the building housing the Safeway, & Pizza, Beers & Cheers, Zane Eatery, Starbucks, Massage Envy, Towne Center Cleaners, Acqua Nails, Jumbo Jumbo Café, H&R Block, as well as the Sunoco gas station, and the Burger King and Fedex Office, the Capital One Bank and Wells Fargo. The property also includes retail property across Century Boulevard, including Ruby Tuesday, Baja Fresh, the former Corner Bakery, and Verizon Store. The Corner Bakery closed in December.
Christopher Covey, Senior Vice President of Transactions, added, “The acquisition of The Shops at Town Center is an exciting opportunity that we anticipate will drive long-term value. The Shops at Town Center is an excellent fit for us as it has an exceptional geographic location, a strong tenant base, and stable cash flows. This acquisition builds on our existing strategy and will be accretive to our portfolio.”
According to the press release, InvenTrust Properties Corp. is a pure-play retail company with a focus on acquiring open-air centers with a disciplined approach, in key growth markets with favorable demographics. InvenTrust Properties Corp. became a self-managed REIT in 2014 and, as of September 2016, owns and manages 88 retail properties, encompassing roughly 15.1 million square feet of retail space and one non-core property.
“This transaction provides us with an opportunity to begin our expansion in the Washington, DC market,” said Michael E. Podboy, EVP – 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 amidst a growing residential development.”
Situated at 19718 Germantown Road, the property was developed by Artery Capital Group LLC and opened doors in 2000. Most recently, the property was owned and managed by Toronto-based Avison Young.
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