InvenTrust acquires Maryland center
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InvenTrust Properties has acquired The Shops at Town Center in Germantown, Maryland for $53.6 million. The necessity-based property boasts a strong lineup of food and beverage tenants including Baja Fresh, Chipotle, and Zoe’s Kitchen.
“This transaction provides us with an opportunity to begin our expansion in the Washington, D.C., market,” said Michael E. Podboy, executive VP and chief financial and investment officer of InvenTrust. “This property provides us with a strong submarket location in one of the country’s wealthiest counties.”
Germantown is located about 25 miles northwest of the nation’s capital in Montgomery County, which registers a median household income of $100,000.
Other tenants at the center include Burger King, Crown Dental Care, FedEx, Massage Envy, and Ruby Tuesday.