InvenTrust Properties acquires power center in Durham, North Carolina

Durham, North Carolina -- InvenTrust Properties announced that it has acquired Renaissance Center, a 96% leased, 363,176 sq. ft. retail power center, in Durham, North Carolina, for $129.2 million.



“We are pleased to announce the acquisition of Renaissance Center, which will become one of InvenTrust’s top assets moving forward,” said Michael E. Podboy, executive VP – CFO, CIO of InvenTrust. “This acquisition underscores the strategy of owning a strong asset from which we can significantly bolster our presence in key regions with favorable demographics.”



Renaissance Center includes a broad mix of national and local destination retailers, service tenants, restaurants and office space. Anchors include Old Navy, Cost Plus World Market, REI, Babies “R” Us and Best Buy.



Christopher Covey, senior VP of transactions, added: “Renaissance Center represents a rare opportunity for InvenTrust to acquire a large scale core asset in one of the country’s hotbeds of economic growth. The property’s proximity to Research Triangle Park allows Renaissance Center to benefit from favorable population demographics in Raleigh, Durham and Chapel Hill. Renaissance Center also boasts a strong tenant base including the only Nordstrom Rack in the market and is located near the high trafficked Streets of Southport Mall, one of the top performing retail malls in the region.”