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Inventrust Properties acquires Virginia shopping center


Richmond, Va. - InvenTrust Properties Corp. has acquired Westpark Shopping Center, a 176,935-sq.-ft., 95% leased shopping center located in Glen Allen, Virginia, for $33.75 million.

Westpark is anchored by tenants such as Martin’s, Christmas Tree Shops, The Tile Shop, and Victory Lady Fitness Centers, and the four largest tenants have an average remaining term of 6.9 years, providing for long-term cash flow stability. Capital improvements totaling $1.4 million have been completed since 2011, including new roofs over the majority of the property.

“We are pleased to enhance our portfolio with the acquisition of Westpark Shopping Center,” said Michael E. Podboy, executive VP and CIO of InvenTrust. “Westpark is a grocery-anchored asset located in a heavily trafficked retail corridor that will allow us to gain entry into the Richmond market. Further, Westpark provides us the opportunity to improve InvenTrust’s portfolio population demographic and diversify our grocery-anchored portfolio.”

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