InvenTrust Properties Corp. Acquires Kennesaw Marketplace
Wednesday, June 6th, 2018
InvenTrust Properties Corp. announced the acquisition of Kennesaw Marketplace, an 114,000 square foot Whole Foods-anchored new development located 24 miles northwest of Atlanta, for $64.3 million.
“This transaction advances InvenTrust’s strategy, providing grocer diversification within the Company’s Atlanta portfolio,” said Michael E. Podboy, EVP – Chief Financial Officer, Chief Investment Officer of InvenTrust. “Developed in 2017, the Marketplace requires minimal capital investment, while providing significant upside for InvenTrust due to Whole Foods’ extended drawing power and the region’s favorable demographics. The acquisition continues InvenTrust’s strategy of acquiring high quality, grocery-anchored assets.”
Christopher Covey, Senior Vice President of Transactions, said, “This acquisition will diversify and strengthen InvenTrust’s portfolio in Atlanta, which also includes four Publix and two Kroger locations. The Marketplace is 99% leased with major national tenants that include Whole Foods, Starbucks, MOD Pizza and PNC Bank. Kennesaw is known for its strong school systems, first-rate parks and greenspaces and new housing stock, and we expect to benefit from the city’s above-average wage and population growth.”
Kennesaw Marketplace is well located at the highly trafficked intersection of Barrett Parkway NW and Cobb Parkway, northwest of Atlanta. In addition to the tenants above, the property features national tenants such as AT&T, Sports Clips, Newks, Del Taco, Zoe’s Kitchen and Navy Federal Credit Union.