Oak Brook, Ill.-based InvenTrust Properties paid $34.025 million through an affiliate on Tuesday for Rio Pinar Plaza, its third Publix-anchored shopping center purchase in the Orlando market, and will actively seek more retail properties locally next year, the company's senior vice president of transactions told GrowthSpotter on Wednesday.
Located at 401 S. Chickasaw Trail, the 16.02-acre parcel lies just east of Orlando city limits, southeast of the intersection of Lake Underhill Road and S. Chickasaw Trail. It's a block away from Florida Hospital's East Orlando campus.
The property features just over 124,000 square feet of net usable space, was 100 percent occupied at time of purchase, and is anchored by a Publix, Pet Supermarket and Planet Fitness.
"We're bullish on Orlando for the long term, we like what's going on in the economy there," said Chris Covey of InvenTrust. "We like this asset's lineup as well. We were able to acquire an open-air shopping center with the no. 1 grocer in the state (Publix). The immediate area was a draw too, we like the demographics, household incomes and density, with a very large hospital drawing customers to this center."
The company now owns three retail properties in the Orlando area, all Publix-anchored, and owns one student housing property near UCF, University House Central Florida at 3200 N. Alafaya Trail.
"We are actively seeking more in Orlando," Covey said. "It's a very active buying and selling market now that's in demand across the country with institutional buyers, and sellers know that. We've been active in bidding in the market this year, and will continue to be in 2016."
InvenTrust Properties became a self-managed REIT in 2014, and owns 128 multi-tenant retail properties (including 18 JV assets), comprising 19 million square feet of retail space, in 24 states. Its student housing business, University House Communities, has 16 properties with 9,600 beds. InvenTrust also owns 5.8 million square feet of non-core, office and industrial buildings.
No major capital improvements are planned for the property in the immediate future, Covey said.
The property was sold by DRA Advisors out of New York, which acquired it back in July 2012 for $17.5 million.