California Retail Portfolio Sold for $306 Million
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InvenTrust Properties Corp. sold a portfolio comprised of five Southern California shopping centers for approximately $306 million. The properties included River Oaks in Santa Clarita, Bear Creek Village Center in Wildomar, Pavilion at LaQuinta in La Quinta, Campus Marketplace in San Marcos and Old Grove Marketplace in Oceanside.
“This transaction is a testament to our team’s unwavering focus on portfolio optimization and strategic capital allocation,” said DJ Busch., chief executive and president of InvenTrust Properties, in a statement. “Rotating capital from California has been a strategic objective for some time. We believe that simplification and portfolio concentration in growth-oriented Sun Belt markets, where we have been actively investing, will further create long-term value for IVT shareholders.”
The Downers Grove, Illinois-based company has already allocated about $275 million of the proceeds to properties that have closed or are under contract in markets such as Atlanta, Charleston, Phoenix, Central Florida, Richmond and San Antonio. The Company has one remaining property in California, which it expects to sell by year-end.
Information for this article was sourced from InvenTrust Properties Corp.
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