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    InvenTrust Pays $57.1 Million for Shops at Walnut Creek

    4/27/2015
    Purchaser cites center's demographics, rents and location as reasons to buy.
     
    InvenTrust  Properties Corp., formerly Inland American Real Estate Trust, acquired the Shops at Walnut Creek In Westminster, CO from Pine Tree Commercial Realty and Buchanan Street Partners for $57.1 million, or roughly $264 per square foot.
     
    The 216,325-square-foot shopping center is 93% leased to a tenant roster that includes anchors 
    T.J.Maxx/Home Goods, Petsmart and Michaels, with each having three years remaining on their leases.
     
    Michael E.Podboy, executive vice president and CFO of InvenTrust, stated, "Walnut Creek is a core 
    retail asset in a high barrier to entry market that enhances our current portfolio population 
    density, income statistics and calculated average base rent.  Walnut Creek's strategic location, including its immediate adjacency to the highway, facilitates easy and convenient access from both Boulder and the rest of the Denver metro area.
     
    The well-positioned asset is located along Town Center Dr., just off U.S. Hwy. 36 and approximately 15 miles northwest of downtown Denver.
     
    The acquistion of the Shops at Walnut Creek is the fourth in central  Colorado for the Oak Brook, IL-based lnvenTrust, which also owns Cheyenne Meadows in Colorado Springs, Quebec Square Shopping Center in Denver and Centerplace of Greeley in Greeley.

    Source:  Traci Bennetta, Costar Real Estate Group, April 27, 2015
     
Westminster Colorado Economic Development Office 4800 West 92nd Avenue Westminster, CO 80031