InvenTrust acquires two grocery-anchored centers in Austin

A Sunbelt-focused operator of grocery-anchored centers has snapped up two premier properties in the hottest town in Texas for $189 million.

Downers Grove, Ill.-based InvenTrust Properties is now the owner of the Whole Foods-and-Costco-anchored Shops at Arbor Trails and HEB-anchored Escarpment Village in Austin, both formerly owned by the Austin-based Christopher Investment Company.

“The Shops at Arbor Trails and Escarpment Village are 99% and 100% leased, respectively, and contain incredible tenant lineups, including leases with three top-tier grocers,” said the company’s VP of acquisitions Stephen Snodgrass. “Our significant presence in Austin and transaction track record allowed us to unlock this off-market opportunity.”

The 357,000-sq.-ft. Arbor Trails center houses Marshalls, several medical, beauty, and wellness tenants along with a restaurant lineup including Five Guys, Torchy’s Tacos, and Cheddars. Escarpment Village presents a similar tenant mix that includes the Circle C Animal Hospital, Oasis Day Spa, and the Satellite Bistro & Bar.

“These properties are great additions to our portfolio and further strengthen our foothold in the Austin market,” said InvenTrust chief investment officer David Heimberger. “Our balance sheet continues to remain well-positioned to fund additional acquisitions in 2022 and beyond.”