Shops at the Galleria sold
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In the last few weeks the second major retail development in Bee Cave - the Shops at the Galleria - has been sold
Here is the release:
OAK BROOK, Ill.--(BUSINESS WIRE)--InvenTrust Properties Corp. (“InvenTrust” or “the Company”) today announced that it has acquired Shops at the Galleria (“Galleria”), a 99% occupied, 537,685 square foot retail power center, located in Bee Cave, Texas.
“We are pleased to announce the acquisition of Galleria, a high quality asset located in one of our key strategic growth markets,” said Michael E. Podboy, Executive Vice President – Chief Financial Officer, Chief Investment Officer of InvenTrust. “This acquisition underscores our strategy of acquiring top-notch retail centers in economic regions with strong job and population growth rates. The Galleria is a great example of how InvenTrust plans to grow our portfolio through our hub-and-spoke strategy within Texas and further capitalize on our existing strong presence in the Austin area.”
Christopher Covey, SVP of Transactions, added, “Galleria is a rare opportunity to acquire a trophy power center in one of the country’s top-performing economies with high barriers to entry. This property allows InvenTrust to continue its rotation to higher quality assets in our hub regions, as well as gain additional operational economies of scale within central Texas, a strategic area for our business. Galleria has an excellent anchor lineup and is located adjacent to the high trafficked 1.3 million square foot Hill Country Galleria, one of the top performing malls in Austin.”
Galleria, located in the affluent Bee Cave suburb, sits approximately 11 miles west of downtown Austin. National tenants include Lowe’s, Marshalls, HomeGoods, BestBuy, Michaels, PetSmart and Cost Plus World Market.
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