InvenTrust Buys into Strong Denver Retail Market
There's still a lot of runway ahead for Denver retail, especially in high-traffic markets. Recently InvenTrust Properties Corp acquired the 216k SF Shops at Walnut Creek, which is in just such a market, EVP of transactions Michael Podboy tells us.
Michael (snapped with wife Natalie and daughters Makenzie and 5-month-old Lauren) says that Walnut Creek, which is in Westminster, is a core retail asset with access from both Boulder and the rest of the Denver metro area. It also happens to be in a high-barrier-to-entry market "that enhances our current portfolio population density, income statistics and calculated average base rent," he says.
Illinois-based InvenTrust paid over $57M for the property. It's currently 93% occupied, anchored by T.J. Maxx/HomeGoods, PetSmart, Dollar Tree and Michaels, with the three largest tenants having eight years of remaining lease term, Michael adds. InvenTrust owns and manages three other retail properties in Colorado: Cheyenne Meadows in Colorado Springs, Quebec Square Shopping Center in Denver and Centerplace of Greeley in Greeley.