InvenTrust Properties Corp. today announced the acquisition of River Oaks, a 275,000 square foot grocery-anchored center in Valencia for $115 million.
The center is located at the northeast corner of Magic Mountain and McBean parkways.
“We are excited to acquire this institutional-quality retail destination positioned at the epicenter of the Valencia retail hub,” said Michael E. Podboy, EVP – Chief Financial Officer, Chief Investment Officer of InvenTrust, in a statement. “River Oaks is located in a highly desirable suburban market with a diverse tenant lineup and attractive, high performing anchors such as Target, Sprouts and buybuyBaby. We anticipate that this accretive transaction will drive long term value.”
“The acquisition of River Oaks further highlights our continued progress enhancing our portfolio with premier open air retail assets,” said Christopher Covey, senior vice president of transactions for InvenTrust, based in suburban Chicago. “By expanding our presence in the Los Angeles submarket, we expect to benefit from favorable population demographics in the region and gain operational efficiencies with the nearby InvenTrust-owned Stevenson Ranch Plaza.”
The center’s tenants also include ULTA, Total Women Gym & Spa, Pier 1 Imports, and Big 5 Sporting Goods.
