Retail REIT InvenTrust Looks to Expand in South Florida Market

Thomas McGuinness, president and CEO of InvenTrust Properties Corp., participated in a video interview at Nareit’s REITweek: 2018 Investor Conference in New York.

McGuinness commented on InvenTrust’s recent acquisition of PGA Plaza, a 120,000-square-foot Trader Joe’s grocery-anchored neighborhood center in Palm Beach Gardens, Florida, for $88 million. “PGA Plaza is a property that checks all the boxes for us,” he said.

McGuinness said that although the south Florida market is “very competitive,” it is a market where InvenTrust wants to expand.

InvenTrust is focused on 12 to 15 core markets, primarily in the southern United States. McGuinness said these markets offer better demographics, jobs, and population growth, “so we feel pretty good.”

Meanwhile, InvenTrust is focusing on the top one or two grocery operators in its markets, McGuinness said. Not only are they good operators today, he said, but they will remain relevant for years to come as they embrace the use of big data.