InvenTrust Properties Corp. Acquires New Garden Crossing Shopping Center In Greensboro For $34M

The asset involved in this transaction is a retail property located at 1571-1599 New Garden Road in Greensboro, NC. The property spans nearly 22 acres and includes a shopping center that comprises 169,000 square feet. The sale price of the asset was $34,000,000, which translates to $201.18 per square foot. At the time of sale, the retail center was 99% leased with major tenants including Lowes Foods, Marshalls, HomeGoods, and Office Depot.

Summary of transation details:

• Property Type: Retail
• Transaction Amount: $34,000,000
• Square Footage: 169,000
• Address: 1571-1599 New Garden Road
• Market: Greensboro, NC
• PPSF: $201.18
• Buyer: Daniel J. Busch - InvenTrust Properties Corp.
• Seller: Burke Lewis, Ashby Hackney & Roby Hackney - Hackney Real Estate Partners
• Loan Amount: $16.34 million
• Loan Maturity: June 2027

In this transaction, Daniel J. Busch represented InvenTrust Properties Corp. as the buyer, while the selling parties, Burke Lewis, Ashby Hackney, and Roby Hackney, represented Hackney Real Estate Partners in the deal. The acquisition fits into InvenTrust's portfolio strategy focusing on retail properties in key locations.