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InvenTrust Properties purchases Cary Park Town Center in Raleigh

Published 18 August 2017

InvenTrust Properties has acquired Cary Park Town Center, a 93,000ft2 Harris Teeter-anchored center located in Raleigh, North Carolina for a price of $25m.

“We are excited by the opportunity that this transaction provides to further enhance our presence in our target market of Raleigh,” said Michael E. Podboy, EVP – Chief Financial Officer, Chief Investment Officer of InvenTrust. “Anchored by Harris Teeter, the number one grocer in the region, this is an accretive acquisition that underscores our strategy of owning strong retail assets in growing Sun Belt markets.”

Christopher Covey, Senior Vice President of Transactions, added, “The property’s proximity to Research Triangle Park and numerous technology company headquarters makes Cary Park Town Center an excellent fit for our portfolio. Similar to our other InvenTrust properties in the area, Cary Park Town Center will benefit from favorable population demographics in Raleigh, Durham, and Chapel Hill to help drive asset value.”

Cary Park Town Center is located just fifteen miles west of downtown Raleigh, NC. The center features national tenants including Kroger’s Harris Teeter grocery brand, CVS Pharmacy, Dunkin’ Donuts, Subway, Great Clips, and Mathnasium.