Invesco Real Estate Income Trust Inc. ("INREIT"), an institutionally managed public non-listed REIT, announced today the acquisition of an industrial property and a grocery-anchored retail property. The combined purchase price was $94 million, bringing the gross assets of the INREIT portfolio to more than $850 million.
There continues to be strong demand for the industrial sector, which is benefiting from both secular and cyclical tailwinds. Investing in industrial properties is a strategic objective for INREIT and we are committed to finding the best ideas within the sector, We continue to have strong convictions that physical retail, such as grocery-anchored properties, have a role to play in portfolios and our approach remains selective when evaluating opportunities."
R. Scott Dennis, President and Chief Executive Officer for INREIT.
INREIT acquired a 95% interest in an industrial warehouse facility in the Columbus metropolitan area, where the market vacancy rate is currently below 2% for bulk distribution space. Built in 2000, the 378,283 square foot distribution facility is 100% leased. The property benefits from proximity to the international airport and rail, allowing for same-day and next-day deliveries throughout much of the country since Columbus is a one-day drive from 60% of the U.S. population.
2919-2999 Lewis Centre Way represents INREIT's fourth industrial investment, deepening its activity in the sector. This industrial asset brings INREIT's industrial portfolio to over $85 million, providing a durable income stream with long-term leases. This acquisition is part of a joint venture with Trident Capital Group.
INREIT acquired a 100% interest in Cortlandt Crossing, a newly constructed, high-quality grocery-anchored shopping center located in Westchester, New York. Built in 2019, the 122,225 square foot grocery center is 95% leased with strong, name brand anchors, including ShopRite and HomeSense, an affiliate of the TJX Companies.
INREIT's approach to the retail sector remains highly selective, with a focus on healthy demographics, high-quality trade areas and defensive grocery-anchored assets.
About INREIT
Invesco Real Estate Income Trust Inc. ("INREIT") is an institutionally managed public non-listed NAV REIT investing in a diversified portfolio of high-quality, income-producing properties located throughout the United States. Its thematic approach to investing focuses on where people consume, live, innovate and connect. INREIT seeks to invest in properties with resilient income and appreciation potential. INREIT expects to diversify its portfolio over time, including on a global basis. INREIT is managed by Invesco Advisers, Inc., a subsidiary of Invesco Ltd. and the registered investment adviser for Invesco Real Estate, the real estate investment center of Invesco Ltd.