- What Revesco Properties Trust has purchased a grocery store at a shopping centre it owns in Flagstaff, Ariz.
- Why The transaction comes as the trust recently jumped back into deal-making
- What next The company plans to build its portfolio to $1bn in the coming years
A trust investing Canadian money in U.S. open-air retail centres has bought a grocery store at a property it already owns in Flagstaff, Ariz., Green Street News can reveal.
Revesco Properties Trust paid $13.4m for the building, leased to Whole Foods, at the Aspen Place at the Sawmill Shopping Center.
The deal is the second this month for Revesco, which earlier bought a $38.3m shopping centre in the Atlanta metropolitan area. The trust jumped back into deal-making earlier this year after taking a pause due to market conditions.
It now plans to grow its portfolio to $1bn of assets.
The Denver-based trust also has an office in Vancouver. It is sponsored by Revesco Properties, which was started 13 years ago by retail property veterans Scott Lee, Rhys Duggan and Christopher Wood.
