Rainier Realty Investments LP, an affiliate of The Rainier Companies and sponsor of private placement offerings, has purchased Truman’s Marketplace, a 308,200-square-foot Class A retail center located in the Kansas City suburb of Grandview, Missouri. The purchase price was not disclosed.
Rainier partnered with institutional investor CIL2 REIT LLC, managed by Continuum Investments LLC, to purchase the property. Rainier and Continuum established a joint venture to acquire grocery-anchored retail properties throughout the Central and Southern United States.
CIL2 has institutional support from the publicly-traded South African REIT, Emira Property Fund (JSE: EMI), a mid-cap REIT. Truman’s Marketplace is the joint venture’s sixth retail acquisition in the past 20 months bringing its combined portfolio value to more than $350 million, the company noted.
Truman’s Marketplace is 98 percent occupied to a number of national retailers including Ross Dress for Less, TJ Maxx, Burlington Coat Factory, Petco and Price Chopper.
“We are excited to add a newly renovated, trophy asset in the Kansas City MSA to our growing portfolio of retail power centers,” says Rainier President Tim Nichols. “We will continue to be extremely active during 2019 and are targeting an additional one to two million square feet of acquisitions this year.”
Rainier Realty Investments, headquartered in Dallas, Texas and founded in 2003, manages more than $1 billion of investment assets for individual, corporate and institutional investment partners. In addition to its retail acquisition strategy, the firm said that it targets Texas value-add opportunities and preferred equity investments with high quality commercial real estate operators.