Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Rainier, South African Partner Add KC-Area Power Center
Rainier Realty Investments has acquired Truman’s Marketplace, a 308,200-square-foot Class A regional retail power center in Grandview, MO, within the Kansas City metro area.
Pricing was not disclosed. The Kansas City Business Journal reported the seller as Legacy Development.
The acquisition represents the sixth in a joint venture between Dallas-based Rainier and CIL2 REIT LLC, an institutional investor with backing from South African REIT Emira Property Fund. Over the past 20 months, the JV has amassed a portfolio valued at $350 million.
The 98% occupied property, which was redeveloped by Legacy beginning in 2015, includes a diverse roster of national retailers. Occupancy rose from 40% during Legacy’s hold, the Business Journal reported. Acquisition financing was arranged by Dallas-based Metropolitan Capital Advisors.
“We will continue to be extremely active during 2019, and are targeting an additional one to two million square feet of acquisitions this year,” said Rainier president Tim Nichols.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
Get Chicago News in 150 Words
