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Chicago & Midwest  + Midwest  + Retail  | 

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.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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