Rainier Divests Grocery-Anchored Plymouth Center After Four-Year Hold

(Updated with additional information)

Dallas-based Rainier Companies has sold Colony Place, a 393,566-square-foot, grocery-anchored regional shopping center in Plymouth, MA. The company is not disclosing details regarding the buyer or financial aspects of the sale.

Separately, Elmsford, NY-based DLC said it acquired the center in an off-market deal for $86 million. The acquisition marks DLC’s first foray into the Boston market, and its first with Principal Asset Management acting as adviser. The acquisition also marks DLC’s second deal with Temerity Strategic Partners.

Rainier purchased the shopping center in February 2020 for a reported $83 million as part of its grocery-anchored retail strategy. Over the past four years, the management team upgraded the tenant roster, increased occupancy and sold multiple separate parcels.

“We are pleased with the outcome of our investment in Colony Place and teaming with Bill Lawler and his management team at KeyPoint Partners,” said Rainier president and CEO Danny Lovell. “With their help, our asset management professionals increased lease terms and occupancy and spent the required capital to make the shopping center an even more attractive home to tenants in Plymouth and throughout Southern Massachusetts.”

The property is grocery-anchored by Aldi and shadow-anchored by Walmart Supercenter. The center includes national credit tenants such as Best Buy, Dick’s Sporting Goods, Burlington, Michaels, TJ Maxx and Ulta Beauty.

“Located midway between Boston and Cape Cod, the center is a trophy asset in the Boston market with no direct comparable shopping centers,” said Adam Ifshin, founder and CEO of DLC.