Rainier Cos. Snaps Up Regional Shopping Center in KC Metro
Investment firm the Rainier Companies, headquartered in Dallas, has acquired SummitWoods Crossing, a 545,204-square-foot Class A regional shopping center in Lee’s Summit, MO. The acquisition grows Rainier’s grocery-anchored retail portfolio to more than five million square feet nationally.
“We are excited to acquire SummitWoods Crossing; the strong tenant history and sales performance speak volumes about the shopping center dynamics,” said Rainier president and CEO Danny Lovell. “This area of Kansas City MSA is experiencing job and population growth with numerous complementary developments underway. We have some creative ideas about further enhancing the center and tenant lineup and are excited about its future.”
SummitWoods Crossing opened in 2001 and is seen as the “go-to” shopping destination in Lee’s Summit and the southeastern Kansas City MSA.
Sunny Sajnani with Institutional Property Advisors, a division of Marcus & Millichap, arranged the five-year, interest-only financing. Rainier will provide property management and leasing.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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).