Rainier Realty Investments LP, today announced the acquisition of a HEB Crossing it’s seventh joint venture retail acquisition in the past 20 months. HEB Crossing is a 150,582-square-foot Class A regional retail power center in the high growth area of northwest San Antonio, Texas. The 100% occupied property includes anchor tenants Conn’s and Academy Sports and Outdoors, as well as Starbucks, Half Price Books, H&R Block, Chase Bank and Bank of America. The Property is shadow anchored by a 182,000 SF HEB plus!. Financing was arranged by Dallas-based Metropolitan Capital Advisors.
“With San Antonio being the second-most populous city in Texas and projected to grow 8.6% over the next five years, and the property’s prime location at the northeast corner of the intersection of Bandera Road and Loop 1604, HEB Crossing is an excellent addition to our growing three million square foot retail portfolio. The strong traffic and rapid growth place HEB Crossing in one of the strongest retail environments in the San Antonio MSA, ” says Rainier Vice President, Jeff Webb. Rainier partnered with institutional investor CIL2 REIT LLC, managed by Continuum Investments LLC, to purchase the property. Rainier and Continuum have established a joint venture to acquire high-quality, market-dominant, 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).
Dallas, Texas, March 6, 2019