Rainier Realty Investments LP, today announced the acquisition of a 204,800-square-foot Class A regional retail power center in Noblesville, Ind., known as Stony Creek Marketplace. The 99 percent occupied property includes a diverse roster of national retailers including Best Buy, TJ Maxx, HomeGoods, Barnes & Noble, PetSmart, Party City and Pier 1 Imports. Stony Creek Marketplace is Rainier’s fifth retail power center investment over the last ten months, which have a combined value of more than $225 million. Dallas-based Metropolitan Capital Advisors arranged financing for the acquisition.
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 publicly traded South African REIT Emira Property Fund.
“Emira Property Fund is the first South African REIT to invest in U.S. real estate, and we are excited about our global joint venture with high quality partners CIL2 and Emira. Stony Creek Marketplace is the fourth consecutive closing for the partnership and a great addition to our growing retail portfolio,” said Rainier Principal, Danny Lovell.
Rainier controls 3.5 million square feet of retail assets through various investment vehicles and joint ventures and anticipates acquiring an additional $400 million in retail property over the next 12 months.