Rainier Realty Investments LP, today announced the acquisition of a 308,200-square-foot Class A regional retail power center in the Kansas City, Mo. MSA known as Truman’s Marketplace. The 98% occupied property includes a diverse roster of national retailers including Ross Dress for Less, TJ Maxx, Burlington Coat Factory, Petco and Price Chopper, which has been at this location for more than 30 years. Financing was arranged by Dallas-based Metropolitan Capital Advisors.
“We are excited to add a newly renovated, trophy asset in the Kansas City MSA to our growing portfolio of retail power centers,” says Rainier President Tim Nichols. “We will continue to be extremely active during 2019 and are targeting an additional one to two million square feet of acquisitions this year.”
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). A mid-cap REIT, EMIRA holds a diversified portfolio of properties in South Africa, Australia and through its partnership with Rainier, in the United States. Truman’s Marketplace is the joint venture’s sixth retail acquisition in the past 20 months bringing its combined portfolio value to over $350 million.