Rainier Realty Investments LP acquired the 308,200-square-foot Truman’s Marketplace, a Class-A regional retail power center in the Kansas City, Missouri, MSA. The 98-percent occupied property includes a 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.
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.
Truman’s Marketplace is the joint venture’s sixth retail acquisition in the past 20 months, bringing its combined portfolio value to more than $350 million.