The Rainier Cos. has sold a 27-property retail portfolio spread across eight states in the Central U.S., with 14 of the assets situated in Texas. A CBRE team facilitated the transaction.
The remaining properties are located in Colorado, Kansas, Missouri, Montana, Oklahoma, Utah and Wyoming. The portfolio encompasses some 678,000 square feet of space with a combined occupancy rate of 92 percent. Furthermore, the properties have performed at above 90 percent occupancy for more than 20 years.
The average rent for the portfolio is $6.25 per square foot, with 19 of the assets being single-tenant and the rest being multi-tenant, housing no more than three tenants. The roster consists of a mix of stable businesses including:
- six grocery stores
- five home improvement stores
- three auto parts stores
- three fitness centers
- three dollar stores
- two U.S. Post Offices
- one pharmacy
- one gas station
First Vice President Michael Austry and Senior Vice President Jared Aubrey from CBRE worked on behalf of the seller. According to Aubrey, the challenge with selling such a large portfolio was in finding a way for investors to unlock value and increase returns on the assets. Recently, another CBRE team arranged the sale of Crystal Falls Town Center, a 94,820-square-foot Class A, grocery-anchored retail facility in Leander, Texas.