The Rainier Cos. Sells 27-Asset Retail Portfolio
Totaling some 678,000 square feet, the properties are spread across eight states in the Central U.S.
Josey Lane, Carrollton. Image courtesy of CBRE
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.
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