The Rainier Companies acquired the SummitWoods Crossing shopping center in Lee’s Summit. The purchase gives the Dallas-based real estate investor two retail centers in the Kansas City area.
Rainier announced its purchase of SummitWoods on Thursday. It did not disclose a price or other details of the deal for the 545,204-square-foot retail center located southwest of the intersection of Interstate 470 and U.S. Highway 50.
RED Development built SummitWoods Crossing, which opened in 2011. The center’s anchor tenants include national retailers Target, Lowes and Kohls, along with a list of smaller retail and restaurant tenants.
The center is in a growing part of Lee’s Summit, with the Streets of West Pryor adding a mix of retail, restaurants and residential immediately to the west. Another retail center, Summit Fair, lies to the east, on the other side of U.S. Highway 50.
Rainier said in a release that its purchase of SummitWoods Crossing is its 13th acquisition of a “market-dominant shopping center” in the past five years. Among those deals is the company’s 2019 purchase of Truman’s Marketplace in Grandview. The former Truman Corners center was the subject of a $76 million redevelopment by Legacy Development and the city of Grandview that took occupancy from 40% in 2015 to 98% by 2019.