Dallas-based real estate investment firm Rainier Cos. has sold a 27-property retail portfolio that's had a more than 90 percent occupancy rate for the past two decades.
CBRE represented Rainier in the sale, which totaled more than 677,000 square feet.
Though the buyer was undisclosed in a news release, deed records revealed that the buyer could be Sansome Pacific Properties. Sansome could not be reached for comment after multiple attempts.
Fourteen of the 27 properties are located in Texas while the other 13 retail locations are in Colorado, Kansas, Missouri, Montana, Oklahoma, Utah and Wyoming.
“A portfolio this size with steady income and numerous opportunities for rent increases and redevelopment is unheard of in today’s market,” said Michael Austry, a first vice president at CBRE, in a prepared statement.
“We saw a tremendous amount of interest in the portfolio from both institutional and private buyers.”
Included among the assets in North Texas were Painted Tree Village in North Richland Hills; Locke Supply Co. in Arlington; a CVS Pharmacy and 24 Hour Fitness in Carrollton; an Aldi Grocery and Dollar Tree in Duncanville; a Food Rite in Dallas; Just Fitness in Mesquite; and Goodyear/Champions United in Plano.
