High demand for single-tenant retailers, fitness centers and discount stores helped Dallas-based Rainier Cos. offload a 27-property retail portfolio this month.
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The company sold 14 properties in Texas along with 13 retail sites in Colorado, Kansas, Missouri, Montana, Oklahoma, Utah and Wyoming to an undisclosed buyer, CBRE reports.
The portfolio included recession-proof type retailers with the entire portfolio featuring six grocery stores, five home improvement retailers, three auto part stores, three fitness centers, three dollar stores, two U.S. Post Offices, a pharmacy and a gas station.
CBRE's Michael Austry and Jared Aubrey represented the seller.
“A portfolio this size with steady income and numerous opportunities for rent increases and redevelopment is unheard of in today’s market,” said Austry, a CBRE first vice president. “We saw a tremendous amount of interest in the portfolio from both institutional and private buyers.”
The portfolio maintained a 90%-plus occupancy rate over the past 20 years.
The 14 Texas properties sold are:
1. Painted Tree Vintage Market at 7800 Grapevine Highway in North Richland Hills.
2. Locke Supply Co. at 1605 West Pioneer Parkway in Arlington.
3. Melek Service Center at 306 East Paisano Ave. in El Paso.
4. CVS Pharmacy Inc. at 3065 Josey Lane in Carrollton.
5. Aldi Grocery and Dollar Tree at 335 South Cedar Ridge in Duncanville.
6. Just Fitness at 2524 North Galloway in Mesquite.
7. Goodyear/Champion's United at 1937 Parker Road in Plano.
8. Lowe's Supermarkets at 1201 South Stockton in Monahans.
9. Brookshire Brothers at 1380 North Main St. in Vidor.
10. Wichita Food Mart at 1818 Ninth St. in Wichita Falls.
11. Food Rite at 2215 East Marsalis in Dallas.
12. 24 Hour Fitness at 2770 Trinity Mills Road in Carrollton.
13. H.E.B. in Cleveland.
14. Dollar Tree at 1305 Tenaha in Center.
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