Retail Midwest

Rainier acquires 348,000-square-foot retail center in Oklahoma

Rainier acquires 348,000-square-foot retail center in Oklahoma,ph01

Rainier Realty Investments has acquired University Town Center, its ninth joint venture retail acquisition in two years. University Town Center is a 348,877-square-foot Class-A regional shopping center in Norman, Oklahoma.

The 99 percent occupied property includes anchor tenants TJ Maxx, HomeGoods, Academy Sports and Michael’s. The Property is shadow-anchored by grocers Super Target and Crest Fresh Market as well as several separately owned restaurants and retail outparcels. Financing was arranged by Dallas-based Metropolitan Capital Advisors.

Rainier purchased the property through a joint venture with CIL2 REIT, whose principal investor is the publicly traded South African REIT Emira Property Fund.