Rainier Cos. Joint Venture Buys Regional Shopping Center Near the University of Oklahoma

admin  /   June 2019

Kite Realty Sells 350,000-SF University Town Center

A joint venture led by Dallas-based Rainier Realty Investments has purchased a Class A regional shopping center in Norman, Oklahoma, dubbed University Town Center, its ninth joint-venture retail purchase in two years.

Rainier acquired the property with CIL2 REIT, whose principal investor is publicly traded South African REIT Emira Property Fund. The partnership acquired the property from Kite Realy Group for an undisclosed price.

Located about three miles from the University of Oklahoma off Interstate 35 University Town Center is one of the largest open-air power centers in Oklahoma, Rainier President Danny Lovell said in a statement. Lovell also noted that the center’s proximity to the University of Oklahoma as well as the growing University North Park development in Norman make the center “a great fit” for the firm.

At the time of the sale, University Town Center was 99% leased. The 348,877-square-foot shopping center is anchored by TJ Maxx, HomeGoods, Academy Sports and Michael’s, and is shadow-anchored by grocers Super Target and Crest Fresh Market as well as several separately owned restaurants and retail outparcels.

Rainier and CIL2 REIT established its joint venture to acquire high-quality, market-dominant grocery-anchored retail properties throughout the Central and Southern United States, the Dallas-based firm said in a statement.

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