The Rainier Companies, a national commercial real estate investment firm headquartered in Dallas, today announced the acquisition of SummitWoods Crossing, a 545,204-square-foot Class A regional shopping center in Lee’s Summit, Missouri (Kansas City MSA). The acquisition represents Rainier’s 13th market-dominant shopping center purchase in the last five years. This acquisition grows its grocery-anchored retail portfolio to more than five million square feet nationally.
“We are excited to acquire SummitWoods Crossing; the strong tenant history and sales performance speak volumes about the shopping center dynamics,” said Rainier President and CEO Danny Lovell. “This area of Kansas City MSA is experiencing job and population growth with numerous complimentary developments underway. We have some creative ideas about further enhancing the center and tenant lineup and are excited about its future.”
SummitWoods Crossing opened in 2001 and has been the “go-to” shopping destination in Lee’s Summit and the southeastern Kansas City MSA. This area of Jackson County continues to grow rapidly with the addition of new developments nearby, including Paragon Star, Streets of West Pryor, Cerner Headquarters Campus, and others.
Sunny Sajnani with Institutional Property Advisors, a division of Marcus & Millichap, arranged the five-year, interest-only financing. Rainier will provide property management and leasing.