Rainier, CIL2 Acquire 380,600 SF Retail Power Center in Corpus Christi
CORPUS CHRISTI, TEXAS — Rainier Realty Investments LP, an affiliate of Dallas-based The Rainier Cos., has acquired Moore Plaza, a 380,600-square-foot retail power center in Corpus Christi. The company purchased the big box center in a joint venture with CIL2 LLC, an institutional investment platform managed by Continuum Investments Ltd. The Class A center was 99 percent leased at the time of sale to national retailers such as Hobby Lobby, Stein Mart, Office Depot/Office Max, Old Navy and Party City. Metropolitan Capital Advisors arranged an undisclosed amount of acquisition financing for the transaction, which marks Rainier’s fourth investment in a retail power center over the past six months.