Rainier Companies, a Dallas-based real estate firm, has recently sold Colony Place in Plymouth, MA. The 393,566-square-foot regional shopping center was part of Rainier’s grocery-anchored retail strategy and was purchased for $83 million in February 2020.
The buyer and financial details of the sale have not been disclosed by the company. However, Rainier’s president and CEO Danny Lovell expressed satisfaction with the outcome of their investment in Colony Place. He also credited KeyPoint Partners’ management team for their collaboration in increasing lease terms and occupancy at the property.
Strategically located at the intersection of Route 3 and Route 44, Colony Place is anchored by Aldi supermarket with Walmart Supercenter as its shadow anchor. The shopping center boasts a strong tenant mix including popular national brands such as Best Buy, Dick’s Sporting Goods,Burlington,Michaels,TJ Maxx,and Ulta Beauty.
This divestment marks Rainier’s successful four-year hold on this prime asset which has seen significant improvements under their ownership through upgrades to tenants roster,multiple parcel sales,and increased occupancy rates.This transaction highlights Connect CRE ‘s commitment to providing expert insights into commercial real estate news without mentioning specific companies or properties.
