Newport Pavilion Acquired by Dallas-Based Rainier Companies
Newport Pavilion has been acquired.
The sprawling, 336,900-sq. ft. shopping center was acquired by Dallas-based Rainier Companies.
“Newport Pavilion is a great addition to our growing retail portfolio,” said Rainier President and CEO Danny Lovell in a news release. “We have been strategically seeking market-dominant shopping centers the last four years, and Newport undoubtedly checks the boxes. This acquisition has increased our retail portfolio to 4.5 million square feet of suburban grocery-anchored shopping centers, and we’re on the hunt for more.”
Newport Pavilion is home to some popular national retailers like Target, TJ Maxx, Dick's Sporting Goods, ULTA, PetSmart, and Chick-fil-A, as well as a large Kroger Marketplace grocery store.
Sunny Sajnani with Marcus & Millichap arranged the financing, and Rainier will provide property management and leasing via local partnerships, a news release said. Earlier this year, Rainier expanded its leasing arm, Rainier Realty Brokerage, and launched an internal property management division enabling turnkey real estate investments services.