DALLAS, TEXAS— The Rainier Companies, a national commercial real estate investment firm headquartered in Dallas, announced the disposition of Colony Place, a 393,566-square-foot Class A regional shopping center in Plymouth, MA.
Rainier purchased the shopping center in 2020 as part of its grocery-anchored retail strategy. During the last four years, the management team upgraded the tenant roster, increased occupancy, and sold multiple separate parcels.
“We are pleased with the outcome of our investment in Colony Place and teaming with Bill Lawler and his management team at KeyPoint Partners. With their help, our asset management professionals increased lease terms and occupancy and spent the required capital to make the shopping center an even more attractive home to tenants in Plymouth and throughout Southern Massachusetts,” said Danny Lovell, president and CEO of The Rainier Companies.
The dominant center is at the crossroads of Route 3 and Route 44, the primary intersection connecting Boston to southern Massachusetts and Cape Cod. The property is grocery-anchored by Aldi and shadow-anchored by Walmart Supercenter. The center includes national credit tenants such as Best Buy, Dick’s Sporting Goods, Burlington, Michaels, TJ Maxx, Ulta Beauty and more.
The Rainier Companies is not disclosing details regarding the buyer or financial aspects of the sale.
