|Newport Pavilion. IMG: Rain|
Does this story bring some value to you? Please consider a small donation to help fund our content. We rely solely on support from our advertising partners, providing our content for free. Any amount helps. Click here to donate!
Newport Pavilion has been purchased , as first reported by the Cincinnati Business Courier.
|2000 Memorial Parkway.|
The mega-center, with anchor tenants Kroger Marketplace and Dick's Sport Goods was acquired by a Dallas-based real estate investment firm, Rainer Cos. on June 16. Target was not included in the purchase. The purchase price was undisclosed.
Inland Real Estate Corp owned the center in a joint venture with Dutch pension fund adviser PGGM purchased two different portions of Newport Pavilion in 2014 for a total of nearly $67 million. In 2016, Inland Real Estate was acquired by funds managed by DRA Advisors LLC for $2.3 billion. Newport Pavilion was still listed in DRA Advisors’ investment portfolio as of June 21.
Newport Pavilion, a 336,900-square-foot class A shopping center in Newport with a half mile of interstate frontage. The property is currently 98% occupied. An opening for a standalone location is still available, which formerly housed Flipdaddy's.
More from the Cincinnati Business Courier:
Danny Lovell, president and CEO of Rainier, said the company has been looking for “market-dominant” shopping centers in recent years.
“Newport undoubtedly checks the boxes,” Lovell said in a news release.
In an email to the Business Courier, Lovell said Rainier was attracted to the property’s high occupancy, attractive tenant lineup and dominance in the local market. Lovell said he is not planning any changes to the property, other than working to lease the remaining 2% vacancy. He said they are in discussions with a few groups now.
"The new owners have already reached out and expressed a willingness to work with the city and have made some key improvements to Newport Pavilion, including enhancing the safety and flow of traffic in the center by installing new flashing lights around stop signs," said Newport City Manager Tom Fromme. "We look forward to continuing what looks to be a great relationship that will make an outstanding retail center even better in the future."
Originally developed by Bear Creek Capital, Newport Pavilion hit a snag when the developer ran into trouble with its other projects. A group of local investors led by Anchor Investment Partners LLC purchased the debt secured by Newport Pavilion, a 55-acre development off I-471, from Bank of America in 2011, according to Anchor principals Charles Townsend and Roger Watson.
With the acquisition of Newport Pavilion, Rainier now has 4.5 million square feet of suburban grocery-anchored shopping centers. Lovell said the company is “on the hunt for more.”