Rainier Realty InvestmentsLP,today announcedits majority investment in a 482,534-square foot Class A retail power center in North Canton, Ohio, known as Belden Park Crossings. This is Rainier’s second retail power center investment this year.
Rainier co-invested with institutional investor and local operator Stark Enterprises in the $67 Million center. The Property is situated in the heart of the region's primary retail corridor directly across from Belden Village Mall and one exit north of both the Pro Football Hall of Fame and the new $800 Million mixed-use development known as Hall of Fame Village. When completed, Hall of Fame Village will be a mixed-use center of entertainment, residences, offices, research and health care and a year-round destination with indoor rides and attractions. The 96.7% occupied Property is anchored by Kohl’s, Dick’s Sporting Goods, Value City Furniture, JoAnn Fabrics, DSW, Fresh Thyme, PetSmart, World Market, Arhaus and Party City and includes numerous other national and regional tenants. The Property is also shadow-anchored by a 115,504-square foot Target store.
“The Hall of Fame Village development will be an economic boon to the entire region. Belden Park Crossing’s location, strong tenant roster and historically high occupancy make it an ideal first investment with our new partner, Continuum Investments. We are excited about this investment with Stark, our new partnership with Continuum, and we look forward to making more announcements soon,” said Rainier President, Tim Nichols.
Rainier and Continuum have established a joint venture to acquire high-quality, market-dominant retail properties throughout the central and southern United States. Continuum Investments has institutional support from South Africa and will continue to invest in high-growth opportunities alongside Rainier.
Stark Enterprises is a fully integrated design, development, leasing and management company located in Cleveland, Ohio. For more information visit: www.starkenterprises.com
Rainier Realty Investments LP, is an affiliate of The Rainier Companies headquartered in Dallas, Texas. Founded in 2003, Rainier has over $1 Billion of investment assets under management for individual, corporate and institutional investment partners. In addition to its acquisition strategy, Rainier offers mezzanine debt and preferred equity to commercial real estate operators. For more information visit: www.rainiercompanies.com