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Rainier Acquires Moore Plaza in Corpus Christi

Weingarten Sells 380,600-SF Retail Power Center
February 16, 2018
Rainier Realty Investments LP, an affiliate of Dallas-based The Rainier Cos. that specializes in Texas value-add opportunities, partnered with CIL2 LLC, an affiliate of Houston-based Continuum Investments, in the acquisition of the Moore Plaza retail power center in Corpus Christi, TX from Weingarten Realty Investors for an undisclosed price.

Built in 1991 by Dallas-based developer Trammell Crow, Moore Plaza totals 380,600 square feet and is situated on 16.85 acres at 5425 S. Padre Island Dr. At the time of the sale, the center was 99 percent occupied by a mix of national retailers, including Hobby Lobby, Marshalls, Stein Mart, Office Depot/Office Max, World Market, Old Navy, Half Price Books and Party City.

“The Class A center is very well established within the premier retail corridor of Corpus Christi and has enjoyed occupancy for many years,” said Tim Nichols, president of Rainier. “Demand by retailers for this location remains very high.”

Chris Cozby, Chris Gerard and Blaine Dozier of CBRE brokered the transaction on behalf of the seller.

Please see CoStar COMPS #4111349 for more information on this transaction.
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