New owner of Grandview’s Truman’s Marketplace calls it a ‘trophy asset’

Just two-and-a-half years after a multimillion redevelopment, Truman’s Marketplace has new owners.

Texas-based Rainier Realty Investments LP has acquired the 308,200-square-foot “regional power center” in Grandview from Kansas City-based Legacy Development. The purchase price was not disclosed.

Truman’s Marketplace, at Interstate 49 and Blue Ridge Boulevard, is at 98 percent occupancy with such tenants as Burlington, Petco, Price Chopper, Ross Dress for Less and TJ Maxx.

In a statement, Rainier president Tim Nichols said: “We are excited to add a newly renovated, trophy asset in the Kansas City MSA to our growing portfolio of retail power centers. We will continue to be extremely active during 2019 and are targeting an additional one to two million square feet of acquisitions this year.”

Rainier partnered with institutional investor CIL2 REIT LLC, managed by Continuum Investments LLC, to purchase the Grandview center.

Legacy Development confirmed the sale. It still owns five undeveloped parcels at Truman and is “actively pursuing deals” for those sites.

Famed LC’s Bar-B-Q had planned to be part of the Truman’s Marketplace development. On Friday, a family member said they had dropped their plans when they said Legacy asked them to sign a lease that was “too long.”

The long empty former Sam’s Club building, a 185,000-square-foot building on 20 acres south of Truman’s Marketplace, is under different ownership. There also is a freestanding Applebee’s Neighborhood Grill & Bar, which closed in September.

The site was once part of the Truman family’s farm. Truman Corners Shopping Center originally opened on the site 1958. It was redeveloped and reopened in September 2016 as Truman’s Marketplace.

The $75.7 million redevelopment included a renovated parking area, as well as new landscaping, new facades on existing buildings and pedestrian-friendly amenities. Price Chopper also was remodeled.