Continental Realty Corporation acquires 14-property portfolio
Continental Realty Corporation (CRC) is expanding its real estate portfolio through a large-scale acquisition.
The Maryland-based real estate firm has completed an off-market acquisition of a 14-property retail portfolio spanning seven states and encompassing more than 2 million square feet of retail space from US Properties Group. With this acquisition, CRC has expanded its national shopping center portfolio to over 10.5 million square feet and increased its AUM (assets under management) to nearly $5 billion.
The centers are 93% leased and include more than 230 tenants across Georgia, Illinois, Tennessee, Ohio, North Carolina, South Carolina and Virginia. According to CoStar Group, the transaction is the third-largest portfolio acquisition of the year. The 14 centers are anchored by major retailers including Kroger, Hobby Lobby, Ross Dress for Less, Five Below, Harbor Freight Tools, Academy Sports, Belk and Bob’s Discount Furniture.
[READ MORE: Macerich acquires super-regional Annapolis Mall]
CBRE’s Chris Decoufle and Kevin Hurley represented the seller in this transaction.
“Transactions of this scale are a direct reflection of the strength of our team to smoothly transact, which has led to us being one of the buyers of choice in today’s market. We continue to use our data-driven approach to identify high-quality, value-add opportunities in established retail markets,” stated JM Schapiro, CEO of CRC. “This portfolio includes a number of well-performing assets with strong foot traffic and established tenancy, which we believe position the investment for continued stability and long-term performance.”
CRC says the acquisition is highlighted by key investments in high-growth secondary markets, including Streets of Indian Lake, a lifestyle center located in the Nashville, Tenn., market, along with four assets in Ohio, including Delaware Community Plaza, a Kroger grocery- anchored center located outside of Columbus.
The properties acquired by CRC include the following:
- Bechtle Crossing - 223,000 square feet - Springfield, Ohio
- Cherry Hill Plaza - 36,000 square feet - Galax, Va.
- Collinsville Plaza - 29,000 square feet - Collinsville, Ill.
- Cross Creek Plaza - 245,000 square feet - Beaufort, S.C.
- Cypress Bay Plaza - 280,000 square feet - Morehead City, N.C.
- Delaware Community Plaza - 148,000 square feet - Delaware, Ohio
- Franklin Square - 142,000 square feet - Spartanburg, S.C.
- Marion Towne Center - 84,000 square feet - Marion, S.C.
- Mount Vernon Plaza - 52,000 square feet - Mount Vernon, Ohio
- Shoppes at Morrow Station - 485,000 square feet - Morrow, Ga.
- The Streets of Indian Lake - 300,000 square feet - Hendersonville, Tenn.
- Springfield Small Shops - 12,000 square feet - Springfield, Ohio
- Suwanee Crossroads Shopping Center - 72,000 square feet - Suwanee, Ga.
- Walterboro Plaza - 134,000 square feet - Walterboro, S.C.
“The transaction aligns perfectly with our overall investment strategy to invest in dominant centers featuring stable and internet-resistant tenant rosters, in areas with high barriers to entry and strong value-add potential,” added Schapiro.
