Baltimore-based Continental Realty Corporation (CRC) has actually finished an off-market acquisition of a 14-property retail portfolio spanning 7 states and incorporating more than two million square feet of retail space from US Residences Group for around $200 million.
The acquisition consists of a mix of retail properties supported by strong market fundamentals and constant in-place efficiency. With this acquisition, the company broadens its nationwide shopping mall portfolio to over 10.5 million square feet and increases its assets under management to nearly $5 billion.
CBRE’s Chris Decoufle and Kevin Hurley represented the seller in this transaction. The centers are 93 percent leased and include more than 230 occupants throughout Georgia, Illinois, Tennessee, Ohio, North Carolina, South Carolina, and Virginia.
The portfolio is anchored by significant retailers consisting of Kroger, Hobby Lobby, Ross Gown for Less, 5 Below, Harbor Freight Tools, Academy Sports, Belk, and Bob’s Discount rate Furnishings, and is located in markets with a typical retail tenancy of 97 percent.
The post Continental Real estate Corporation Obtains 14-Property Shopping Center Portfolio appeared initially on Connect CRE.