Continental Realty Buys 2 MSF Retail Portfolio

Continental Realty Corp. has acquired a 14-property, 2 million-square-foot national retail portfolio. U.S. Properties Group sold the assets in an off-market transaction.

CBRE Executive Vice President Chris Decoufle and Senior Vice President Kevin Hurley represented the seller in the deal.

The collection spans seven states, namely Georgia, Illinois, Tennessee, Ohio, North Carolina, South Carolina and Virginia. The deal also marks CRCs’ entry intro the state of Ohio.

Kroger, Hobby Lobby, Ross Dress for Less, Five Below, Harbor Freight Tools, Academy Sports, Belk and Bob’s Discount Furniture are some of the anchor tenants at the properties. The assets were 93 percent leased at the time of sale to more than 230 tenants.

The shopping centers are:

• Bechtle Crossing, a 223,000-square-foot retail center in Springfield, Ohio

• Cherry Hill Plaza, a 36,000-square-foot retail center in Galax, Va.

• Collinsville Plaza, a 29,000-square-foot retail center in Collinsville, Ill.

• Cross Creek Plaza, a 245,000-square-foot retail center in Beaufort, S.C.

• Cypress Bay Plaza, a 280,000-square-foot retail center in Morehead City, N.C.

• Delaware Community Plaza, a 148,000-square-foot retail center in Delaware, Ohio

• Franklin Square, a 142,000-square-foot retail center in Spartanburg, S.C.

• Marion Towne Center, an 84,000-square-foot retail center in Marion, S.C.

• Mount Vernon Plaza, a 52,000-square-foot retail center in Mount Vernon, Ohio

• Shoppes at Morrow Station, a 485,000-square-foot retail center in Morrow, Ga.

• The Streets of Indian Lake, a 300,000-square-foot retail center in Hendersonville, Tenn.

• Springfield Small Shops, a 12,000-square-foot retail center in Springfield, Ohio

• Suwanee Crossroads Shopping Center, a 72,000-square-foot retail center in Suwanee, Ga.

• Walterboro Plaza, a 134,000-square-foot retail center in Walterboro, S.C.

Retail investment activity this year is set to remain active but increasingly selective, with capital concentrating in prime, experience-driven locations and newer or recently renovated centers. In line with broader retail real estate trends, more deals will be driven by redevelopment and repositioning strategies rather than ground-up expansion.

CRC’s growing retail portfolio

With this acquisition, CRC’s shopping center portfolio now spans to 10.5 million square feet, representing nearly $5 billion in assets under management.

Just last November, CRC acquired Commons at Willowbrook, a 442,000-square-foot retail center in Houston from L&B Realty Advisors. A few months earlier, the firm also purchased CityPlace Doral, a 235,000-square-foot lifestyle and entertainment center in Doral, Fla.