{"id":1004712828,"date":"2024-05-07T06:53:29","date_gmt":"2024-05-07T14:53:29","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004712828"},"modified":"2024-05-08T03:50:46","modified_gmt":"2024-05-08T11:50:46","slug":"crc-enters-virginia-with-richmond-retail-center-buy","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/crc-enters-virginia-with-richmond-retail-center-buy\/","title":{"rendered":"CRC Enters Virginia With Richmond Retail Center Buy"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"970\" height=\"727\" data-attachment-id=\"1004712829\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/crc-enters-virginia-with-richmond-retail-center-buy\/gaytoncrossing\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/gaytonCROSSING-e1715082048817.jpg\" data-orig-size=\"970,727\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1713609110&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"gaytonCROSSING\" data-image-description=\"&lt;p&gt;Gayton Crossing. Image courtesy of Continental Realty Corp. &lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Gayton Crossing. Image courtesy of Continental Realty Corp. &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/gaytonCROSSING-e1715082048817.jpg?w=970\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/gaytonCROSSING-e1715082048817.jpg\" alt=\"Gayton Crossing\" class=\"wp-image-1004712829\" style=\"width:350px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/gaytonCROSSING-e1715082048817.jpg 970w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/gaytonCROSSING-e1715082048817.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/gaytonCROSSING-e1715082048817.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 970px) 100vw, 970px\" \/><figcaption class=\"wp-element-caption\">Gayton Crossing is in one of the most densely populated areas in Henrico County. <em>Image courtesy of Continental Realty Corp. <\/em><\/figcaption><\/figure><\/div>\n\n\n<p>In its first Virginia purchase, Continental Realty Corp. has acquired Gayton Crossing, a 160,830-square-foot neighborhood shopping center in Richmond, through its <a href=\"https:\/\/www.commercialsearch.com\/news\/continental-realty-closes-240m-open-air-retail-fund\/\">Continental Realty Opportunistic Retail Fund I&nbsp;LP<\/a>. ShopCore sold the asset for $22 million, according to <em>Richmond BizSense<\/em>, with the assistance of JLL.<\/p>\n\n\n\n<p>The retail property previously traded in 2019 for $29 million, CommercialEdge data shows. Developed by S.L. Nusbaum Realty Co. and Woolfolk Properties in 1981, Gayton Crossing comprises six buildings spread on some 15 acres. The shopping center also includes five free-standing pad sites and a free surface parking lot equating to nearly 700 parking spaces.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/retails-new-logistics-logic\/\">Retail\u2019s New Logistics Logic<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>Shadow-anchored by Kroger, Gayton Crossing also features a diverse mix of national and regional retailers such as Bank of America,&nbsp;GOLD\u2019S Gym,&nbsp;Goldfish Swim School,&nbsp;Jos. A. Bank,&nbsp;KidStrong,&nbsp;Starbucks Coffee,&nbsp;Virginia ABCstore and&nbsp;The UPS Store.<\/p>\n\n\n\n<p>Located at&nbsp;9782 Gayton Road in the Far West End submarket, Gayton Crossing serves more than 100,000 individuals and 75,000 households within a 5-mile radius, with the average household income exceeding $135,000, according to CRC.<\/p>\n\n\n\n<p>JLL Managing Directors Jordan Lex and&nbsp;Dean Sands, together with Director&nbsp;Danny Naughton, represented ShopCore.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-crc-s-comprehensive-portfolio\">CRC&#8217;s comprehensive portfolio<\/h2>\n\n\n\n<p>CRC purchased Gayton Crossing through CRORF, the closed-end fund for which $296 million have been raised. Since its inception, the investment vehicle has funded the acquisition of 12 retail properties totaling approximately 2.7 million square feet of space.<\/p>\n\n\n\n<p>One of these assets was South Coast Collection, a 292,000-square-foot luxury <a href=\"https:\/\/www.commercialsearch.com\/news\/continental-realty-buys-orange-county-lifestyle-center\/\">lifestyle center in Costa Mesa<\/a>, Calif.&nbsp;Its purchase marked CRC&#8217;s entrance into the Southern California market.<\/p>\n\n\n\n<p>CRORF also funded the acquisition of a 460,000-square-foot, super-regional&nbsp;retail center&nbsp;in Lakeland, Fla., for <a href=\"https:\/\/www.commercialsearch.com\/news\/continental-realty-corp-buys-460-ksf-retail-center-for-78m\/\">$78 million<\/a>. That property encompasses 20 buildings on an 88-acre site.<\/p>\n\n\n\n<p>CRC is active in 11 states with more than&nbsp;$3.7 billion&nbsp;in assets under management. Since the start of 2021, the firm has amassed nearly $600 million in retail real estate assets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This property traded for $7 million less than five years ago.<\/p>\n","protected":false},"author":3014,"featured_media":1004712829,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,11,21742,21749,36153],"tags":[34468,32796,51753],"class_list":["post-1004712828","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-midatlantic","category-latest","category-retail","category-richmond-hampton-roads","tag-continental-realty-corporation","tag-jll","tag-shopcore-properties"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CRC Enters Virginia With Richmond Retail Center Buy - 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