{"id":1004725231,"date":"2024-08-13T04:03:05","date_gmt":"2024-08-13T12:03:05","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004725231"},"modified":"2024-08-13T05:57:46","modified_gmt":"2024-08-13T13:57:46","slug":"continental-realty-seals-regional-shopping-center-sale","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/continental-realty-seals-regional-shopping-center-sale\/","title":{"rendered":"Continental Realty Seals Regional Shopping Center Sale"},"content":{"rendered":"\n<p>Continental Realty Corp., on behalf of\u00a0Continental Realty Fund V, L.P., has sold the\u00a0Centre at Hagerstown, a 292,000-square-foot regional shopping center in Hagerstown, Md., for\u00a0$36.3 million.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Centre-at-Hagerstown-e1723539598391.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1023\" height=\"768\" data-attachment-id=\"1004725234\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/continental-realty-seals-regional-shopping-center-sale\/centre-at-hagerstown-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Centre-at-Hagerstown-e1723539598391.jpg\" data-orig-size=\"1023,768\" 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;0&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;0&quot;}\" data-image-title=\"Centre at Hagerstown\" data-image-description=\"&lt;p&gt;Centre at Hagerstown includes 10 pad sites with direct roadside visibility from two highways. Image courtesy of Continental Realty Corp.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Centre at Hagerstown includes 10 pad sites with direct roadside visibility from two highways. Image courtesy of Continental Realty Corp.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Centre-at-Hagerstown-e1723539598391.jpg?w=1023\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Centre-at-Hagerstown-e1723539598391.jpg\" alt=\"Centre at Hagerstown\" class=\"wp-image-1004725234\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Centre-at-Hagerstown-e1723539598391.jpg 1023w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Centre-at-Hagerstown-e1723539598391.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Centre-at-Hagerstown-e1723539598391.jpg?resize=768,577 768w\" sizes=\"auto, (max-width: 1023px) 100vw, 1023px\" \/><\/a><figcaption class=\"wp-element-caption\">Centre at Hagerstown includes 10 pad sites with direct roadside visibility from two highways. <em>Image courtesy of Continental Realty Corp.<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>CRC purchased the shopping center back in 2019, as an investment through Fund V. Since acquiring the asset, the Baltimore-based company has sold nine out of 10 free-standing pad sites for $16.1 million, with an average cap rate of 5.4 percent. The total exit value, including the sale of the shopping center, has reached approximately $52.4 million\u2014more than double the initial purchase price of $23.5 million.<\/p>\n\n\n\n<p>JLL brokered the transaction on behalf of CRC. At the time of the sale, the shopping center was 97 percent leased. CRC brought the center\u2019s occupancy from 79 percent to 97 percent during its ownership by signing new long-term leases with\u00a0Burlington,\u00a0Crunch Fitness,\u00a0Guitar Center,\u00a0HomeGoods\u00a0and\u00a0Party City.<\/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>LISTEN TO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/holland-knight-attorney-the-retail-market-always-comes-back-differently-but-it-does\/\">Retail Always Comes Back\u2014and With New Twists: An Attorney\u2019s Insights<\/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>Anchored by\u00a0Burlington,\u00a0Crunch Fitness,\u00a0Home Goods,\u00a0Marshalls,\u00a0PetSmart,\u00a0Regency Furniture,\u00a02nd &amp; Charles and\u00a0Party City and shadow-anchored by The Home Depot\u00a0and\u00a0a Walmart Supercenter, Centre at Hagerstown has a diverse mix of nearly 20 national and regional retailers.<\/p>\n\n\n\n<p>Located at\u00a017850 Garland Groh Blvd., Centre at Hagerstown is within the Washington County. The shopping center is near the intersection of Interstate 81 and Route 40, in an area where the daily traffic count reaches approximately 76,000 vehicles. Centre at Hagerstown serves more than 92,000 residents within a 5-mile radius, with the average household income surpassing $80,000, according to CRC.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-a-rapid-expansion\">A rapid expansion<\/h2>\n\n\n\n<p>Active in 11 states, with over $4 billion in assets under management, CRC has grown its shopping center portfolio by more than 3 million square feet since 2020. The company currently owns and manages nearly 9 million square feet of retail space, in addition to a multifamily portfolio exceeding 9,000 apartments.<\/p>\n\n\n\n<p>Earlier this year\u2014in its first Virginia purchase\u2014CRC has acquired <a href=\"https:\/\/www.commercialsearch.com\/news\/continental-realty-buys-orange-county-lifestyle-center\/\">a 160,830-square-foot neighborhood<\/a> shopping center in Richmond, through its&nbsp;<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.<\/p>\n\n\n\n<p>Last year, the company also entered the Southern California market with the acquisition of a 292,000-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/charting-luxury-retails-course-in-the-new-economy\/\">luxury retail<\/a> center in Costa Mesa, Calif., using funds from\u00a0the Continental Realty Opportunistic Retail Fund I LP.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Combined with previous dispositions at the property, the company\u2019s total exit value exceeds $50 million.<\/p>\n","protected":false},"author":3014,"featured_media":1004725234,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,11,21742,21749,1615],"tags":[34468,32796],"class_list":["post-1004725231","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-midatlantic","category-latest","category-retail","category-washington-dc","tag-continental-realty-corporation","tag-jll"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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