{"id":1004740266,"date":"2024-12-11T06:36:54","date_gmt":"2024-12-11T14:36:54","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004740266"},"modified":"2024-12-11T06:38:04","modified_gmt":"2024-12-11T14:38:04","slug":"crc-sells-metro-detroit-retail-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/crc-sells-metro-detroit-retail-center\/","title":{"rendered":"CRC Sells Metro Detroit Retail Center"},"content":{"rendered":"\n<p><\/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\/12\/Oakland-Plaza-in-Troy-Mich-edited.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"959\" height=\"720\" data-attachment-id=\"1004740269\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/oakland-plaza-in-troy-mich-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/Oakland-Plaza-in-Troy-Mich-edited.jpg\" data-orig-size=\"959,720\" 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=\"Oakland Plaza in Troy, Mich.\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/Oakland-Plaza-in-Troy-Mich-edited.jpg?w=959\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/Oakland-Plaza-in-Troy-Mich-edited.jpg\" alt=\"Exterior shot of Oakland Plaza, a 167,000-square-foot retail center in Troy, Mich.\" class=\"wp-image-1004740269\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/Oakland-Plaza-in-Troy-Mich-edited.jpg 959w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/Oakland-Plaza-in-Troy-Mich-edited.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/Oakland-Plaza-in-Troy-Mich-edited.jpg?resize=768,577 768w\" sizes=\"auto, (max-width: 959px) 100vw, 959px\" \/><\/a><figcaption class=\"wp-element-caption\">Oakland Plaza was CRC&#8217;s first acquisition in Michigan. <em>Image courtesy of Continental Realty Corp.<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Continental Realty Corp. has sold Oakland Plaza, a 167,000-square-foot shopping center in Troy, Mich., on behalf of its <a href=\"https:\/\/www.commercialsearch.com\/news\/continental-realty-closes-240m-open-air-retail-fund\/\">Continental Realty Opportunistic Retail Fund I LP<\/a>. RCG Ventures bought the property for $25.6 million.<\/p>\n\n\n\n<p>Prior to this transaction, CRC also sold two Oakland Plaza outparcels for a combined $3.4 million, bringing the total sale proceeds to $29 million. This was the first property disposition on behalf of CRORF.<\/p>\n\n\n\n<p>CRC had acquired Oakland Plaza, along with the adjacent Oakland Square, in 2021. The deal marked the firm&#8217;s entrance in Michigan and also CRORF&#8217;s first purchase.<\/p>\n\n\n\n<p>Mid-America Real Estate Corp. Managing Brokers Ben Wineman and Daniel Stern\u00a0worked on behalf of the seller and procured the buyer in the current transaction.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-an-improved-retail-property\">An improved retail property<\/h2>\n\n\n\n<p>Located at 268 John R Road, Oakland Plaza was completed in 1979 and underwent renovations in 1994 and 2014. TJ Maxx, Michael\u2019s and Planet Fitness anchor the two-building property. The tenant roster also comprises Sally Beauty Supply and Vitamin Shoppe. <\/p>\n\n\n\n<p>Under CRC\u2019s ownership, the shopping center&#8217;s occupancy increased from 71 to 97 percent. New tenants included Kids Empire, Rally House and several restaurants across a combined 53,000-square-foot space. The former owner modernized the property, repainting the entire center and repaving the parking lot.<\/p>\n\n\n\n<p>Oakland Plaza is across from the 1.5 million-square-foot Oakland Mall, in an area where the daily car traffic reaches approximately 32,000 vehicles. The shopping center serves more than 300,000 individuals within a 5-mile radius, with average household incomes north of $84,000. Interstate 75 is less than 1 mile away and downtown Detroit is some 16 miles south. <\/p>\n\n\n\n<p>CRC currently owns and oversees more than 8 million square feet of commercial space across 12 states. The firm recently entered Utah with the purchase of a 630,000-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/crc-makes-utah-debut-with-630-ksf-retail-buy\/\">super-regional shopping center in Salt Lake City<\/a>, also on behalf of CRORF.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This is the first property the firm acquired through its $240 million opportunistic fund.<\/p>\n","protected":false},"author":3619,"featured_media":1004740269,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1495,21783,13,21742,21749],"tags":[34468,36646,38545],"class_list":["post-1004740266","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-detroit","category-investment","category-midwest","category-latest","category-retail","tag-continental-realty-corporation","tag-mid-america-real-estate-corporation","tag-rcg-ventures-llc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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