Baltimore-based Continental Realty Corporation (CRC) has completed an off-market acquisition of a 14-property retail portfolio spanning seven states and encompassing more than two million square feet of retail space from US Properties Group for approximately $200 million.
The acquisition includes a mix of retail assets supported by strong market fundamentals and consistent in-place performance. With this acquisition, the company expands its national shopping center 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 tenants across Georgia, Illinois, Tennessee, Ohio, North Carolina, South Carolina, and Virginia.
The portfolio is anchored by major retailers including Kroger, Hobby Lobby, Ross Dress for Less, Five Below, Harbor Freight Tools, Academy Sports, Belk, and Bob’s Discount Furniture, and is located in markets with an average retail occupancy of 97 percent.
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