Continental Realty Corporation (CRC) has completed the sale of Governors Commons, a neighborhood shopping center located at 7311 Governor Ritchie Highway in Glen Burnie, Maryland, for $9.57 million.

The recent disposition follows three previous parcelization executions at the asset resulting in a total gross sale price of $20.35 million. CRC acquired the center in 2019 for $16.2 million. Dean Zang and David Crotts of Marcus & Millichap represented CRC in this sales transaction.

“Governors Commons is the latest in a series of successful shopping center divestments by CRC in recent quarters,” said Haley Donato, CRC’s Senior Vice President of Asset Management & Finance. According to Donato, a significant driver of the success of the Governors Commons sale was the team’s expertise in subdividing and selling pad sites, which created significant cap rate arbitrage. CRC sold separate paid sites occupied by PNC Bank and Bubba’s 33, as well as a Gavigan’s Furniture freestanding anchor at a blended 5.3 percent cap rate.

Continental Realty Corporation, on behalf of Continental Realty Fund IV, L.P., has completed the sale of Ridge Plaza, a nearly 140,000 square-foot retail center located at 9000-9200 W State Rd 84 in Davie, Florida, for $22.25 million. JLL represented CRC in the sales transaction.

After acquiring the asset in 2017, the Baltimore-based real estate investment company individually sold all six of the free-standing pad sites at the center for a total price of about $13.1 million. One of those pad sites was a vacant land parcel that was ultimately sold to a local medical office group to develop their own building. With the sale of the shopping center, CRC generated a total exit value of approximately $35.35 million, compared to the company’s purchase price of $21.3 million.

Located in Broward County, Ridge Plaza was approximately 99 percent leased at the time of sale. Anchored by Paragon Theaters, Goodwill Industries and Off The Wall, the center consists of about 15 retailers, restaurants, and other specialty service providers.

Continental Realty Corporation (CRC) has expanded its real estate portfolio with the acquisition of Gayton Crossing, a 160,830-square-foot shopping center in Richmond, Virginia. Terms of the sale were not disclosed. The acquisition was made with funds from Continental Realty Opportunistic Retail Fund I, LP (CRORF), a closed-end fund that has raised $296 million.  

“Gayton Crossing is an irreplaceable asset with multiple paths to add value, considering the existing vacancies and the center’s positioning within West End, which is generally recognized as the premier, upscale and high net worth trade area in the greater Richmond area,” said Josh Dinstein, SVP of acquisitions for CRC. 

The center, located at 9782 Gayton Road, is shadow-anchored by Kroger and includes tenants such as Bank of America, GOLD’S Gym, Starbucks Coffee, and more. Jordan Lex, Dean Sands and Danny Naughton of JLL represented the seller in this sales transaction. CRC has now acquired nearly $600 million worth of retail real estate since the beginning of 2021.