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Continental Realty Corp. Enters Chicagoland via $94M Grocery-Anchored Portfolio
Baltimore-based Continental Realty Corporation (CRC) has entered the suburban Chicago real estate market, acquiring a portfolio of five shopping centers comprising more than 900,000 square feet of gross leasable area. The grocery-anchored and necessity-based assets located in Cicero, Mount Prospect, Naperville, and Palatine, IL were acquired from DiMucci Companies for $93.6 million.
Tucker Development, a Chicago-based real estate and development firm, acted as an acquisition and development consultant on the transaction. The portfolio was cumulatively 84% occupied at the time of the sale, leased by national retailers such as Sam’s Club, The Home Depot, Jewel-Osco, Kroger, Walgreens and Ross Dress for Less.
“Our expansion into the Chicago suburbs was opportunity-driven, given the portfolio’s irreplaceable assets and strategic positioning,” said JM Schapiro, CEO of CRC.
Josh Dinstein, SVP, acquisitions for CRC, said the company acquired the portfolio “substantially below replacement cost.”
- ◦Sale/Acquisition

