CRC Sells Retail Plaza in Michigan for $26M

Continental Realty Corporation (CRC), on behalf of Continental Realty Opportunistic Retail Fund I, LP (CRORF), has completed the sale of Oakland Plaza in Troy, Michigan. The nearly 167,000-square-foot shopping center was bought by Atlanta-based RCG Ventures, LLC for $25.6 million.

CRC acquired the asset, along with the adjacent Oakland Square, as part of a two-retail center portfolio in 2021, signaling its entry into the Michigan real estate market and first acquisition on behalf of CRORF. Ben Wineman and Daniel Stern of Mid-America Real Estate Corporation represented CRC and procured the buyer in this sales transaction.

“This is a particularly exciting disposition for CRC, since Oakland Plaza and Oakland Square were our first investments in the Midwest,” said Haley Donato, CRC’s Senior Vice President of Asset Management & Finance.

Oakland Plaza consists of two buildings, anchored by TJ Maxx, Michael’s, and Planet Fitness, in addition to other tenants. The asset is situated across the street from the 1.5 million square foot Oakland Mall.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.

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