$24M Kroger-Anchored Center in Fayetteville Carted Off by Baltimore Buyer
Baltimore-based Continental Realty Corporation has purchased its third retail asset in GA with the $24.4-million acquisition of Banks Crossing. The 255,101-square-foot regional shopping center in the Atlanta submarket of Fayetteville, GA is anchored by Kroger and JCPenney and approximately 91% occupied.
CRC also owns North Bridges shopping center in Alpharetta and Summit at Towne Lake retail center in Woodstock, along with GA Millworks Apartments in Atlanta and Two Addison Place in Pooler.
Banks Crossing was purchased on behalf of Continental Realty Opportunistic Retail Investment Fund I, a private equity fund focused on acquiring value-add and income-producing retail properties in targeted submarkets throughout the US.
Banks Crossing was developed in 1987 and renovated in 2013. It sits on 23 acres and features 29 tenant spaces. Major retailers in the immediate area include Lowe’s Home Improvement, Walmart, The Home Depot, Dick’s Sporting Goods, Publix, Burlington Coat Factory, Target and Marshall’s.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.