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Continental Realty Corporation Completes Sale of $36M Centre At Hagerstown
Continental Realty Corporation (CRC), on behalf of Continental Realty Fund V, L.P., has completed the sale of the Centre at Hagerstown in Hagerstown, Maryland, for $36.25 million.
Located at 17850 Garland Groh Boulevard, CRC generated a total exit value of approximately $52.4 million on the property, compared to the company’s purchase price of $23.5 million. JLL represented CRC in the transaction.
The nearly 292,000-square-foot regional shopping center was a strategic purchase for the firm in 2019 as an investment in Fund V. Located in Washington County, Centre at Hagerstown was approximately 97% occupied at the time of the sale. Anchored by Burlington, Crunch Fitness, Home Goods, Marshalls, PetSmart, Regency Furniture, 2nd & Charles, and Party City, the center consists of nearly 20 retailers and restaurants.
“During our five-year hold period, we brought the center’s occupancy from 79% to 97% by bringing top-tier retailers to the community,” said Haley Donato, CRC’s SVP of Asset Management & Finance.
