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Continental Realty Corporation Raises $240M to Invest in Open Air Retail Properties
Continental Realty Corporation (CRC), a Baltimore-based real estate investment and management company, has announced the final closing of its Continental Realty Opportunistic Retail Fund I (CRORF), raising $240 million in equity for the close-ended fund.
The fund was formed to target and acquire a diversified portfolio of distressed, opportunistic, and value-add retail properties throughout the US. Since 2012, CRC has raised almost $1 billion in equity for retail and multifamily investments across five real estate funds and multiple co-investments.
“Our team believes that the open-air retail asset class remains underappreciated, and we intend to deploy capital into a favorable investment environment,” said JM Schapiro, CEO of CRC. CRORF has acquired nine retail properties comprising almost 1.9 million square feet of space, six of which are grocery-anchored, and has invested over one-third of the fund.
