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CRC Acquires 160K-SF Richmond Retail Center
Continental Realty Corporation (CRC) has expanded its real estate portfolio with the acquisition of Gayton Crossing, a 160,830-square-foot shopping center in Richmond, Virginia. Terms of the sale were not disclosed. The acquisition was made with funds from Continental Realty Opportunistic Retail Fund I, LP (CRORF), a closed-end fund that has raised $296 million.
“Gayton Crossing is an irreplaceable asset with multiple paths to add value, considering the existing vacancies and the center’s positioning within West End, which is generally recognized as the premier, upscale and high net worth trade area in the greater Richmond area,” said Josh Dinstein, SVP of acquisitions for CRC.
The center, located at 9782 Gayton Road, is shadow-anchored by Kroger and includes tenants such as Bank of America, GOLD’S Gym, Starbucks Coffee, and more. Jordan Lex, Dean Sands and Danny Naughton of JLL represented the seller in this sales transaction. CRC has now acquired nearly $600 million worth of retail real estate since the beginning of 2021.
- ◦Sale/Acquisition
