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CRC Sells Maryland Retail Center for $10M
Continental Realty Corporation (CRC) has completed the sale of Governors Commons, a neighborhood shopping center located at 7311 Governor Ritchie Highway in Glen Burnie, Maryland, for $9.57 million.
The recent disposition follows three previous parcelization executions at the asset resulting in a total gross sale price of $20.35 million. CRC acquired the center in 2019 for $16.2 million. Dean Zang and David Crotts of Marcus & Millichap represented CRC in this sales transaction.
“Governors Commons is the latest in a series of successful shopping center divestments by CRC in recent quarters,” said Haley Donato, CRC’s Senior Vice President of Asset Management & Finance. According to Donato, a significant driver of the success of the Governors Commons sale was the team’s expertise in subdividing and selling pad sites, which created significant cap rate arbitrage. CRC sold separate paid sites occupied by PNC Bank and Bubba’s 33, as well as a Gavigan’s Furniture freestanding anchor at a blended 5.3 percent cap rate.
