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Chicago & Midwest  + Midwest  + Retail  | 
Oakland Square shopping center Troy MI Detroit retail

CRC Enters Michigan Market with Two Acquisitions in Troy

Baltimore-based Continental Realty Corporation (CRC) has entered the Michigan market with its acquisition of Oakland Plaza and Oakland Square, two shopping centers totaling nearly 392,000 square feet in Troy, MI. The assets were cumulatively 87% occupied at the time they were acquired for $34 million.  

The centers have leases with 23 tenants, including national retailers such as TJ Maxx, HomeGoods, Kohl’s, Bed Bath & Beyond, DSW, Michaels and Planet Fitness. JLL managing directors Amy Sands and Clinton Mitchell represented the seller in this transaction. 

Oakland Plaza and Oakland Square were purchased on behalf of Continental Realty’s Opportunistic Retail Fund. This is the first acquisition for the fund. 

“We were attracted by the opportunity to acquire two high-quality assets below replacement cost in a dense infill location.” stated Josh Dinstein, SVP, acquisitions at CRC. “The greater Detroit metropolitan region offers compelling fundamentals to ensure the long-term health of these assets.” 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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