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.”
- ◦Sale/Acquisition
