Baltimore’s Continental Realty enters Richmond retail market, acquires shopping center – Maryland Daily Record

Continental Realty Corporation (CRC), a Baltimore-based real estate investment and management company active in 11 states with more than $3.7 billion Assets Under Management (AUM), Friday announced the acquisition of Gayton Crossing, a 160,830-square-foot neighborhood shopping center, its first property in the Richmond, Virginia.

Jordan Lex, Dean Sands and Danny Naughton, of JLL’s Washington regional office, represented the seller in the transaction. CRC has now acquired nearly $600 million worth of retail real estate since the beginning of 2021.

Gayton Crossing was purchased with funds from Continental Realty Opportunistic Retail Fund I, LP (CRORF), a closed-end fund for which $296 million has been raised. Since the inception of CRORF, CRC has acquired 12 retail properties comprised of approximately 2.7 million square feet of space. Since 2012, CRC has raised nearly $1 billion in equity for retail and multifamily investments across five real estate funds and multiple associated co-investments.

CRC purchased two properties last year on behalf of CRORF totaling nearly $190 million and approximately 750,000 square feet of space. This activity included the $78 million acquisition of Lakeside Village, a nearly 460,000 square foot super-regional lifestyle center located just east of Tampa, Florida, and the $110 million purchase of South Coast Collection, a 292,000-square-foot luxury home furnishing and design lifestyle center in Costa Mesa, California.

Delivered in 1981 at 9782 Gayton Road in Henrico County on a 15.6-acre site, Gayton Crossing is shadow-anchored by national supermarket chain Kroger and features more than 30 restaurants and retailers occupying inline spaces and five free-standing pad sites. Representative tenants include Bank of America, GOLD’S Gym, Goldfish Swim School, Jos. A. Bank, KidStrong, Starbucks Coffee, Virginia ABC store and The UPS Store. The property contains eight means of ingress and egress and is surrounded by a free surface parking lot suitable for nearly 700 vehicles.

CRC owns and manages a diversified portfolio of more than 9,000 apartment homes, as well as retail centers and other commercial properties consisting of almost eight million square feet, serving the real estate needs of more than 1,100 tenants across 11 states. CRORF was formed as a vehicle to target and acquire a diversified portfolio of opportunistic, and value-add retail properties throughout the United States.