MOUNT VERNON — Continental Realty Corp. announced it bought a 14-property retail portfolio encompassing more than 2 million square feet of retail space from US Properties Group.
The acquisition includes Mount Vernon Plaza on Coshocton Avenue and marks the company’s expansion into the Ohio market.
“This portfolio includes a number of well-performing assets with strong foot traffic and established tenancy, which we believe position the investment for continued stability and long-term performance,” CEO JM Schapiro said in a release.
“The transaction aligns perfectly with our overall investment strategy to invest in dominant centers featuring stable and internet-resistant tenant rosters, in areas with high barriers to entry and strong value-add potential.”
Built in 1962, the 52,000-square-foot Mount Vernon Plaza sits on 7.382 acres. Five Below anchors the retail center. Other establishments include Buffalo Wild Wings, Marshalls, Maurices, Sleep Outfitters, Cross Creek Dental Care, and Kay Jewelers.
According to the release, the 14 centers are 93 percent leased. They include more than 230 tenants across Georgia, Illinois, Tennessee, Ohio, North Carolina, South Carolina, and Virginia.
CRC’s other Ohio acquisitions include Delaware Community Plaza in Delaware and two Springfield locations: Bechtle Crossing and Springfield Small Shops.
Major retailers such as Hobby Lobby, Harbor Freight Tools, Belk, and Kroger anchor the portfolio. All of the centers are located in markets with an average retail occupancy of 97 percent.
“Rising cost of living is driving more migration into secondary markets, increasing demand for necessity-based retail in these areas,” Josh Dinstein, CRC’s co-chief investment officer said in the release.
“These trends are creating opportunities beyond primary [metropolitan statistical areas] where affordability and population growth will support long-term demand. Each asset is well-positioned and aligns with our strategy of targeting strong submarkets with resilient retail fundamentals.”
About Continental Realty Corp.
Continental Realty Corp. is headquartered in Baltimore, MD. The company specializes in acquiring and operating retail and multifamily properties.
Its portfolio of more than 10 million square feet of retail space and over 10,000 apartment homes across 16 states is valued at approximately $5 billion.
