Continental Realty Corp. Acquires LA Fitness-Anchored Center in Woodstock, Georgia for $11.6M
WOODSTOCK, GA. — Continental Realty Corp., a Baltimore-based real estate investment and management company, has acquired The Summit at Towne Lake, a 59,772-square-foot, 98 percent occupied neighborhood shopping center in Woodstock, anchored by LA Fitness. Located in a suburb approximately 30 miles north of downtown Atlanta, the shopping center was purchased for $11.6 million. Formerly owned by a joint venture between Atlanta-based RCG Ventures LLC and New York City-based DRA Advisors LLC, The Summit at Towne Lake becomes the second retail center and third property owned and managed by CRC in Georgia. Bryan Belk of Franklin Street represented both the buyer and the seller.
Continental Realty Fund V L.P., a $210.8 million private equity fund focused on acquiring value-add retail and multifamily properties in the Mid-Atlantic and Southeast regions, aided in purchasing the property. The Summit at Towne Lake represents the eighth retail property and 10th property overall acquired by the fund.
Constructed in 2009 and located at 2060 Eagle Drive, The Summit at Towne Lake features tenants including six national and local retailers offering health and fitness, medical, beauty services and a fast-casual dining option. Some of the tenants include Marco’s Pizza, Palm Beach Tan and Family Orthodontics. The approximately 8.5-acre site includes three retail buildings, a surface parking lot that can accommodate 419 vehicles and four ingress and egress points. The property is located within Towne Lake, a planned community built in the late 1980s that functions as a commercial, entertainment and recreational center for businesses and residents of Cherokee County.
Headquartered in Baltimore and founded in 1960, CRC is a full-service commercial real estate and investment company.