TROY, MICH. — Continental Realty Corp. (CRC) has acquired Oakland Plaza and Oakland Square, two shopping centers totaling nearly 392,000 square feet in Troy. The combined purchase price was $34 million. Together, the properties were 87 percent leased at the time of acquisition. Tenants include TJ Maxx, HomeGoods, Kohl’s, Bed Bath & Beyond, DSW, Michaels and Planet Fitness. Amy Sands and Clinton Mitchell of JLL represented the undisclosed seller. This was the first acquisition for CRC’s Opportunistic Retail Fund, a private equity fund formed this year to acquire value-add retail properties throughout the country.
Completed in 1979 and renovated in 1994 and 2014, Oakland Plaza consists of three buildings and three outparcels comprising 171,518 square feet. It is 71 percent leased to 16 tenants. Delivered in 1986 with additional construction completed in 1997, the three-building Oakland Square spans 220,226 square feet. The asset is fully leased to seven tenants.
Baltimore-based CRC now owns and manages more than 5 million square feet of commercial space across nine states.