Continental Realty Adds to Ga. Portfolio with $24.35 Million Acquisition
Baltimore-based real estate investment and management firm Continental Realty Corp. (CRC) has purchased its third retail asset in Georgia with the $24.35 million acquisition of Banks Crossing, a 255,101 square foot regional shopping center in Fayetteville.
The center, at 100-240 Banks Crossing North, is anchored by Kroger and JCPenney and is approximately 91% occupied.
Banks Crossing was purchased on behalf of Continental Realty Opportunistic Retail Investment Fund I, a private equity fund focused on acquiring value-added, income-generating commercial properties in targeted submarkets across the United States .
This is the third retail asset acquired by the Fund and the second shopping center purchased by CRC this year, following last month’s acquisition of Sweetgrass Corner, a neighborhood shopping center in Charleston, South Carolina. which was acquired on behalf of Continental Realty Fund V, LP, a $210.8 million private equity fund.
Other CRC malls located in Georgia include North Bridges, a 106,396 square foot neighborhood mall in Alpharetta, and Summit at Towne Lake, a 59,722 square foot mall in Woodstock. CRC also owns two multi-family communities in Georgia, Millworks Apartments in Atlanta and Two Addison Place in Pooler.
Developed in 1987 and renovated in 2013, Banks Crossing is located on approximately 23 acres near the intersection of GA Routes 85 and 314. The mall includes 29 tenant spaces, several national users such as Kroger, JC Penney, Sally Beauty, Guitar Center and Planet Fitness. Major retailers located in the immediate area include Lowe’s Home Improvement, Walmart, The Home Depot, Dick’s Sporting Goods, Publix, Burlington Coat Factory, Target, and Marshall’s.
The property is located directly off Glynn Street with multiple access points, and over 53,000 vehicles pass through the site each day. Banks Crossing is located approximately 20 miles from the greater Atlanta area. More than 67,000 consumers, with an average household income exceeding $72,000, reside within a three-mile radius of Banks Crossing. The population within a five-mile radius of the center is expected to increase by 11% over the next five years.