Continental Realty Raises $240M to Invest in Open-Air Retail Properties
By Keith Loria April 24, 2023 5:04 pm
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Baltimore’s Continental Realty has closed on a $240 million retail fund that will go toward investments in open-air retail properties.
The equity raised for the fund, called the Continental Realty Opportunistic Retail Fund (CRORF), will provide the team with greater capacity to acquire national shopping centers that match the firm’s investment profile, CEO J.M. Schapiro said in a statement.
The firm has invested in shopping centers since 1979, and therefore has the resources and relationships to take advantage of opportunities that will arise in the coming years, Schapiro added.
In the last three years alone, Continental Realty has acquired approximately $550 million worth of shopping centers, and now handles a roster of more than 1,100 tenants.
The new retail fund was established to target and acquire a diversified national portfolio of distressed, opportunistic and value-add retail properties.
“Our team believes that the open-air retail asset class remains underappreciated, and we intend to deploy capital into a favorable investment environment,” Schapiro said in a statement. “The expected outlook for CRORF is extremely bright as we continue to tap into our proprietary sourcing channels to uncover compelling investment opportunities with mismatched risk-return profiles.”
Among its portfolio is King Street Walgreens, a single-store building at 448 South King Street in Leesburg, Va.; and Centre at Hagerstown, a 331,833-square-foot retail center in Hagerstown, Md.
Update: This story originally misattributed source material. This has been corrected. We apologize for the error.
Keith Loria can be reached at Kloria@commercialobserver.com.
