CRC Sells Metro Detroit Retail Center
Continental Realty Corp. has sold Oakland Plaza, a 167,000-square-foot shopping center in Troy, Mich., on behalf of its Continental Realty Opportunistic Retail Fund I LP. RCG Ventures bought the property for $25.6 million.
Prior to this transaction, CRC also sold two Oakland Plaza outparcels for a combined $3.4 million, bringing the total sale proceeds to $29 million. This was the first property disposition on behalf of CRORF.
CRC had acquired Oakland Plaza, along with the adjacent Oakland Square, in 2021. The deal marked the firm’s entrance in Michigan and also CRORF’s first purchase.
Mid-America Real Estate Corp. Managing Brokers Ben Wineman and Daniel Stern worked on behalf of the seller and procured the buyer in the current transaction.
An improved retail property
Located at 268 John R Road, Oakland Plaza was completed in 1979 and underwent renovations in 1994 and 2014. TJ Maxx, Michael’s and Planet Fitness anchor the two-building property. The tenant roster also comprises Sally Beauty Supply and Vitamin Shoppe.
Under CRC’s ownership, the shopping center’s occupancy increased from 71 to 97 percent. New tenants included Kids Empire, Rally House and several restaurants across a combined 53,000-square-foot space. The former owner modernized the property, repainting the entire center and repaving the parking lot.
Oakland Plaza is across from the 1.5 million-square-foot Oakland Mall, in an area where the daily car traffic reaches approximately 32,000 vehicles. The shopping center serves more than 300,000 individuals within a 5-mile radius, with average household incomes north of $84,000. Interstate 75 is less than 1 mile away and downtown Detroit is some 16 miles south.
CRC currently owns and oversees more than 8 million square feet of commercial space across 12 states. The firm recently entered Utah with the purchase of a 630,000-square-foot super-regional shopping center in Salt Lake City, also on behalf of CRORF.
The post CRC Sells Metro Detroit Retail Center appeared first on Commercial Property Executive.
