**Continental Realty Corporation Acquires Buckeye Retail Center for $54.3 Million**
Continental Realty Corporation (CRC) has completed the $54.3 million acquisition of Sundance Towne Center, a 203,525-square-foot regional power center located in Buckeye, Arizona.
The transaction was brokered by Michael Hackett, Jimmy Slusher, Ryan Schubert, and Zach Aulick of CBRE, who represented the seller, Shin Yen Management.
Sundance Towne Center is home to nearly 50 retailers and restaurants, including national tenants such as PetSmart, Boot Barn, and Bealls Outlet. At the time of the sale, the center was more than 94 percent leased. The property, which was originally delivered in 2008, sits on a 32-acre site at the intersection of Watson Road and Interstate 10. A Walmart Supercenter and Lowe’s Home Improvement store serve as shadow anchors to the retail center.
Commenting on the acquisition, CRC CEO JM Schapiro stated, “We have been extremely diligent in our search for a retail property in this market with an extremely high-performing tenant mix, while offering substantial upside potential to add value with sound leasing decisions.” He also confirmed that CRC plans to implement a renovation strategy for the property as part of its value-add approach.
