Continental Realty Corporation (CRC) has successfully sold the Centre at Hagerstown in Maryland for $36.25 million on behalf of Continental Realty Fund V, L.P. The property, located at 17850 Garland Groh Boulevard, was acquired by CRC in 2019 as an investment for Fund V.
The sale generated a total exit value of approximately $52.4 million, significantly higher than the company’s initial purchase price of $23.5 million. JLL represented CRC during the transaction.
At nearly 292,000 square feet and with a prime location in Washington County, Centre at Hagerstown is a regional shopping center that was approximately 97% occupied at the time of sale. It features popular retailers and restaurants such as Burlington, Crunch Fitness Home Goods Marshalls PetSmart Regency Furniture ,2nd & Charles,and Party City.
Haley Donato,CRC’s Senior Vice Presidentof Asset Management & Finance,stated that during their five-year ownership period,the occupancy rate increased from79% to97%. This success can be attributed to bringing top-tier retailers to serve the community’s needs.
In summary,CRC has completedthe successful saleofCentreatHagerstownfor$36millionon behalfof ContinentalRealtyFundV,L.P.Thepropertywasacquiredin2019andhasnowbeen soldforaexitvalueofapproximately$52million.JLLrepresentedCRCduringthetransaction.TheshoppingcenterislocatedinWashingtonCountyandfeaturespopularretailerssuchasBurlington,CrunchFitnessHomeGoodsMarshallsPetSmartRegencyFurniture2nd&Charles,andPartyCity.Duringtheirfive-yearownershipperiod,theoccupancyrateincreasedfrom79%to97%,thanksintoparttobringingtop-tierretailerstothecommunity.CongratulationsareindueforthissuccessfulsalebyContinentalRealtyCorporation!
