Continental Realty Corporation (CRC) has successfully sold Oakland Plaza, a 167,000-square-foot shopping center located in Troy, Michigan. The property was purchased by RCG Ventures, LLC for $25.6 million and marks CRC’s first sale on behalf of Continental Realty Opportunistic Retail Fund I, LP (CRORF).
In 2021, CRC acquired Oakland Plaza along with the adjacent Oakland Square as part of a two-retail center portfolio. This acquisition marked their entry into the Michigan real estate market and served as CRORF’s first investment under CRC management. The sales transaction was facilitated by Ben Wineman and Daniel Stern of Mid-America Real Estate Corporation who represented CRC and procured the buyer.
Haley Donato, Senior Vice President of Asset Management & Finance at CRC expressed excitement about this particular disposition stating that it holds significance for being their initial investments in the Midwest region.
Oakland Plaza comprises two buildings anchored by popular retailers such as TJ Maxx , Michael’s , Planet Fitness , among others. It is strategically located across from the massive 1.5 million square foot Oakland Mall which adds to its appeal for potential buyers.
Overall,CRC’s successful sale of this retail plaza further solidifies their presence in both Michigan real estate market while also showcasing their expertise in managing CRORF assets effectively.
