December 4, 2024

Continental Realty Corporation Executes Sale Of 87,250 Square Foot Seven Hills Plaza Near Tampa, Florida For $17.3 Million

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The Daily Record

BALTIMORE, MD (December 4, 2024) – Continental Realty Corporation (CRC), on behalf of Continental Realty Fund V, L.P., has executed the sale of Seven Hills Plaza, an 87,250 square foot neighborhood shopping center located at 11148 Spring Hill Drive in Spring Hill, Florida, for $17.3 million. Since acquiring the asset positioned approximately 45 miles north of Tampa in 2019, CRC increased its value by more than $7.5 million from its $9.8 million purchase price. Kirk D. Olson and Drew A. Kristol of Institutional Property Advisors (IPA) represented CRC and procured the buyer, Florida-based Bezrat H. Corp.

Privately held and active in 12 states, with Assets Under Management (AUM) exceeding $4 billion, CRC has expanded its shopping center portfolio by more than three million square feet of space since 2020 and owns and manages approximately eight million square feet of retail space. The Baltimore-based company also owns and operates a multistate, multifamily portfolio containing more than 10,000 apartment homes.

During its hold period, CRC improved occupancy of the center from 72% to 99%, highlighted by the backfilling of a junior anchor box to Altitude Trampoline Park and completing a lease with urgent care facility American Family Care, collectively accounting for nearly 26,000 square feet of space. The CRC leasing team also added several fast-casual and quick service restaurant concepts to the center, improving the tenant mix. Additionally, CRC significantly improved the aesthetics of Seven Hills Plaza with updated painting and other exterior updates.

“During our hold period, we leased-up vacancy, upgraded the tenancy, improved the credit guarantees behind some key leases, delivered strong outcomes on renewals and paved the way for future pad site development to drive exit value,” stated Haley Donato, CRC’s Senior Vice President of Asset Management & Finance. “Our vertically integrated retail team specializes in maximizing value through a multi-prong approach. The investment results of Seven Hills is another testament to our capabilities as retail investors and operators,” she added.

Seven Hills Plaza includes a mix of approximately 20 tenants offering personal and medical services, shopping, and sit-down, fast-casual and quick-service restaurant options. Nearly 125,000 consumers reside within a five-mile radius of the center, which is positioned near the signalized intersection of Mariner Boulevard and Spring Hill Drive. This area includes approximately 50,000 households with an average household income exceeding $65,000. The daytime population within a five-mile radius is 82,000 people, and more than 22,000 vehicles pass the site daily via Mariner Boulevard.

Delivered in 1990 and situated upon 8.5 acres, Seven Hills Plaza also serves the Clearwater and St. Petersburg submarkets.

Headquartered in Baltimore, Maryland and founded in 1960, Continental Realty Corporation is a full-service commercial real estate and investment company focused on acquiring and operating retail and multifamily properties. The privately held firm owns and manages a diversified portfolio of retail centers consisting of approximately eight million square feet of commercial space and over 10,000 apartment homes across 12 states, with a portfolio value exceeding $4 billion. For additional information, visit www.crcrealty.com.