January 12, 2015

Continental Realty Corporation Leases Nearly 14,000 Square Feet Of New Space At Plantation Commons In Destin, FL Among Six Separate Retailers

Company has increased occupancy to more than 82% since center purchase in 2013

Baltimore, MD (January 12, 2015) – Continental Realty Corporation, a Baltimore-based real estate development and management company, has leased nearly 14,000 square feet of space to six separate retailers within Plantation Commons, a 126,375 square foot neighborhood shopping center located at 4495 Commons Drive West in Destin, Florida. The company, which acquired the project in 2013, has now increased the occupancy to 82%. Plantation Commons is anchored by The Fresh Market, Marshall’s, Destin Health and Fitness Club and HomeGoods.

The newly-added tenants are:

Coast, an interior design and home furnishings store, which also carries a line of accessories for the home, has signed a lease for 1,976 square feet of space.

Everkrisp has signed a lease for 2,130 square feet of space. The quick-serve restaurant will serve lunch and dinner items including homemade soups, sandwiches, salads, wraps and cold-pressed juices.

LexyLeah Athletic Apparel will occupy 1,788 square feet of space. The specialty retailer will market a full line of athletic apparel for both men and women.

Rise Dance Center, a dance studio offering ballet, jazz, hip-hop, Zumba and ballroom-style dance lessons, has signed a lease for 3,791 square feet of space. The center will also provide drama and music lessons.

Jasmine Thai, a sit-down restaurant specializing in traditional and modern Thai cuisine dishes that also won a “Best of the Emerald Coast” award in 2013 in the Thai restaurant category. The locally-owned restaurant relocated to Plantation Commons from another Destin-area shopping center and doubled its size to 2,828 square feet of space.

Pink N Blue Avenue, a boutique featuring clothing, footwear, accessories and gifts for babies and toddlers up to six years of age. The store, which represents the first venture of owner GuliaKirimova, carries name brands such as Jellycat, Mustard Pie and Elegant Baby.

Jasmine Thai and Pin N Blue Avenue are currently operational in the center, with the four other tenants expected to open in mid-2015.

Plantation Commons, constructed in 2007, is located at the intersection of Commons Drive and Kelly Plantation Drive, just off Emerald Coast Parkway (FL Route 98), the major thoroughfare in Destin. It is within close proximity to Kelly Plantation, a 900-acre residential community that contains waterfront golf estates, luxury condominiums and single-family homes. The average annual household income within three miles exceeds $104,000 and the immediate area receives more than 4.6 million tourists annually.

“We are extremely encouraged by our early leasing success at Plantation Commons, and confident that we will soon reach 100% occupancy,” stated David Donato, Vice President of Continental Realty’s Commercial Division. “Our leasing efforts are supported by the presence of four extremely strong anchor tenants, including a high-performing Fresh Market, Marshall’s and Homegoods. Our team continues see strong leasing demand in the Destin marketplace and we are aggressively targeting compelling retailers that support our existing tenant mix.”

For the remaining space at Plantation Commons, the leasing team is targeting men’s and women’s apparel, shoe stores, a hair salon, day spa, full and quick-service restaurants and other service uses. Justin Beck, John Fifer and Stacy Taylor of Beck Property Company are overseeing leasing activities.

Continental Realty Corporation and its affiliates currently own ten retail shopping centers, mixed-use and multi-family apartment communities in Florida, including The Shops at Verandah, Gateway of Naples, The Colonnade on 5th, Marquesa Plaza, Esplanade Shoppes and Bed, Bath & Beyond Plaza in the Naples/Ft. Myers area and Waterford Park at Waterford Lakes in East Orlando.