May 3, 2022

CRC Expands Georgia Retail Portfolio With $24.35 Million Acquisition Of Banks Crossing

Anchored by Kroger and JCPenney, 255,101 square foot center in Fayetteville is 91% leased

BALTIMORE, MD (May 2, 2022) – Continental Realty Corporation (CRC), a Baltimore-based real estate investment and management company, has purchased its third retail asset in Georgia with the $24.35 million acquisition of Banks Crossing, a 255,101 square foot regional shopping center located at 100-240 Banks Crossing North in the Fayetteville section of Fayette County. CRC acquired the property, which is anchored by Kroger and JCPenney and is approximately 91 percent occupied.

Banks Crossing was purchased on behalf of Continental Realty Opportunistic Retail Investment Fund I, a private equity fund focused on acquiring value-add and income-producing retail properties in targeted submarkets throughout the United States. This represents the third retail asset acquired by the Fund and second shopping center purchased by CRC this year, following last month’s acquisition of Sweetgrass Corner, a neighborhood shopping center located in Charleston, South Carolina. which was acquired on behalf of Continental Realty Fund V, L.P., a $210.8 million private equity fund.

Additional CRC retail centers located in Georgia include North Bridges, a 106,396 square foot neighborhood shopping center in Alpharetta, and Summit at Towne Lake, a 59,722 square foot retail center in Woodstock. CRC also owns two multifamily communities in Georgia, Millworks Apartments in Atlanta and Two Addison Place in Pooler.

Developed in 1987 and renovated in 2013, Banks Crossing is situated on approximately 23 acres near the intersection of GA Routes 85 and 314. The shopping center features 29 tenant spaces, several national users such as Kroger, JC Penney, Sally Beauty, Guitar Center and Planet Fitness. Major retailers located in the immediate area include Lowe’s Home Improvement, Walmart, The Home Depot, Dick’s Sporting Goods, Publix, Burlington Coat Factory, Target and Marshall’s.

The property is located directly off Glynn Street with multiple access points, and more than 53,000 vehicles pass the site each day. Banks Crossing is situated approximately 20 miles from the greater Atlanta area. More than 67,000 consumers, with an average household income exceeding $72,000, reside within a three-mile radius of Banks Crossing. The population with a five-mile radius of the center is expected to increase 11 percent over the next five years.

Roster of high-performing national retailers forms strong tenant base

“Banks Crossing is a strategically located piece of real estate anchored by a highly successful grocer with numerous daily needs co-tenants. With excellent visibility and access, there will be several opportunities to add value over the long term including augmenting the existing tenant roster and adding modern growth users to the site,” stated Josh Dinstein, Senior Vice President, Acquisitions for Continental Realty Corporation. “By implementing proven property management protocols, we are confident in our team’s ability to build additional value in the asset. Banks Crossing is strategically located in a high-energy retail corridor and surrounded by densely populated residential communities that are projecting upward growth. These fundamentals, combined with the steeper rental rates of nearby competing centers and the asset’s diverse tenant mix, places Banks Crossing in a favorable position to demonstrate differentiation in the marketplace.”

Greater Fayetteville and Atlanta trade area projected to achieve long-term growth

According to data published by the Fayette County Development Authority, Fayette County’s population passed 120,000 last year and the area unemployment rate is currently 1.9 percent a 1.5 percent decrease from previous reports. Major area employers include Piedmont Fayette Hospital, Panasonic Automotive Systems Company and Eaton Lighting Solutions, as well as workforce partners such as Southern Crescent Technical College and several University System of Georgia educational institutions. Nearly 48 percent of all residents 25 years and older have earned a bachelor’s degree or higher.

Atlanta is recognized as the ninth largest metropolitan region in the United States and is projected to add more than 2.5 million residents by 2030, which is the highest projected growth for any Metropolitan Statistical Area (MSA) in the country. Atlanta also ranks first nationally for economic growth potential, according to Business Facilities magazine, and the area’s 5 percent year-over-year job growth compares favorably with the national average of 3.9 percent.

“Banks Crossing is a high-performing asset contained within a rapidly-expanding metropolitan area and represents an ideal addition to our retail portfolio in the southeast region of the United States,” explained JM Schapiro, CEO of Continental Realty Corporation. “The greater Atlanta and Fayette County metropolitan region is poised for sustained upward growth. Each of our retail properties in Georgia has over-achieved, which adds to our confidence in the marketplace. Banks Crossing presents another compelling opportunity to execute a proven value-add strategy with the asset to deliver solid risk-adjusted returns to our investor group.”

Headquartered in Baltimore 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 more than five million square feet of commercial space and over 9,000 apartment homes across ten states, with a portfolio value exceeding $3 billion. For additional information, visit www.crcrealty.com.

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