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Continental Realty Corp. enters Texas market with $18.25M acquisition

In addition to the 70,000-square-foot Hobby Lobby, the center is anchored by Spec’s, a 33,060 square foot store offering wine, beer, spirits and gourmet food items; Vision Mart, a 10,000 square foot store selling eyeglasses and offering eye exams; as well as complementary retailers engaged in the financial, health, food and beauty categories. (Photo courtesy of Continental Realty Corp.)

In addition to the 70,000-square-foot Hobby Lobby, the center is anchored by Spec’s, a 33,060 square foot store offering wine, beer, spirits and gourmet food items; Vision Mart, a 10,000 square foot store selling eyeglasses and offering eye exams; as well as complementary retailers engaged in the financial, health, food and beauty categories. (Photo courtesy of Continental Realty Corp.)

Continental Realty Corporation (CRC), a Baltimore-based real estate investment and management company, has acquired South Plains Crossing, a 144,241-square-foot retail center in Lubbock, Texas, that’s anchored by Hobby Lobby, for $18.25 million.

The asset, formerly owned by a joint venture between Atlanta-based RCG Ventures LLC and New York City-headquartered DRA Advisors LLC, was 94% leased with 11 tenants at the time of the acquisition.

The transaction represents CRC’s initial entry into the Texas real estate market.

The asset was purchased on behalf of Continental Realty Fund V, L.P., a $210.8 million private equity fund focused on acquiring value-add retail and multifamily properties in the mid-Atlantic and Southeast regions.

This represents the ninth retail property and 11th asset overall acquired by the fund, after last month’s acquisition of Two Addison Place, a 325-unit multifamily community at 2 Addison Place near Savannah, Georgia, for $58.35 million. Continental Realty Fund V has acquired about $188 million worth of retail property since the beginning of 2020.

Delivered in 1996 and located on about 12 acres at 6802 Slide Road, South Plains Crossing is positioned near the signalized intersection of 69th Street and Slide Road, and is composed of a tenant mix of national and locally-owned retailers.

In addition to the 70,000-square-foot Hobby Lobby, the center is anchored by Spec’s, a 33,060-square-foot store offering wine, beer, spirits and gourmet food items; Vision Mart, a 10,000-square-foot store selling eyeglasses and offering eye exams; as well as complementary retailers engaged in the financial, health, food and beauty categories. On-site parking is available for more than 800 vehicles.


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