Baltimore’s Continental Realty acquires Utah regional shopping center

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Continental Realty Corporation (CRC), a Baltimore-based real estate investment and management company active in 12 states with more than $4 billion of Assets Under Management (AUM), has entered the Utah retail market with its acquisition of The Crossroads of Taylorsville, a nearly 630,000-square-foot super regional shopping center positioned 12 miles south of Salt Lake City in Taylorsville.

Located at 5400 S Redwood Road, the center is anchored by national retailers including Target, T.J. Maxx, HomeGoods, Ross Dress for Less, EOS Fitness, Regal Cinema, and PetSmart, and was approximately 94% leased at the time of the sales transaction.

Mark Damiani of Eastdil Secured represented the seller, TriGate Capital, LLC. CRC has now acquired more than $700 million worth of retail real estate since the beginning of 2021.

The Crossroads of Taylorsville was purchased with funds from Continental Realty Opportunistic Retail Fund I, LP (CRORF), a closed-end fund for which approximately $323 million has been raised. Since the inception of CRORF in 2021, CRC has acquired 14 retail properties comprising of approximately 3.5 million square feet of space. Since 2012, CRC has raised nearly $1 billion in equity for retail and multifamily investments across five real estate funds and multiple associated co-investments.

Delivered in 1982, the property includes 10 buildings and seven separate outparcels or multi-tenanted strip buildings and is surrounded by a free surface parking lot which can accommodate nearly 3,900 vehicles.

CRC purchased two properties last year on behalf of CRORF totaling nearly $190 million and approximately 750,000 square feet of space. This activity included the $78 million acquisition of Lakeside Village, a nearly 460,000 square foot super-regional lifestyle center located just east of Tampa, Florida, and the $110 million purchase of South Coast Collection a 292,000-square-foot luxury home furnishing and design lifestyle center in Costa Mesa, California.

Prior to its 2023 entry into southern California, CRC expanded into the suburban trade areas of Chicago and Troy, Michigan in 2021. This expansion included a portfolio of five shopping centers comprising more than 900,000 square feet of space in Cicero, Mount Prospect, Naperville and Palatine, Illinois as well as the Oakland Plaza and Oakland Square shopping centers in Troy, Michigan, which together consist of nearly 392,000 square feet of space.

Other key acquisitions included Banks Crossing, a 255,101-square-foot regional shopping center in Fayetteville, Georgia and The Shoppes at Webb Gin, a 330,000-square-foot lifestyle center in greater Atlanta.