May 15, 2019
CRC Acquires Governors Commons 129,242 SF Center in Anne Arundel County, MD
CRC has announced the acquisition of Governors Commons, a 129,242 square foot shopping center located at 7311 Ritchie Highway in Glen Burnie, Maryland for $16.2 million. Mathew Adler, Geoffrey Millerd, and Chris Huesgen of Newmark Knight Frank brokered the transaction. Joe Donato of Newmark Knight Frank brokered the financing for the acquisition. The neighborhood shopping center, which was 100% leased and occupied at the time of the purchase, is anchored by Gavigan’s Furniture and includes a diverse tenant mix including national and local retailers and restaurant groups.
Positioned at the intersection of Ritchie Highway (MD Route 2) and Sixth Avenue, the shopping center sits on 21.8 acres and features an existing lineup of tenants that includes Gavigan’s Furniture, Pep Boys, Sake Japanese Steakhouse, Goodwill Industries, and Dollar Tree. PNC Bank and Bubba’s 33 restaurant also occupy separate pad sites at the center. Nearly 85,000 people reside within a three-mile radius of Governors Commons, with an average household income approaching $80,000.
“We were especially drawn to the opportunity to acquire a well-located, large parcel fronting Ritchie Highway at a very attractive going-in yield and well below replacement cost with the ability to execute our thesis and improve the center for the long-term,” stated Paul Kang, Vice President of Acquisitions, Continental Realty Corporation. “Locally-owned Gavigan’s Furniture has been at the center for a long time and recently extended with a long-term lease showing their commitment to this site. The center has a solid tenant mix of discount retail, service, and strong-performing food operators. We see this as a very solid risk- adjusted yield in an area that we know very well. Continental takes pride in being able to acquire an asset in our community and help local businesses flourish.”
More than 25,000 vehicles pass Governors Commons on a daily basis via Ritchie Highway and the center’s primary point of entry is a signalized entrance at the intersection of Ritchie Highway and Sixth Avenue. In addition, the project features an abundance of parking and is located within close proximity to MD Route 10 (Arundel Expressway) and Interstate 97, a major north-south highway serving Anne Arundel County.
Continental Realty Corporation (CRC), is focused on acquiring value-add retail and multifamily properties, located throughout the Mid-Atlantic and Southeast regions of the United States. Headquartered in Baltimore and founded in 1960, CRC is a full-service commercial real estate and investment company. The privately-owned firm owns and manages a diversified portfolio of retail centers, consisting of over 4 million square feet of commercial space, as well as almost 10,000 apartment homes. Positioned throughout the Mid-Atlantic and Southeast regions, the portfolio’s value exceeds $2 billion.
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