Continental Realty Corp. pays $34m for adjacent retail centers in Detroit
Continental Realty Corp. has paid $34 million for Oakland Plaza and Oakland Square, two adjacent regional shopping destinations totaling 391,749 square feet in the suburban Detroit community of Troy, Mich.
JLL Capital Markets advised the seller.
Oakland Plaza is situated on 17.164 acres at 124, 300 and 268–390 John R. Road adjacent to Oakland Square, which is on a 23.48-acre site at 500–650 and 740 John R. Road that includes unimproved land for future development. This highly visible location is near Interstate 75 and exposes the properties to a combined 68,000 vehicles per day at the intersection of 14 Mile and John R. roads. Located in a dense corridor that is greater Detroit’s top retail destination, the centers are supported by strong demographics that include 269,600 residents earning an average annual household income of $89,000 living within a five-mile radius of the center.
The properties were originally constructed in the 1970s, 1980s and 1990s,