Woodstock, Ga. — Continental Realty Corp. has acquired The Summit at Towne Lake, a 59,772-square-foot shopping center anchored by LA Fitness in the Atlanta suburb of Woodstock, for $11.6 million. Bryan Belk of Franklin Street represented both the buyer and the seller, a joint venture between RCG Ventures and DRA Advisors, in the transaction. Constructed in 2009, the center is located at 2060 Eagle Drive within the Towne Lake master-planned community. The property is 98 percent occupied by tenants including Marco’s Pizza, Palm Beach Tan and Family Orthodontics. The approximately 8.5-acre site includes three retail buildings and a surface parking lot that can accommodate 419 cars. The property 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.
Continental Realty Corp. Acquires LA Fitness-Anchored Center in Metro Atlanta for $11.6 Million