Continental Realty Corp., a Baltimore-based real estate investment and management company, has acquired The Summit at Towne Lake, a 59,772-square-foot, 98 percent occupied neighborhood shopping center in Woodstock, anchored by LA Fitness. Located in a suburb approximately 30 miles north of downtown Atlanta, the shopping center was purchased for $11.6 million. Formerly owned by a joint venture between Atlanta-based RCG Ventures LLC and New York City-based DRA Advisors LLC, The Summit at Towne Lake becomes the second retail center and third property owned and managed by CRC in Georgia. Bryan Belk of Franklin Street represented both the buyer and the seller.
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, aided in purchasing the property. The Summit at Towne Lake represents the eighth retail property and 10th property overall acquired by the fund.