November 13, 2017
Older Shopping Centers Targeting Non-Traditional Tenants
In Davie, FL, a western suburb of Fort Lauderdale, Off the Wall, a family entertainment center, took 33,500 square feet in Ridge Plaza located at 9020-9160 W. SR-84. Off the Wall offers trampoline jumping, arcade games, sports, exercise and laser tag. Baltimore-based Continental Realty Corp. acquired the 32-year-old center this week from Regency Centers for $21.3 million.
Gene Parker, president of Continental Realty Corporation, said a recent analysis by the company showed that half of the rent revenue at projects it acquired in the past five years comes from non-retailers, including entertainment and fitness centers, schools and restaurants.
Parker said the firm must be accountable to investors, some of whom question the strategy of continuing to acquire centers as traditional retail struggles.
Continental Realty Corporation (CRC), headquartered in Baltimore and founded in 1960, is a full-service commercial real estate investment and management company. The privately-owned firm owns and manages a diversified portfolio of retail centers consisting of over 3.5 million square feet of space, as well as apartment communities featuring nearly 10,000 apartment homes. Positioned throughout the Mid-Atlantic and Southeast regions, the value of the portfolio exceeds $1.5 billion.