Real estate investment and management acquired asset in 2021 at 68% occupancy
(Photo credit: Continental Realty Corporation)
Continental Realty Corporation (CRC), a Baltimore-based real estate investment and management company active in 10 states and with a portfolio value exceeding $3.6 billion, has signed five new tenants, totaling nearly 35,000 square feet of space, at Oakland Plaza to elevate occupancy at the 172,000 square foot Troy, Michigan shopping center to 97 percent. In 2021 CRC acquired the asset, located in the John R Road retail hub, at 68 percent occupancy. Daniel Stern, Eric Unatin, Jared Gell and Eric Birnholtz of Mid-America Real Estate Group represented the landlord in all five transactions.
The most recent leases are with Kid’s Empire (14,579 square feet), a children’s indoor play park and entertainment center; sports-themed apparel retailer Rally House (9,000 square feet); Korean BBQ and Hot Pot restaurant Meat Up BBQ (4,646 square feet); Paris Banh Mi (3,600 square feet), a quick-service restaurant specializing in French bakery items and bubble tea and Bahn Mi sandwiches; and Mochinut (2,571 square feet), a quick-service restaurant serving gourmet mochi donuts and corn dogs.
Kid’s Empire is a national concept featuring floor-to-ceiling climbing walls, play structures, sliding and riding equipment and a drop-in ball pit designed to provide an active and healthy play environment for youngsters. A separate fun block arena provides kids the opportunity to create their own giant structures, and The Maze is designed to challenge youngsters to navigate obstacles and develop their cognitive skills. Additional age-appropriate areas offer bouncing, crawling, dancing, riding, and sliding opportunities. Kid’s Empire operates in 17 states, and this location joins a site in Kalamazoo and is expected to open in mid-2024
Rally House sells officially licensed NCAA, Major League Baseball, National Football League, National Hockey League, National Basketball Association and Major Soccer League apparel, gear, and gifts. The national retailer, which opened in July at Oakland Plaza, also markets vintage merchandise, including the Cooperstown Collection and its own RALLY Brand offering locally exclusive t-shirts, cold-weather gear, drinkware, toys, and games. This is Rally House’s ninth location in Michigan.
Paris Banh Mi opened for business in late April and both Meat Up BBQ and Mochinut are expected to be operational later this year.
This leasing activity follows several shopping center upgrades completed by CRC designed to improve the customer experience and elevate the overall aesthetics of Oakland Plaza. The improvement strategy encompassed repainting the entire center, updating, and modernizing the color scheme, making parking lot repairs, and repaving the surface parking lot.
Delivered in 1979 and renovated by the previous ownership group in 1994 and 2014, Oakland Plaza consists of three buildings and three outparcels comprising 171,518 square feet of retail space. The center is anchored by Michael’s, Planet Fitness and TJ Maxx, with additional tenants including Sally Beauty Supply, and Vitamin Shoppe. The average tenure for existing roster is 19 years. According to Placer.ai, a market research company that reports on consumer behavior by tracking store visits, this is the number one Michael’s in the state of Michigan.
“We had the opportunity to diversify our tenant mix at Oakland Plaza by adding restaurant, family entertainment, and additional apparel retailers to the center,” explained CRC’s Kristina O’Keefe, Vice President, Commercial Division. “We have succeeded in complementing our existing tenants and attracting new and compelling uses to the community.”
Oakland Plaza is situated across the street from the 1.5 million square foot Oakland Mall. Nearly 300,000 people reside within a five-mile radius of the centers, including more than 126,000 households with average household incomes exceeding $84,000. More than 32,000 vehicles pass the site on a daily basis via John R Road.
Major employers in the greater Troy area include Fortune 500 company Kelly Services, Bank of America, Dupont Automotive, J.D. Power & Associates, High Tech Finance, PNC Financial Services and The Woodbridge Group. Troy is ranked as the safest city in Michigan; the best city in which to raise a family in the state, according to Niche Rankings; the fourth best small city in the United States to start a business in; and 24/7 Wall Street calls it the seventh best city to live in the United States. More than 85,000 people reside in Troy.
Headquartered in Baltimore, Maryland and founded in 1960, Continental Realty Corporation is a full-service commercial real estate and investment company focused on acquiring and operating retail and multifamily properties. The privately held firm owns and manages a diversified portfolio of retail centers consisting of nearly eight million square feet of commercial space and over 9,000 apartment homes across 10 states, with a portfolio value exceeding $3.6 billion. For additional information, visit www.crcrealty.com.
