Continental Realty Corp. Completes Sale of Governors Commons in Anne Arundel County, Maryland for $9.57M

Following three previous parcelization executions, final disposition delivered total gross sale price of $20.35 million, compared to original 2019 purchase price of $16.2 million for Glen Burnie-based asset

Continental Realty Corporation (CRC), on behalf of Continental Realty Fund V, LP, has completed the sale of Governors Commons, a neighborhood shopping center located at 7311 Governor Ritchie Highway in Glen Burnie, Maryland for $9.57 million. The recent disposition follows three previous parcelization executions at the asset resulting in a total gross sale price of $20.35 million. CRC acquired the center in 2019 for $16.2 million. Dean Zang and David Crotts of Marcus & Millichap represented CRC in this sales transaction.

“Governors Commons is the latest in a series of successful shopping center divestments by CRC in recent quarters,” said Haley Donato, CRC’s Senior Vice President of Asset Management & Finance. “Over the past six months, we have completed seven dispositions, totaling nearly one million square feet of retail space. Each property has a unique story of value creation, but the consistent theme is delivering standout results. Governors Commons exemplifies the culmination of years of strategic planning and execution, making it especially rewarding to see our efforts come full circle.”

Privately held and active nationwide, with Assets Under Management (AUM) exceeding $4 billion, CRC has acquired nearly four million square feet of space since 2020, including over one million square feet in 2024. CRC currently owns and manages more than eight million square feet of retail space across 13 states. The Baltimore-based company also owns and operates a multistate, multifamily portfolio containing more than 10,000 apartment homes.

According to Donato, a significant driver of the success of the Governors Commons sale was the team’s expertise in subdividing and selling pad sites, which created significant cap rate arbitrage. CRC sold separate pad sites occupied by PNC Bank and Bubba’s 33, as well as a Gavigan’s Furniture freestanding anchor at a blended 5.3 percent cap rate.

“The strong pricing for these pads was a direct result of our in-house leasing team’s strategic efforts to extend terms, restructure to ground leases, and parcel off the anchor space for an owner-occupant,” she added.

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 over eight million square feet of commercial space and more than 10,000 apartment homes across 13 states, with a portfolio value exceeding $4 billion. For additional information, visit www.crcrealty.com.