Continental Realty Corporation has closed its Continental Realty Opportunistic Retail Fund I, LP, a close-ended fund. It raised $240 million in equity, broken down to $200 million for the fund itself and $40 million in the two co-investment vehicles. The fund was formed to acquire distressed, opportunistic and value-add retail properties across the U.S.
So far CRC has acquired nine retail properties within the fund comprising nearly 1.9 million square feet of space. Six of the nine properties are grocery anchored and CRC has now entered the suburban Chicago, Illinois and Troy, Michigan trade areas. At this point, the fund is already over one third invested.