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A Baltimore-based retail investor acquired a shopping plaza on Cape Cod for roughly $17M less than the previous owner paid in 2022.
Continental Realty Corp. bought the 258K SF Southwind Plaza at 65 Independence Drive and 990 Iyannough Road in Hyannis for $44.1M, according to public records.
The seller, Dallas-based Bandera Ventures, bought the plaza for $61.7M from Wilder Cos. in 2022, the Cape Cod Times reported.
The shopping center opened in the 1980s. Its tenants include Home Depot, Kohl's and Ethan Allen. It has two large retail spaces available, one of them the former home of a Whole Foods Market grocery store that relocated to a nearby development.
That project, led by Boston-based WS Development, was a redevelopment of the former Capetown Plaza property and is now branded as The Landing at Hyannis. It broke ground in 2019, and in October the developer welcomed three retailers and opened the 42K SF Whole Foods.
Continental Realty Corp. owns more than 9,000 apartment units and more than 7M SF of retail and commercial properties across the country. In April 2023, the firm raised $240M to invest in more open-air retail properties nationwide.
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