The Summit at Towne Lake, a shopping center anchored by LA Fitness in Woodstock, has been purchased by Baltimore-based Continental Realty Corporation for $11.6 million.
The Summit at Towne Lake, at 2060 Eagle Drive in Woodstock, is 59,772 square feet, and 98% occupied, according to the real estate investment and management company.
Formerly owned by a joint venture between Atlanta-based RCG Ventures, LLC and New York City-headquartered DRA Advisors LLC, The Summit at Towne Lake becomes the second retail center and third asset owned and managed by CRC in Georgia.
The shopping center was purchased on behalf of Continental Realty Fund V, L.P., a $210.8 million private equity fund. This represents the eighth retail property and tenth asset overall acquired by the fund. Continental Realty reports the fund has now acquired about $170 million worth of retail property since the beginning of 2020.