A 136,242-square-foot shopping center in West Ashley was recently sold to a Baltimore-based real estate investment and management company, according to a news release.
Continental Realty Corp. purchased West Ashley Shoppes, at 946 Orleans Road across from Citadel Mall, on behalf of Continental Realty Fund IV L.P., from T West Ashley SC LLC for $17.3 million, the news release said.
This is the third retail property purchased by the fund, which has been acquiring retail and multifamily properties in the mid-Atlantic and Southeast, the news release said.
“West Ashley is among the few neighborhoods offering quick access to downtown Charleston,” Paul Kang, vice president of acquisitions for Continental Realty Corp., said in the release. “The large amount of wetlands in the area creates a high barriers-to-entry environment, making it very difficult to develop any new shopping centers of scale. Many retailers in this submarket are thriving, and the owners of several older centers are reinvesting capital and upgrading their properties by way of redevelopment or anchor re-tenanting. Given these fundamentals and ongoing residential growth in the market, this is an exciting addition to our portfolio.”
West Ashley Shoppes was built in 1987 and renovated in 2003, and it was 93% occupied at the time of the purchase, the news release said. Its stores include Bed Bath & Beyond, Cost Plus World Market, Ross Dress for Less and Party City.
“West Ashley Shoppes has an extremely appealing tenant mix, boasting national-brand clothing and houseware retailers, and we are additionally encouraged by the upcoming relocation of Once Upon a Child to West Ashley Shoppes,” David Donato, senior vice president of the commercial division for Continental Realty Corp., said in the release. “We strongly believe we can build on the success of the in-place tenants and continue to fill the available units with compelling local, regional and national retailers and service providers that will further improve the customer’s experience at the center.”
The leasing brokers for West Ashley Shoppes are now John Orr and Elyse Welch from Colliers International.