Continental Realty Corp., a Baltimore-based real estate investment and management company, has purchased its seventh asset in the greater Charleston area with the $3.9 million acquisition of The Shops at Towne Centre Way.
The 7,054-square-foot retail center located at 1903 N. Highway 17 in Mount Pleasant joins the company’s portfolio. Other recent acquisitions include an off-market transaction from Church Property LLC, with Trey Lucy, principal at Belk Lucy, representing both sides in the transaction. The center is immediately adjacent to two other CRC assets: Mount Pleasant Towne Centre, a 510,000-square-foot regional shopping venue acquired by the company in 2020, and Sweetgrass Corner, a nearly 90,000-square-foot neighborhood shopping center purchased by CRC earlier this year, according to a news release.
The Shops at Towne Centre Way was purchased on behalf of Continental Realty Fund V L.P., managed by CRC. Fund V is a $210.8 million private equity fund focused on acquiring value-add retail and multifamily properties in the Mid-Atlantic and Southeast regions. This represents the 11th retail asset acquired by Fund V, following the $17 million acquisition of Sweetgrass Corner. Also through Continental Realty Fund V, in early 2022 CRC acquired 175 of the 200 apartment units contained within Sweetgrass Landing Apartments for $55 million. Since its inception, Fund V has acquired 15 retail and multifamily properties, the release said.
In the Mount Pleasant area, Fund V also owns The Six Apartments, a 92-unit community located at 2170 Snyder Circle, which was acquired in January. CRC property in the Charleston area includes Central Island Square, a mixed-use project in Daniel Island and consisting of 313 multifamily units and nearly 30,000 square feet of retail space, and West Ashley Shoppes, a nearly 140,000-square-foot neighborhood retail center across from Citadel Mall.
Constructed in 2001, The Shops at Towne Centre Way consists of four retail spaces that were 100% leased at the time of the transaction, including a nail salon, vision center and Marble Slab Creamery. The property is on a corner lot with direct exposure to Mount Pleasant Towne Center and Sweetgrass Corner between N. Highway 17 and Hungry Neck Boulevard near the intersection of Isle of Palms Connector.
“Consistent with our recent acquisitions in Mount Pleasant, we were able to identify this opportunity and conclude this sale by leveraging our long-term relationships with the seller and the local real estate community,” Josh Dinstein, senior vice president for acquisitions for Continental Realty Corp., said in the release. “An extremely high barrier to entry for new retail projects continues to exist, which increases the value and attractiveness of strong and strategically-located shopping centers such as The Shops at Towne Centre Way. It also places a premium on existing retail venues given the healthy demand among retailers that prevails in this marketplace.”