Mount Pleasant Towne Centre sold for $147 million

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Baltimore-based Continental Realty Corp. has acquired Mount Pleasant Towne Centre from a joint venture for approximately $147 million.

The purchase of the 510,000-square-foot open-air shopping center continues a string of purchases by Continental, which acquired five shopping centers for approximately $225 million over the past year.

Joint venture Miller Capital Advisory and the California Public Employees’ Retirement System were the seller on the Mount Pleasant property. They were represented by Eastdil Secured.

According to a news release, Mount Pleasant Towne Centre was 96.4% leased and occupied at the time of the purchase. The nearly 70 tenants at the shopping center include a mix of national, regional and local businesses, such as Belk, Regal Cinemas, Hustle Smoothie Bar and Palmetto Moon.

Continental CEO J.M. Schapiro said a robust housing market and healthy labor market, plus above-industry sales, attracted the company to the property. He said no other venue in the market provides a similar scope of entertainment, restaurant and retail offerings.

“Measured by any metric, Mount Pleasant Towne Centre is an irreplaceable real estate property that represents the ideal high-value asset we seek for our investors,” Schapiro said. “Based on our ownership of the nearby West Ashley Shoppes, our team is extremely familiar with the Charleston real estate marketplace and we have established deep relations in the regional business and brokerage communities.”

West Ashley Shoppes is located on Orleans Road across from Citadel Mall. Anchor tenants include Ross Dress for Less, Bed Bath & Beyond, and Cost Plus World Market.

Schapiro said The Beach Co. in Charleston is also an investor in the acquisition. The two companies have worked closely for more than a decade, he said.

Beach Co. President and CEO John Darby said his company stands ready to offer its services to ensure the Mount Pleasant Towne Centre remains a successful, vibrant asset to Mount Pleasant and the Charleston region.

The transaction represents the largest acquisition in Continental Realty Corp.’s 60-year history, the news release said. Senior Vice President David Donato said Continental plans to take Mount Pleasant Towne Centre’s tenant mix “to the next level” to deliver solid risk-adjusted return to investors.