Continental Realty Corporation (CRC), a Baltimore-based real estate investment and management firm, has purchased its seventh asset in the greater Charleston, South Carolina metro area with the $3.9 million acquisition of The Shops at Towne Center Way, a 7,054 square foot mall at 1903 N. Highway 17 in Mount Pleasant.
CRC acquired this asset in an off-market transaction from Church Property LLC, together with Trey Lucy, principal at Belk | Lucy representing both parties in the transaction.
The center is immediately adjacent to two CRC assets: Mount Pleasant Towne Centre, a 510,000 square foot regional shopping center acquired by the company in 2020, and Sweetgrass Corner, a nearly 90,000 square foot neighborhood shopping center purchased by CRC earlier this year.
The Shops at Towne Center Way was purchased on behalf of Continental Realty Fund V, LP, managed by CRC. Fund V is a $210.8 million private equity fund focused on acquiring value-added commercial and multifamily properties in the Mid-Atlantic and Southeast regions. This is the 11th commercial asset acquired by Fund V, following the acquisition of Sweetgrass Corner for $17 million. Also through Continental Realty Fund V, in early 2022 CRC acquired 175 of the 200 apartments contained in Sweetgrass Landing Apartments for $55 million. Since its inception, Fund V has acquired a total of 15 commercial and multi-family properties.
In the Mount Pleasant area, Fund V also owns The Six Apartments, a 92-unit community at 2170 Snyder Circle in Mount Pleasant that was acquired in January. CRC now owns seven assets in the greater Charleston area, including Central Island Square, a mixed-use project within the 4,000-acre planned community of Daniel Island and comprised of 313 multi-family units and nearly 30,000 square feet of retail space; and West Ashley Shoppes, a nearly 140,000 square foot neighborhood mall across from the Citadel Mall.
Built in 2001, The Shops at Towne Center 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 asset is located 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 Isle of Palms connector intersection.
Nearly 45,000 vehicles pass through the site daily via U.S. Highway 17, and the center is located on a strategic corridor connecting Mount Pleasant to Charleston, with direct connections to Interstate 526 serving nearby towns on Daniel Island, North Charleston and West Ashley. Nearly 60,000 consumers, with an average household income over $125,000, reside within a three-mile radius of The Shops at Towne Center Way.