December 1, 2022

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Mount Pleasant Towne Centre owner adds 6th Charleston-area asset with $17M retail purchase | Real Estate

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MOUNT PLEASANT — The proprietor of Mount Pleasant Towne Centre has included a neighboring retail internet site to its escalating portfolio of Charleston-location property.

Baltimore-based financial commitment firm Continental Realty Corp. announced April 20 it compensated $17 million for Sweetgrass Corner Searching Center at 1909 Freeway 17, in close proximity to the Isle of Palms Connector.

The 90,000-square-foot residence is adjacent to the much larger Belk-anchored Towne Centre, which Continental purchased in 2020 for $147 million.

Built on 10 acres in 1999, Sweetgrass Corner has 13 tenants presenting a mix of clinical and individual care providers, as nicely as sit-down and fast-relaxed dining places.

Its former key tenant, a Bi-Lo grocery retailer, closed in 2019. The former supermarket area stays vacant

Among the the current tenants are Ridiculous Mason Milkshake Bar, Charleston Sports activities Pub, Mario’s Peruvian Rooster,Tsunami Japanese Restaurant and ATI Physical Remedy.

“We have already been contacted by many anchor and junior anchor prospective clients with fascination in backfilling the Bi-Lo box,” stated Continental’s main functioning officer David Donato. “We will carry out a total promoting application and expect potent desire.”

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The serious estate agency purchased Sweetgrass Corner in an off-current market transaction from New Current market Attributes, an affiliate of Atlanta-primarily based Most popular Condominium Communities Inc.

“Sweetgrass Corner presents a scarce prospect to own a substantial tract of commercial true estate in a rapidly expanding submarket the place we proceed to commit,” mentioned Josh Dinstein, Continental’s senior vice president of acquisitions.

He cited a higher barrier to entry for new retail developments in Mount Enjoyable, which the enterprise believes will increase the price of the freshly acquired property.

“Our workforce expects to develop price by upgrading the center over time and implementing a more cost-successful residence administration system,” Dinstein explained.

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Continental CEO J.M. Schapiro stated all of the company’s homes in the Charleston area have “done above expectations” and the company will go on “to aggressively focus on new property” in what he named a climate-helpful, rising region with a constant inflow of newcomers and firms.

The browsing heart buy is the sixth in the Lowcountry for the serious estate business.

In February, the corporation paid $55.5 million for 175 units in Sweetgrass Landing Apartments at 1100 Legends Club Travel in northern Mount Pleasant. That adopted the $28.25 million acquisition the past month of The 6 Flats, a 92-device local community at 2170 Snyder Circle, about a mile north of Sweetgrass Corner and Towne Centre.

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In 2020, Continental bought the 313-device Central Island Square Residences on Daniel Island for $91.75 million.

The business also owns West Ashley Shoppes on Orleans Road throughout from Citadel Mall in West Ashley as well as two condominium communities in Greenville and Bluffton.

In all, Continental owns and manages more than 5 million sq. toes of professional place as properly as more than 9,000 apartment models in 10 states across the mid-Atlantic and Southeast.

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