Continental Realty Corporation (CRC), a Baltimore-based real estate investment and management company, has purchased its sixth asset in the greater Charleston, South Carolina metropolitan area with the $17 million acquisition of Sweetgrass Corner, a nearly 90,000 square foot neighborhood shopping center in Mount Pleasant.
Located at 1909 N. Hwy. 17, CRC acquired this asset in an off-market transaction from New Market Properties, a subsidiary of Preferred Apartment Communities Inc. The center is adjacent to Mount Pleasant Towne Centre, a 510,000 square foot regional shopping venue acquired by CRC in 2020.
Sweetgrass Corner was purchased on behalf of Continental Realty Fund V, L.P., and a co-investment vehicle related to Fund V, both 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 10th retail asset acquired by Fund V, following last year’s acquisition of South Plains Crossing, a 144,241-square-foot retail center in Lubbock, Texas and it closely follows Fund V’s purchase, earlier this year, of Sweetgrass Landing Apartments for $55.5 million. Since its inception, Fund V has acquired 14 retail and multifamily properties.
In addition to Mount Pleasant Towne Centre and Sweetgrass Landing Apartments, Fund V owns The Six Apartments, a 92-unit community located at 2170 Snyder Circle in Mount Pleasant, which CRC acquired in January. CRC Funds now own six assets in the greater Charleston area, including Central Island Square, a mixed-use project within the 4,000-acre master-planned community of 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 near downtown Charleston.
Delivered in 1999 and situated on approximately 10 acres between N Highway 17 and Hungry Neck Boulevard at the intersection of Isle of Palms Connector, Sweetgrass Corner features 13 tenants offering a mix of medical and personal care services, as well as sit-down and fast-casual restaurants. The site was formerly anchored by a BI-LO supermarket which was shuttered as part of a strategic decision by its parent company in 2019.
Nearly 45,000 vehicles pass the site on a daily basis via U.S. Highway 17, and the center is located on a strategic corridor connecting Mount Pleasant to Charleston, with direct links to Interstate 526 serving the nearby towns of Daniel Island, North Charleston and West Ashley. Nearly 60,000 consumers, with an average household income exceeding $125,000, reside within a three-mile radius of Sweetgrass Corner.