Continental Realty Corp. sells SC shopping center for $22.5M

A Baltimore-area real estate and investment company sold a retail center in South Carolina for $22.57 million.

Towson‘s Continental Realty Corp. sold West Ashley Shoppes, a 136,000-square-foot retail power center in Charleston, to Ziff Real Estate Partners. 

Also based in Charleston, Ziff Real Estate invests in neighborhood retail, self-storage, office and small bay warehouse properties. 

West Ashley Shoppes, located at 946 Orleans Road, is situated within Charleston’s West Ashley retail corridor and is anchored by Ross Dress for Less, World Market and Dollar Tree. The shopping center contains retail- and service-oriented tenants, according to a CRC release Wednesday.

“The sale of West Ashley Shoppes represents the successful execution of our business plan and the realization of the value our team was able to create throughout the hold period,” CRC executive Haley Gallagher said in the release.

“Through a disciplined leasing strategy and proactive asset management, we strengthened the tenant mix, backfilled the Bed Bath & Beyond anchor space, and positioned the center to serve a well-established retail corridor. This disposition also marks an important milestone for Fund IV as it is the last sale in the retail portion of the portfolio.”

CRC acquired West Ashley Shoppes in 2016 for $17.3 million. This year marks a decade since CRC entered the Charleston market.

Since then, the real estate firm said it has acquired the 510,000-square-foot Mount Pleasant Towne Centre; Sweetgrass Corner, a near-90,000-square-foot neighborhood shopping center in Mount Pleasant; and The Shops at Towne Centre Way.

According to a release, CRC also owns and manages four multifamily communities in the Charleston area totaling more than 900 units.