Baltimore real estate firm sells SC retail properties

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Continental Realty Corp., a Baltimore-area real estate investment and management company, has completed the sale of Sweetgrass Corner and The Shops at Towne Centre Way in Mount Pleasant, South Carolina, the firm announced Thursday. 

The properties, located at 1903 and 1909 North Highway 17, span a combined 95,370 square feet and were fully occupied by tenants at the time of sale, according to a release. CRC purchased the retail assets in 2022; The Shops at Towne Centre Way was acquired by CRC for $3.9 million while Sweetgrass Corner was purchased for $17 million.

CRC did not share the assets’ selling price in a release announcing the transaction. 

The sale concludes a successful repositioning of the adjacent retail assets, which CRC acquired in 2022 as part of a broader strategy to enhance and strengthen the retail environment surrounding Mount Pleasant Towne Centre, the company’s adjacent 510,000-square-foot lifestyle center.

“We saw an opportunity to reposition an underperforming asset, elevate the tenancy and create a stronger retail environment alongside Mount Pleasant Towne Centre,” CRC chief operating officer Haley Gallagher said in a release.

“The transformation of Sweetgrass Corner reflects the strength of our operating platform, our retailer relationships and our conviction in the Mount Pleasant market. We are proud of the outcome and the value created through our team’s execution.”

According to a CRC release, the firm used capital investment, strategic leasing and active asset management to transform Sweetgrass Corner into a fully leased retail destination. Adjacent to Mount Pleasant Town Centre, Sweetgrass Corner is anchored by Trader Joe’s, HomeSense and Golf Galaxy. 

In addition to its retail profile in the Charleston-area market, CRC owns and manages roughly 1,000 apartment homes in the region, including residential communities in Mount Pleasant, Daniel Island and Summerville.