Baltimore, MD-based Continental Realty Corporation has purchased The Shops at Towne Centre Way, a 7,054-square-foot retail center in the Charleston submarket of Mount Pleasant, SC, for $3.9 million.

CRC acquired the asset in an off-market transaction from Church Property, LLC, with Trey Lucy of Belk | Lucy representing both sides.

The Shops at Towne Centre Way was purchased on behalf of Continental Realty Fund V, L.P., a $210.8 million private equity fund that now owns six additional properties in the Charleston market including:

• Sweetgrass Landing Apartments (acquired 2022, $56 million)
• The Six Apartments (acquired 2022, $28 million)
• Sweetgrass Corner (acquired 2022, $17 million)
• Mount Pleasant Towne Center (acquired 2020, $147 million)
• Central Island Square (acquired 2020, $92 million)
• West Ashley Shoppes (acquired 2016, $17 million)

The 2001-constructed Shops at Towne Centre Way consists of four retail spaces that were 100% leased at sale.

“An extremely high barrier to entry for new retail projects (in Mount Pleasant) continues to exist, which increases the value and attractiveness of strong and strategically-located shopping centers such as The Shops at Towne Centre Way,” said Josh Dinstein, SVP, acquisitions for CRC.