Baltimore, MD-based Continental Realty Corporation has purchased its sixth asset in the greater Charleston, SC metropolitan area with the $17-million acquisition of Sweetgrass Corner, a 90,000-square-foot neighborhood shopping center.

CRC acquired the asset in an off-market transaction from New Market Properties, a subsidiary of Preferred Apartment Communities, Inc.

The property is located at 1909 N Highway 17 in Mount Pleasant 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.

The transaction represents the tenth retail asset acquired by Fund V and follows this year’s earlier acquisition of Sweetgrass Landing Apartments for $55.5 million.