CRC Adds to Collection of Charleston Assets with $17M Retail Center
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.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.