October 25, 2016
CRC Acquires 136,000 SF Shopping Center in Charleston, SC for $17.3 Million
Acquisition represents sixth for Continental Realty Fund IV, a $164 million fund that seeks value-add retail and multifamily opportunities
Continental Realty Corporation, a Baltimore-based real estate investment and management company, has acquired West Ashley Shoppes, a 136,242 square foot retail center located at 946 Orleans Road in Charleston, South Carolina for $17.3 million. The asset was purchased from T West Ashley SC, LLC, who was represented by Kyle Stonis and Pierce Mayson of SRS Real Estate Partners.
The shopping center was approximately 93% occupied at the time of the purchase and acquired on behalf of Continental Realty Fund IV, L.P., which is focused on acquiring value-add retail and multifamily properties in the Mid-Atlantic and Southeast regions, and represents the third retail property purchased by the Fund and sixth overall.
West Ashley Shoppes, which services the Charleston sub-market of West Ashley, was constructed in 1987 and renovated in 2003. Fronting Orleans Road, the asset is positioned directly adjacent to the Citadel Mall and is contained within the major retail big-box cluster of this area which includes Best Buy, Dick’s Sporting Goods, Dillard’s, JCPenney and Target. The center is anchored by four national credit tenants in Bed Bath & Beyond, Cost Plus World Market, Ross Dress for Less, and Party City. The average household income within a three-mile radius of the property exceeds $62,000 and more than 122,000 people reside within a five-mile radius.
“West Ashley is among the few neighborhoods offering quick access to downtown Charleston,” explained Paul Kang, Vice President of Acquisitions for Continental Realty Corporation. “The large amount of wetlands in the area creates a high barriers-to-entry environment making it very difficult to develop any new shopping centers of scale. Many retailers in this sub-market are thriving and the owners of several older centers are reinvesting capital and upgrading their properties by way of redevelopment or anchor re-tenanting. Given these fundamentals and on-going residential growth in the market, this is an exciting addition to our portfolio”.
“West Ashley Shoppes has an extremely appealing tenant mix, boasting national brand clothing and houseware retailers and we are additionally encouraged by the upcoming relocation of Once Upon a Child to West Ashley Shoppes,” according to David Donato, Senior Vice President of the Commercial Division for Continental Realty Corporation. “We strongly believe we can build on the success of the in-place tenants and continue to fill the available units with compelling local, regional and national retailers and service providers that will further improve the customer’s experience at the center.”
John Orr and Elyse Welch from Colliers International have been selected as the exclusive leasing brokers for the West Ashley Shoppes. Colliers International will assume property management responsibilities.