Continental Realty Corporation, has acquired the West Ashley Shoppes retail center in Charleston, South Carolina for $17.3 million. The 136,242 sqf retail center located at 946 Orleans Road, was approximately 93 percent leased at the time of the purchase. The center is anchored by Bed Bath & Beyond, Cost Plus World Market, Ross Dress for Less, and Party City. The purchase was executed on behalf Continental Realty Fund IV, L.P., which targets value-add retail and multifamily properties in the Mid-Atlantic and southeast regions. The asset was purchased from T West Ashley SC who was represented by Kyle Stonis and Pierce Mayson of SRS Real Estate Partners. Colliers International have been selected as the exclusive leasing brokers for the asset and will also assume property management responsibilities.
“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 submarket 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”.
