MOUNT PLEASANT, S.C. (WCBD) – Mount Pleasant Towne Centre has been sold to Continental Realty Corporation (CRC), a Baltimore-based real estate investment and management company, for $147 million.
CRC’s Senior Vice President of Operations, David Donato, said that “Towne Centre is the dominant open-air retail center in the Charleston market…[and] it is highly unlikely a property similar in nature will ever be built again in this submarket.”
Towne Centre is considered ‘prime real estate’ not only for its retail success, but also for its location.
The 50+ acre property sits “on a strategic corridor connecting Mount Pleasant to Charleston,” with nearly 65,000 vehicles passing the center each day, and “more than 42,000 consumers with an average household income approaching $125,000” living within a three-mile radius.
“JM Schapiro, CEO of CRC, said “measured by any metric, Mount Pleasant Towne Centre is an irreplaceable real estate property that represents the ideal high-value asset we seek for our investors.”
CRC plans to capitalize on the already in place momentum of Towne Centre:
“With the Hyatt Place hotel construction completed and the upcoming multi-million-dollar Regal movie theater upgrade in the works, we see significant value-add on the horizon. We look forward to delivering a solid risk-adjusted return to our investors with the execution of our leasing and asset management strategy.”