Continental Realty Corporation has completed the disposition of two retail properties in Mount Pleasant, South Carolina, totaling 95,370 square feet. The assets, Sweetgrass Corner and The Shops at Towne Centre Way, are situated at 1903 and 1909 Highway 17 North and were fully leased at the time of sale. Both properties sit near Mount Pleasant Towne Centre, a 510,000-square-foot lifestyle center that Continental Realty Corporation owns adjacent to the sites.
The company assembled the two centers in 2022 as part of a broader effort to strengthen the retail landscape around Mount Pleasant Towne Centre. Continental Realty Corporation acquired Sweetgrass Corner for $17 million and The Shops at Towne Centre Way for $3.9 million. The strategy focused on repositioning underutilized space and improving tenant mix around the existing lifestyle center to create a more cohesive retail environment.
When Continental Realty Corporation acquired Sweetgrass Corner, the neighborhood shopping center was largely vacant. At that time, the property was approximately 33 percent leased and included a 59,824-square-foot former BI-LO grocery store that had been dark for more than two years. The significant vacancy at Sweetgrass Corner contrasted with the scale and activity level of the nearby Mount Pleasant Towne Centre.
Following the acquisition, Continental Realty Corporation executed a redevelopment and leasing program that transformed Sweetgrass Corner into a fully leased retail destination. The former BI-LO box and the broader center are now anchored by Trader Joe’s, HomeSense and Golf Galaxy, establishing a new anchor lineup that materially changed the profile of the property. The company successfully backfilled the long-vacant grocery space and upgraded the overall merchandising mix.
The Shops at Towne Centre Way, acquired alongside Sweetgrass Corner, contributed additional fully leased retail space along Highway 17 North at the time of the sale. Together, the two centers support the broader trade area around Mount Pleasant Towne Centre and extend the reach of the adjacent 510,000-square-foot lifestyle destination. Although sale pricing and buyer details were not disclosed, the transaction caps a hold period during which Continental Realty Corporation moved Sweetgrass Corner from mostly vacant to fully stabilized occupancy.
By bringing new national and specialty retail anchors to the former BI-LO space and leasing up the remainder of the center, Continental Realty Corporation repositioned Sweetgrass Corner into a performing asset prior to disposition. The sale of the two fully leased properties reflects the execution of the company’s plan to enhance the retail fabric around Mount Pleasant Towne Centre while realizing value from the improved assets.
