Continental Realty Corp. Acquires 136K SF Charleston Retail Center for $22.6M

Baltimore-based Continental Realty Corp. has acquired the West Ashley Shoppes in Charleston, South Carolina, for $22.6 million. The 136,327-square-foot shopping center is tenanted by national retailers including Ross Dress for Less, Dollar Tree, and Cost Plus World Market, and was 90% leased at the time of sale with approximately 13,000 square feet available.

Key Details

Continental Realty Corp., acting through Continental Realty Fund IV LP, purchased the property from Ziff Real Estate Partners (ZRP), a locally based firm, according to Shopping Center Business. The shopping center is located at 946 Orleans Road in Charleston's West Ashley neighborhood, across from Citadel Mall.

The purchase price of $22.6 million represents one of the larger retail trades in the Charleston metro area in recent months. Financial terms regarding any assumed debt or equity structures were not disclosed. Tom Kolarczyk of JLL represented the seller in the transaction.

West Ashley Shoppes benefits from its position in one of Charleston's most densely populated residential corridors, serving as a daily-needs destination for the surrounding community.

Market Context

Charleston's retail sector has remained resilient despite broader headwinds facing the commercial real estate industry. The West Ashley submarket, located just west of the downtown peninsula, has become particularly attractive to investors seeking stable cash flow without the pricing premium associated with core urban assets.

For CRE professionals, the acquisition underscores continued institutional appetite for necessity-based retail in Southeast growth markets. The trade also reflects ZRP's decision to divest an asset it had owned for approximately 10 years, redeploying capital from a well-stabilized property.

As interest rates stabilize and transaction volume begins recovering from recent lows, expect additional retail portfolio activity in markets like Charleston, where demographic fundamentals support long-term demand for well-positioned commercial assets.