"This represented an excellent opportunity to acquire an institutional-quality lifestyle center within a very high barrier-to-entry market that serves one of Coastal Carolina's most affluent and fastest growing residential populations," said David Donato, SVP of Operations for Continental Realty Corporation. "Over the past two decades, the population the town of Mount Pleasant has doubled, and has historically grown at a rate faster than cities such as Atlanta, Austin, Denver, and Seattle."

The fourth-largest municipality in South Carolina, the median income for households in Mt. Pleasant is expected to increase by 12% over the next 12 years to more than $105,000, which is 60% higher than the Charleston MSA media. Presently, nearly 400,000 people reside within a 30-minute drive from Mount Pleasant Towne Centre with an average household income approaching $94,000. The trade area features the region's strongest housing markets with average home values exceeding $420,000, which is 44% above the next-highest submarket. The residential population has expanded by 54% since 2000 and future growth is projected to significantly outpace the national average.

"Based on our ownership of the nearby West Ashley Shoppes, our team is extremely familiar with the Charleston real estate marketplace and we have established deep relationships in the regional business and brokerage communities," Schapiro said. "In this instance we worked with The Beach Company, headquartered in Charleston, who are also an investor in the acquisition of Mount Pleasant Towne Centre. CRC and The Beach Company have had a close working relationship for over a decade."