National neighborhood grocery store chain signs 14,000 square foot lease with Continental Realty Corporation, elevating occupancy of 90,000 square foot shopping center to 82 percent
(Photo credit: Continental Realty Corporation)
Trader Joe’s has selected Sweetgrass Corner for the national grocery store chain’s second location in the greater Charleston, South Carolina region and fourth in the state, joining sites in Columbia and Greenville. The California-based group, which operates more than 570 stores across the country, signed a lease with Continental Realty Corporation (CRC) for 14,000 square feet, elevating occupancy at the 90,000 square foot shopping center to 82 percent. CRC, a Baltimore-based real estate investment and management company, acquired Sweetgrass Corner, located at 1909 N Highway 17 in spring 2022.
Trader Joe’s is a national chain of neighborhood grocery stores committed to providing customers outstanding values—the best quality products at the best everyday prices—and a welcoming, rewarding shopping experience. From unique foods and beverages that consumers won’t find anywhere else to daily staples like milk, eggs, and bananas, Trader Joe’s offers a wide selection of products, all of which have been approved by the Trader Joe’s tasting panel.
As a neighborhood grocery store, every Trader Joe’s store donates 100% of products that go unsold but remain fit to enjoy to a wide range of food banks and food recovery agencies, seven days a week. In 2023, the company donated more than 469 million dollars’ worth of food & beverages to our non-profit partners in communities across the country. Trader Joe’s began in 1967 in the Los Angeles area and has since expanded to more than 545 stores in 42 states and Washington, D.C.
Situated between N Highway 17 and Hungry Neck Boulevard at the intersection of Isle of Palms Connector, Sweetgrass Corner features 13 existing retail tenants offering a mix of personal care services as well as sit-down and fast-casual restaurants. Upon its opening, Trader Joe’s will occupy a portion of the site formerly anchored by a BI-LO supermarket, which was shuttered as part of a strategic decision by its parent company in 2019. CRC is working with two other tenants to fill the remaining space in the former BI-LO box and expects to announce signed leases shortly.
Nearly 45,000 vehicles pass the site on a daily basis via US Highway 17 North, and the center is located on a strategic corridor connecting Mount Pleasant to Charleston, with direct links to Interstate 526 serving the nearby towns of Daniel Island, North Charleston and West Ashley. Nearly 60,000 consumers, with an average household income exceeding $125,000, reside within a three-mile radius of Sweetgrass Corner.
“Trader Joe’s is a best-in-class anchor tenant, and we are thrilled to have them at Sweetgrass Corner,” explained David Donato, CRC’s Chief Operating Officer. “It is a testament to the demographic profile and business environment of the Town of Mt. Pleasant that a second Trader Joe’s store is warranted here. We look forward to the positive impacts Trader Joe’s will have on the in-line tenants who have been without an anchor tenant for so long.”
The Mount Pleasant area’s median household income is expected to increase by 13 percent over the next five years to more than $113,000. The area’s population grew 33 percent between 2010 and 2020 and home values rose by more than 75 percent% over the past decade. Sweetgrass Corner is located within the Charleston Metropolitan Statistical Area (MSA), recognized as the fourth-largest municipality in South Carolina.
Major employment centers of Charleston and North Charleston include Joint Base Charleston (36,000 employees), Medical University of South Carolina (13,000 employees), The Boeing Company (8,200 employees) and the Berkeley County School District (approximately 7,000 employees). Nearly seven million tourists visit the area annually, injecting more than $7 billion into the local economy.
Headquartered in Baltimore, Maryland and founded in 1960, Continental Realty Corporation is a full-service commercial real estate and investment company focused on acquiring and operating retail and multifamily properties. The privately held firm owns and manages a diversified portfolio of retail centers consisting of almost eight million square feet of commercial space and over 9,000 apartment homes across 11 states, with a portfolio value exceeding $3.7 billion. For additional information, visit www.crcrealty.com.
