West Side Plaza
Value-Add Shopping Center in Columbia, SC
Marketing description
Berkeley Capital Advisors is pleased to exclusively present the opportunity to acquire West Side Plaza in Columbia, SC. The shopping center features exceptional credit anchors including Hobby Lobby and a newly signed Advanced Auto Parts.
West Side Plaza is well positioned at the signalized intersection off of Augusta Rd/Hwy 1 (33,300 VPD) and is less than half a mile from I-26 (88,700 VPD). This provides maximum exposure and accessibility from some of West Columbia’s primary thoroughfares. The asset also presents significant mark-to-market opportunities with 8 tenants having leases expiring in the next five years with no options remaining. In addition, there is the opportunity for a new investor to take over the ~ 25K SF carve out from the Hobby Lobby space and execute on the national tenant interest generating nearly $300K in additional rent at the center.
West Side Plaza is located in Columbia, SC and pulls from an oversized trade area with 63% of the assets’ visitors traveling form over 10 miles away to shop at this property. This property offers investors the opportunity to own a strong performing asset in a high growth market in Columbia, SC.
Investment highlights
National Tenant Lineup: West Side Plaza benefits from a rent roll comprised of nationally recognized tenants, which include a new lease for Advance Auto, Hobby Lobby, Dollar Tree, Harbor Freight and more. Investors can find confidence in the rent roll given that the anchor and junior anchor tenants are responsible for over 75% of the property’s income.
Significant Compounded Annual Growth Rate: West Side Plaza has a significant 10-year CAGR at 5.03% and a 63.40% NOI growth rate providing a future investor with the opportunity to acquire a high growth asset.
Mark to Market Opportunity: Several of the tenants at Westside Plaza are paying rents well below prevailing rental rates. Of the 21 tenants at the center, 8 of them have leases expiring within the next five years with no remaining options. This coupled with the strong tenant demand in the trade area presents an opportunity to enhance returns and gain value over the hold period.
Strong Leasing Momentum: Ownership recently executed a fresh 10-year lease with Advance Auto further proving the desirability of this location for national retailers.
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