Shoppes of Walterboro
2098 Bells Highway Walterboro, SC 29488
- 332 Square Feet
- For Sale
Sean Glickman, CCIM, with the Milano–Glickman Retail Team and Managing Director at Colliers International is proud to offer for sale the Shoppes of Walterboro, a 53,330 square foot Walmart Supercenter shadow anchored shopping center located in the Charleston MSA of South Carolina. The property is 94% occupied with an excellent tenant mix, 76% of which is comprised of national brands. This is an excellent opportunity to acquire a stabilized asset that serves the greater community as the dominant retail hub.
IDEAL TENANT ROSTER BOASTING NATIONAL BRANDS
- Over 76% of the currently occupied GLA is comprised of national brands.
- Six of the tenants, totaling to nearly 57% of the currently occupied space, have a proven track record of continued success at this location since the center was developed in 2007.
- The tenant mix is ideal for the demographics and complements Walmart Supercenter creating a synergy that attracts value-oriented consumers.
- 43% of the tenants are web-resilient.
STRATEGICALLY LOCATED NECESSITY RETAIL WITH REGIONAL DRAW
- Walterboro, located within the Charleston MSA, serves the greater trade area that is comprised of many small, rural towns that offer limited retail and service options.
- Seeing over 42,000± VPD, I-95 allows for excellent visibility and ease of access creating regional draw.
- Given that the closest Walmart Supercenter is nearly 35 miles away, this location is a true destination and is almost the only play in town that offers necessity-driven retail and services.
VALUE ADD POTENTIAL
- Six of the tenants pay well below market rent.
- Re-leasing the vacant unit will add over $60,000 to the current NOI.
CHARLESTON IS A THRIVING MSA
- The population of the Charleston MSA in 2015 was estimated to be 727,689, the third highest in the state. The city is one of the most sought after by retailers and investors.
- The Port of Charleston is the thirteenth largest container seaport in North America and the fourth-largest container seaport on the East Coast. It is set to drastically benefit from the Panama Canal expansion.
- Charleston is a major tourist destination with many luxury hotels, award-winning restaurants, and quality shopping.
-In 2013, the Milken Institute ranked the Charleston region the ninth-best performing economy in the U.S., mostly due to the growing IT sector.
RECENTLY CONSTRUCTED MASTER PLANNED DEVELOPMENT
- The subject property is a part of a master plan that includes Walmart Supercenter, both of which were delivered in 2007.
- Other properties that are a part of the master plan include Wash Wizard Car Wash, Zaxby’s, Verizon Wireless, Fat Jack’s, and Murphy Oil, some of which were recently developed.
- The roof will remain under warranty until 6/11/2022.
ATTRACTIVE FINANCING TERMS
- The purchaser must assume a non-recourse, CMBS loan with a 4.23% interest rate, lower than the current rates for newly originated loans in this rising interest rate environment.
- The loan has more than eight (8) years remaining with an original thirty (30) year amortization schedule.
- At the current offering price, the current loan balance is at 70% loan-to-value.
Property Status: For Sale
Lot Size: 322344 Square Feet
Building Size: 53330 Square Feet
Area Available: 332 Square Feet