Pelham Road Heats Up
- Pelham Road is revamped and expanding.
- Grocers continue to reposition in the Upstate market.
Pelham Road Taking Off
Pelham Road, a retail corridor currently being revamped and expanding, was traveled by an average 19,500 cars a day in 2015. Pelham Road runs perpendicular to Interstate 85, which runs north to Charlotte and south to Atlanta. The one-mile corridor stretching from Boiling Springs Road to I-85 is surrounded by popular residential neighborhoods with immediate access to many of the region’s major employers. Synnex (1,400 employees), Michelin’s North American Headquarters (430 employees), Bausch & Lomb (640 employees), ScanSource (600 employees) and the Greenville Health System are located on Pelham Road. BMW is three exits to the north of the corridor towards Spartanburg and General Electric is two exits to the south.
It is estimated that 80,300 people live within a ten-minute drive of the densest retail area of Pelham Road. According to ESRI, in 2021, the population living within the same area will be 87,600, 9.1% growth. There are 33,500 households with an average household income of $86,500 in the trade area. ESRI projects the number of households will increase to 36,500 and the average household income will increase by 9.2% to $94,400 by 2021.
The Pelham Road corridor recently saw the redevelopment of the Earth Fare-anchored Pelham 85 shopping center, which is now expanding by 44,000 square feet. Additionally, construction has begun at the new Shoppes at Pelham. The development will be anchored by a 49,000-square-foot Lowes Foods and include 17,000 square feet of shop space. These two developments will expand the retail bookend of the Pelham Road corridor, which currently has just three grocer-anchored shopping centers, all of which are at full occupancy. Demand is strong in the corridor and will be met by these new speculative retail spaces and raising asking rental rates to a range between $29 and $30 NNN PSF/YR.
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