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4400 Dorchester RdNorth Charleston, SC 29405
Brentwood Plaza
Asset ClassRetail
Square Feet79,000
Occupancy: 98.46%Land: 7.71 AcresAccess Data Room
Food Lion & CVS Anchored | Mark to Market Opportunity
overview of deal

Overview

Franklin Street is pleased to present the opportunity to acquire Brentwood Plaza in North Charleston, South Carolina. Charleston has emerged as one of the Southeast’s most balanced and consistently growing coastal markets. Driven by strong tourism and one of the largest ports on the eastern seaboard. Major advanced-manufacturing employers continue to expand in the market, including Boeing’s $1 billion production investment and Volvo’s ongoing automotive production growth. North Charleston is experiencing significant growth and new developments, including the redevelopment of the Navy Yard that will bring more than 1.2 million square feet of new office space, residences, shopping, and dining to North Charleston. Brentwood Plaza is a 79,000 SF Food Lion and CVS anchored center near Charleston International Airport. The property is conveniently located less than a mile from both I-526 (80,600 VPD) and I-26 (104,000 VPD). Food Lion has limited competition in the immediate area and does not have another location within 4.5 miles in any direction. The center has experienced strong stable tenant history, as both anchors have been in their spaces for 30+ years and completed significant remodels recently. Food Lion remains the most visited grocer in the state of South Carolina and has 164 units in the state. Ownership has complete several capital projects recently and within the last 3 years all roofs were replaced on the property, with new transferable warranties.

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Investment Highlights

  • Food Lion & CVS Anchored Shopping Center in the Charleston Market
  • Outstanding Rent Growth Opportunity: Much of the small shop tenants leases rollover in next 2 years averaging $11 PSF, while newer renovated centers on the corridor are capturing low $20s PSF for small shop spaces
  • Strong Tenancy Duration: Weighted Average Tenancy of 27 Years Amongst Tenants
  • Growing Anchor Sales: Food Lion (+18.6% last 4 years)
  • Significant Future Mark to Market Opportunity on Wells Fargo Ground Lease: Only paying $19,166 annually
  • Excellent Visibility on Dorchester Rd: 22,300 VPD
  • Dense Growing Market: 132,000+ residents within 5 mile radius
  • CVS Recently Completed Full Renovation of Their Store: Extended their lease until 2035 and added Oak Street Health to the location
  • Various Recent Property Upgrades: New roofs, LED lighting, restriped parking lot
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4400 Dorchester RdNorth Charleston, SC 29405

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