Kalmia Plaza
July 19, 2017 | Palomar Admin
JULY 19, 2017 | THE PALOMAR GROUP
The Palomar Group is pleased to exclusively offer Kalmia Plaza. Kalmia Plaza is a 213,662sf Food Lion anchored shopping center in Aiken, SC. The center is located on Richland Ave (US Hwy 1) at the doorstep of downtown Aiken.
The center was renovated in 2010 as CVS moved from inline to an outparcel. Subsequently, Ollie’s, Hibbett, Workout Anytime, and others were added to the tenant lineup, demonstrating a strong
leasing environment. Only two tenants have term expiring in 2017. Anchor tenant stability has been added to Kalmia Plaza with Food Lion recently giving their Renewal Notice. Kalmia Plaza has experienced strong Jr. Anchor leasing activity with Ollie’s and Workout Anytime being added as tenants since 2014. Tenants occupying 70,207sf (32.6% of the center) expire in 2020. Built in rental increases on the majority of small shop tenants offer an investor good organic growth with limited rollover during the first three years of ownership. With almost 31% vacancy an investor should be able to increase the NOI substantially through lease up.
INVESTMENT DETAILS:
- Address: 1520 Richland Ave, Aiken, SC
- Year Built: 1968
- Year Renovated: 2010
- NOI: $683,500
- Price: Market to Determine
- Occupancy: 69.6%
- Square Feet: 213,662
- Site Size: 20.63 acres
- Tenants: Food Lion, Ollie’s, Hibbett Sports, Rose’s, Workout Anytime, Citi Trends, Waffle House
- Debt: Free and Clear
PROPERTY HIGHLIGHTS:
- Food Lion has experienced almost $2,000,000 in annual sales growth since 2010
- Positive leasing trend among nationals with Ollie’s, Hibbett Sports, and Workout Anytime
- Built in Rental increases allow for substantial organic growth
- 60% of income made up of Anchor Tenants
- 85.5% of income made up of National Tenants
Kalmia Plaza Virtual Deal Room