Deals
Mills Corner – Lexington, SC
THE OPPORTUNITY
- Long term renewal opportunity with KJ’s with significant rental bumps
- Rental increase opportunity with 89% of the GLA up for renewal in 2020
- Rental rates well below those of neighboring shopping centers
- Minimal short-term cap ex as roof is estimated to have 12 years of life left
- Potential to add additional shop space on site
THE DEAL POINTS
- Square Feet: 42,846 SF
- Occupancy: 100%
- NOI: $238,587
- Asking Price: $2,650,000
- Cap Rate: 9.00%
THE HIGHLIGHTS
- Mills Corner is one of the Lexington area’s leading grocery anchored centers
- Only grocery anchored center on Hwy 1 between I-20 and I-26
- KJ’s is owned by W. Lee Flowers which has been in business since 1922. They own and operate 50 stores and service 40 more.
- Mills Corner is 100% leased
- 25% of tenants have been located at the center since 1995
- 50% of tenants have been located at the center for at least 8 years