DEALS

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

Mills Corner Virtual Deal Room