DEALS

Deals

South Park – Aiken, SC

  • Fresh Market anchored asset with 7 years of term remaining
  • The Fresh Market opened at the property in 2013, providing a critical upscale grocery component that is ideally
    tailored to cater to the affluent customer base in the Aiken market
  • Anchor stability with no near term expirations of Fresh Market (2026) or Party City (2024)
  • South Park offers an investor organic growth of almost 6% over the first 5 years through rental increases and
    renewals already built in to current leases
  • All tenants who have had expiring lease terms have renewed with rental increases
  • Little short term rollover with only 19% of GLA expiring in the next 5 years
  • Well maintained Shopping Center in great physical condition having been fully renovated in 2013
  • 1.3 acre outparcel pad with engineered plans for a 9,600sf building with potential to add over $200,000 in
    revenue
  • New roof was installed in 2013 with warranty until 2028
  • Population growth of almost 6% in 5 mile radius since 2010
  • Being the largest polo community in the USA, Aiken sees an influx of high net worth part time residents
  • Job growth in trade area expected to grow by 34% over the next 10 years
INVESTMENT DETAILS
  • Price: Market to Determine
  • Cap Rate: Market to Determine
  • Size: 55,583 SF (9,600 sf pad)
  • Occupancy: 100%
  • Average Weighted Rents: $9.19psf
LOCATION HIGHLIGHTS
  • • Situated along Whiskey Rd, which is the largest retail corridor in Aiken
  • Multiple access points with lighted intersection
  • Target,Walmart, Kroger, Publix, Lowe’s, Home Depot, Academy Sports and more are located along the corridor.
  • It is the premier shopping destination in the Aiken market.
  • Excellent visibility and access
  • Southern Living named the City of Aiken its No. 1 small town for 2018