Deals
Verizon – Columbia, SC
THE OPPORTUNITY
- The property is located in Irmo, the dominant retail submarket of Columbia, SC
- Columbiana Centre Mall is located across the street from the subject property
- Verizon remodeled the location in 2019
- The asset benefits from full access off Columbiana Dr
- Vacancies in the market are at their lowest points this cycle
- An investor will have an opportunity for organic NOI growth through Verizon’s rent escalations in 2027 and in the subsequent options
THE DEAL POINTS
- Square Feet: 6,000 SF
- NOI: $160,020
- Asking Cap Rate: 6.40%
- Remaining Term: 8 Years
- Asking Price: $2,500,000
- Year Built: 1995
THE HIGHLIGHTS
- NN Lease
- Landlord Responsible for roof and structure
- Verizon has 25 years of operating history at this location
- Verizon is the largest U.S. wireless communications service provider
- 155 million mobile subscribers
- $131B in T-12 revenue ending 3/31/20
- $31.61B Q1 2020 revenue
- 135,400 employees
- Investment Grade A-3 Moody’s Credit Rating