DEALS

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

 

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