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Details: Retail
Asking Price: $16,825,000
Square Feet: 102,234 SF
Asking Cap Rate: 8.00%
Year Built: 1989
NOI: $1,346,000
Commons at Magnolia
2887 David H McLeod Blvd, Florence, SC 29501
- Prime Location: Situated on the primary retail corridor in the Florence market, this property benefits from unparalleled visibility at the intersection of I-95 and I-20.
- Recent Leasing Success: The property has a proven track record of quickly backfilling any vacancies as shown with the recent addition of Michaels.
- Exceptional Curb Appeal: The well-maintained parking lot and landscaping, recently resealed and restriped, provide an inviting atmosphere for shoppers.
- Strong National Tenant Presence: The new lease with Michael’s, secured at a significantly higher rent than the previous tenant, underscores the continued national interest and confidence in this market.
- High Occupancy Rate: With a 91% occupancy rate, coupled with recent leasing and renewal activity, the center demonstrates strong and consistent demand for its retail spaces.
- Optimized Lease Structures: Staggered lease expirations provide stability and reduce the risk of multiple vacancies at any given time, ensuring a steady income stream.
- Synergistic Retail Environment: The site is part of a vibrant retail ecosystem, with neighboring anchors like Magnolia Mall, Target, several hotels, and a variety of restaurants, driving consistent foot traffic.
- High Occupancy Rates: With minimal vacancies in the surrounding submarket, the center has consistently attracted and retained tenants, ensuring a stable and profitable investment.
- Robust Traffic Counts: The asset enjoys exceptional exposure with daily traffic counts of 17,000 vehicles on David H McLeod Blvd, 50,454 on I-95, and 31,526 on I-20.
- Expansive Trade Area: The shopping center draws from a large trade area, reaching over 300,000 people within a 45-minute drive, ensuring a strong and steady customer base.
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