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Shopping Strip

Garners Ferry Crossing

7546 Garners Ferry Rd, Columbia, SC 29209

Listing Price: $7,500,000

Cap Rate
7.56%
Gross SF
45,270
Rentable SF
45,270
Price/Gross SF
$165.67
Lot Size
4.72 acres
Year Built
2004

Investment Overview

94% leased 45,270 square feet Garners Ferry Crossing shopping center is shadow anchored by Walmart Supercenter in Columbia, South Carolina. In-built rent increases in 2022 and beyond for 5 of the tenants, rent escalations for most during options, tenure of over 15 years for majority of the tenants, 70% of the center in occupancy by national and regional tenants, increasing store sales, population and economic growth in the area, higher than average US household income, synergized tenant mix, Walmart draw, high traffic count make for a great long term investment. Sale is subject to existing loan approximately $4.75M with 1% assumption fee. The total return is approximately 12% at listed price of $7,500,000 with a potential for consistent increase in yield. The grass area in the middle of the center is under discussion for land lease by a 186-unit strong operator. The 2,800 square feet vacancy has a service-oriented prospect. Great Clips and JD’s Fashion are expected to extend their term. Marbella’s renewal probability is low due to tenant health issues.

Investment Highlights

  • 94% leased Columbia, SC center shadow anchored by Walmart Supercenter
  • Increasing store sales, in-built rent increases, low Shoe Show rent
  • 12.29% Total Return, approximately $4.75M existing loan assumption with 1% fee, $166 PSF
  • New Seven Years lease with Lotus Thai Dining. Upside through land lease with 186 Unit Strong Operator and 2,800 Sq Ft Vacancy
  • 70% of the center is occupied by National and Regional tenants
  • Close proximity to Fort Jackson Military Training Center with over 23,000 residents and 7,600 full-time employees
  • Great visibility from Garners Ferry Road (U.S. 76/378) with an average traffic count of 40,000 vehicles per day
  • Great visibility from Garners Ferry Road (U.S. 76/378) with an average traffic count of 40,000 vehicles per da

Exclusively Listed By

Broker of Record

  • Drew Babcock

    First Vice President Investments

    (803) 678-4900

    License(s) SC: 39872

    South Carolina

Listing Price: $7,500,000

Cap Rate
7.56%
Gross SF
45,270
Rentable SF
45,270
Price/Gross SF
$165.67
Lot Size
4.72 acres
Year Built
2004

Investment Highlights

  • 94% leased Columbia, SC center shadow anchored by Walmart Supercenter
  • Increasing store sales, in-built rent increases, low Shoe Show rent
  • 12.29% Total Return, approximately $4.75M existing loan assumption with 1% fee, $166 PSF
  • New Seven Years lease with Lotus Thai Dining. Upside through land lease with 186 Unit Strong Operator and 2,800 Sq Ft Vacancy
  • 70% of the center is occupied by National and Regional tenants
  • Close proximity to Fort Jackson Military Training Center with over 23,000 residents and 7,600 full-time employees
  • Great visibility from Garners Ferry Road (U.S. 76/378) with an average traffic count of 40,000 vehicles per day
  • Great visibility from Garners Ferry Road (U.S. 76/378) with an average traffic count of 40,000 vehicles per da

Investment Overview

94% leased 45,270 square feet Garners Ferry Crossing shopping center is shadow anchored by Walmart Supercenter in Columbia, South Carolina. In-built rent increases in 2022 and beyond for 5 of the tenants, rent escalations for most during options, tenure of over 15 years for majority of the tenants, 70% of the center in occupancy by national and regional tenants, increasing store sales, population and economic growth in the area, higher than average US household income, synergized tenant mix, Walmart draw, high traffic count make for a great long term investment. Sale is subject to existing loan approximately $4.75M with 1% assumption fee. The total return is approximately 12% at listed price of $7,500,000 with a potential for consistent increase in yield. The grass area in the middle of the center is under discussion for land lease by a 186-unit strong operator. The 2,800 square feet vacancy has a service-oriented prospect. Great Clips and JD’s Fashion are expected to extend their term. Marbella’s renewal probability is low due to tenant health issues.

Exclusively Listed By

Broker of Record

  • Drew Babcock

    First Vice President Investments

    (803) 678-4900

    License(s): SC: 39872

    South Carolina

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