Belvedere Plaza is a 151,985 square foot discount-oriented community shopping center positioned on Anderson, SC’s premier retail corridor. With a mix of national and regional anchor tenants, the center benefits from the draw these high profile tenants create. 41% of the rent roll has been in the center for at least 24 years, demonstrating their commitment to this asset while also highlighting the quality of the real estate.
- Attractive Pricing: Purchased at 10% cap rate in upstate SC, one of America’s fastest growing markets, will provide us great yield as we execute on our business plan for the center.
- Extend Anchor Tenants: Hamrick’s and Farmer’s Furniture have already committed to lease extensions, helping drive cap rate compression.
- Relocate Tenant: Workout Anytime currently occupies the best outparcel on the thoroughfare and we are in discussions to relocate them when their lease is up in 2020.
- Leasing Opportunity Upside: Currently 13,000 sf in a market where demand is high and space is scarce.
- Rental Pricing Power: With the high historical occupancy rates, we have the ability to push the lower rents up to market, thus providing steady NOI growth.
- Potential Outparcel Sales: There are two desirable occupied outparcels that come with the property and possibly a third that can be carved out of the parking lot pending necessary approvals.
- Tenant Mix: As opposed to “mom and pop” shops, 95% of the tenant base are either national or regional operators, which makes for a more predictable income stream.
- 5 Year Projected IRR: 17.13% annualized