FEATURED ACQUISITION

Belvedere Plaza

Anderson, SC
|
151985
square feet

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
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