FEATURED ACQUISITION

Haywood Plaza Shopping Center

Greenville, SC
|
93357
square feet

Haywood Plaza is a 93,357 SF shopping center situated in a dense retail and commercial sub-market of Greenville, SC. It is in an excellent location on a highly trafficked thoroughfare across the interstate from the largest and highest grossing super-regional mall in South Carolina.

  • Acquired in December 2016 for $7.3 mm, or $78/SF (approximately 50% - 60% of replacement cost)
  • Downside protection – acquired at well below replacement cost with excellent opportunity to upgrade existing tenant base due to under management by previous owner
  • Necessity based retail with significant percentage of service oriented tenants
  • Potential for additional value creation- a significant portion of the in place rents are below market levels (current in place rents at $8.81/SF)
  • Ability to upgrade existing tenant base and lease remaining vacancies (currently 92.8% occupied with 39% of the center leased to national or regional tenants)
  • Property is in good condition, although needs approximately $550,000 in immediate capital improvements, including parking lot, roof and lighting upgrades (capitalized at closing)
  • Strong current cash flow – we anticipate year one cash on cash returns to our LPs in the 10.5% range
  • We project years 1-4 annual average cash on cash returns to LPs: 10.95%
  • Projected IRR to LPs: 15.1%
  • Anticipated multiple on $ Invested (MOM) over 5 years to LPs: 1.79x
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