northtowne corners - loopnet · 2017. 9. 27. · tri-county technical college 626 higher educations...
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NORTHTOWNE CORNERS3812 LIBERTY HIGHWAY | ANDERSON, SC OFFERING MEMORANDUM
Property Name Northtowne Corners
Property Address 3812 Liberty Hwy
Property City, State Anderson, SC
Annual NOI $219,469
Occupancy 100%
Building Square Footage 14,250
Year Built/Renovated 1993
Parcel Size 2.14 Acres
Price Market to Determine
NOTHTOWNE CORNERS
OFFERING SUMMARY
Walmart Shadow Center with National Tenants
Long term, Stable Occupancy with Recent Renewals
Busy and Growing Market
Strategic Location Between Walmart, and Sam’s Club
Attractive Cash Flow Compared to Single Tenant Deals
INVESTMENT HIGHLIGHTS
SITE PLAN
Suite Tenant Name SF
A Sally Beauty Co., Inc 1,600
B1 Happy Nails & Spa 1,620
B3 VAPE Shop 1,530
C CATO Corp 6,500
E GameStop 3,000
TOTAL SQUARE FEET 14,250
AB1B3
C
E
Walmart
Brown Road Access & I-85
Sam’s Club
Occupied
NORTHTOWNE CORNERS
AERIAL
CONVENIENCE RESULTING IN GROWTHConveniently located on I-85 in Upstate South, Anderson County is home to more than 190,000 with the City of Anderson being its largest municipality. The commercial and industrial business in Anderson continues to grow with nearly 1.4 million residents in the Upstate and close proximity to several major hubs, including Greenville, SC; the Port of Charleston, SC; Charlotte, NC and Atlanta, GA; and minutes from the Greenville-Spartanburg International Airport. Some of the new business that have come to Anderson recently include Michelin North America, McLaughlin Body Company, SMF, Lollis Metals, Watson Engineering, First Quality Tissue, and E&I Engineering.
HIGHER EDUCATION LEADING TO A STRONGER WORKFORCEAnderson University continues to welcome record freshman classes, reflecting a trend in increasing popularity unlike at any time in the school’s history. In fact, Anderson University is the fastest growing private university in South Carolina over the past 11 years. To accommodate the growth, in the past seven years AU has constructed a new library, five new residence halls, and a state-of-the-art School of Nursing, which opened in 2012. Once housed on some 68 acres in the Boulevard Historic District in Anderson; AU now boasts 271 acres and continues to expand to accommodate its increasing popularity with the nation’s top high school graduates.
TREMENDOUS QUALITY OF LIFE AND LOW COST OF LIVINGRecognized nationally in magazines such as Southern Living and Where to Retire (Which named Anderson one of the country’s “Top Places to Retire”) is proof that Anderson County is a great place to live. With enormous growth in every sector of our quality of life including below average cost of living (-12%), much new growth has occured in the housing market. Community leaders continue to offer vast improvements to recreational venues and millions of dollars are invested each year by the City of Anderson and Anderson County to make the community a place worth calling home. The area includes diverse neighborhoods – including lake front properties, gold communities, farm land and apartment communities – along with low property taxes, a less-expensive cost of living, superior health care, and exceptional education.
Company Employees Product/Service
AnMed Health 3462 Healthcare
Electrolux 1863 Refrigerators
Anderson County School District 5 1759 Public Education
State of South Carolina 1631 State Government
Robert Bosch Corporation 1200 Automotive components
Anderson County Government 1000 County Government
Anderson County School District 1 981 Public Education
Michelin North America, Inc. 900 Rubber tire products
Glen Raven Custom Fabrics, LLC 650 Outdoor performance fabrics
Tri-County Technical College 626 Higher educations
First Quality Tissue 610 Ultra-premium towel/bath tissue
Anderson University 545 Higher education
JPS Composite Materials Corp. 500 Woven fiberglass substrates
The Timken Company 500 Automotive parts
Walgreens Distribution Center 500 Distribution center
City of Anderson 4500 Government
TTI NA, Inc. 450 Corporate headquarters, power-tools
Milliken-Cushman Facility (Williamston) 400 Yarn
Major Employers by Facility (250+)
ANDERSON OVERVIEW
TENANT SF SUITE NUMBER
LEASE COMMENCEMENT
LEASE EXPIRATION
BASE RENT PSF
RECOVERIES PSF
BASE RENT
OPER. EXP.RECOVERIES
GROSS RENT PSF OPTIONS REIMBURSEMENTS
Sally Beauty Co., Inc 1,600 A 11/1/2008 10/31/2018 $17.54 $4.43 $28,064 $7,087 $35,151 $21.97 One (5)-Year NNN
Happy Nails & Spa 1,620 B1 12/1/2009 11/30/2019 $18.15 $4.43 $29,403 $7,175 $36,578 $22.58 None NNN
Saleh Ayedh Vape Shop 1,530 B3 9/1/2017 8/31/2020 $17.00 $4.43 $26,010 $6,777 $32,787 $21.43 Three (1)-Year NNN
CATO Corp 6,500 C 9/1/2009 1/31/2021 $13.50 $4.43 $87,750 $28,789 $116,539 $17.93 One (5)-Year NNN
GameStop 3,000 E 9/1/2009 1/31/2022 $19.50 $4.43 $58,500 $13,287 $71,787 $23.93 One (3)-Year NNN
Total Occupied 14,250 $16.12 $4.43 $229,727 $63,115 $292,842 $20.55
Vacant Suites0
Total Vacancy 0
Total Square Footage 14,250
Effective Gross Income $292,842 $20.55
ExpensesOperating Expenses ($17,700) -$1.24Real Estate Taxes ($39,831) -$2.80
Insurance ($2,910) -$0.20Management Fee (4.00%) ($10,795) -$0.76Reserves ($0.15 / SF) ($2,138) -$0.15
Total Expenses ($73,373) -$5.15
Net Operating Income $219,469 $15.40
Fiscal Year Ending - May 31
IN-PLACE INCOME
LIMITING CONDITIONSCushman & Wakefield is the exclusive agent for the sale of this property and, as such, will act as the Seller’s Agent. Consequently, the prospective purchaser should not disclose any confidential information to Cushman & Wakefield.
This Offering Memorandum was prepared by Cushman & Wakefield, and has been reviewed by Seller. It contains selected information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information that a prospective purchaser may desire. All financial projections are provided for general reference purposes only and are based on assumptions relating to the general economy, competition, and other factors that, therefore, are subject to material change or variation. An opportunity to inspect the Property will be made available to qualified prospective purchasers.
In this Offering Memorandum, certain documents, including leases and other materials, are described in summary form and do not purport to be complete nor, necessarily, accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to independently review all documents.
This Offering Memorandum is subject to prior placement, errors, omissions, changes, or withdrawal without notice and does not constitute a recommendation, endorsement, or advice as to the value of the Property by Cushman & Wakefield, or the Seller. Each prospective purchaser is to rely upon its own investigation, evaluation, and judgment as to the advisability of purchasing the Property described herein.
Seller expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or to terminate discussions with any party at any time with or without notice. Seller shall have no legal commitment or obligation to any purchaser reviewing this Offering Memorandum or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by the Seller, and any conditions to Seller’s obligations thereunder have been satisfied or waived. Cushman & Wakefield is not authorized to make any representations or agreements on behalf of Seller.
This Offering Memorandum is the property of Cushman & Wakefield, and may be used only by parties approved by Cushman & Wakefield. The Property is privately offered, and by accepting this Offering Memorandum, the party in possession hereof agrees (i) to return it to Cushman & Wakefield, and (ii) that this Offering Memorandum and its contents are of a confidential nature and will be held and treated in the strictest confidence. No portion of this Offering Memorandum may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of Cushman & Wakefield and Seller. The terms and conditions set forth above apply to this Offering Memorandum in its entirety.
Cushman & Wakefield 550 S. Tryon Street | Suite 3400 Charlotte, NC 28202 + 1 704 375 7771 | cushmanwakefield.com
550 South Tryon Street Suite 3400 | Charlotte, NC 28202 | +1 704 375 7771
EXPERIENCE A NEW LEADERIN COMMERCIAL REAL ESTATE SERVICES.
SAM YOUNGInvestment Advisor
+1 704 887 [email protected]
DAVID HOPPEInvestment Advisor+ 1 704 335 4446