Atlantic Capital Partners, in partnership with RI Marketplace, has been engaged to offer for sale Widewater Square, a value-add retail shopping center located just 6.6 miles from the central business district of the fast-growing city of Columbia, SC, the State Capital and home to the University of South Carolina and many other thriving businesses. With limited retail center competition in the immediate surrounding area, a dense and growing neighborhood and population, and a large parcel on an extremely busy road (35k VPD), Widewater Square is prime for a redevelopment to another use or repositioning of the current asset along with an injection of fresh capital to update the center in order to recruit new tenants to lease up the remaining vacancy. With a plan in place, the new owner has the chance to experience exceptional property appreciation and regional/national tenant attraction during a 10-year hold period given the strong market fundamentals of Columbia, SC and the Carolinas as a whole. Totaling 3 buildings and 106,457 square feet, Widewater Square is currently 43% occupied with 12 tenants, comprised of local, regional, and national tenants, creating a synergistic relationship amongst the tenant line-up. Mainly occupied by service-oriented tenants, this property has been able to withstand the difficult circumstances that the COVID-19 pandemic brought upon many retailers all across the world. Overall the center has been well maintained since it’s construction. The Widewater Square auction will begin on October 25th and is scheduled to end on October 27th, 2021 on the RI Marketplace platform. Widewater Square provides an investor with an excellent opportunity to acquire a shopping center with stable in place income, with significant upside potential by leasing up, redeveloping, or repositioning the property.
- Significant Upside Potential – 43% occupied with potential to reposition, repurpose, or redevelop the center | The center can also be revitalized through capital improvements and by leasing up the remaining 57% of the center, which would result in a high cash flow upon stabilization
- Commitment from Current Tenant Lineup – 14.6 year average tenancy by current tenant lineup | Multiple Tenants have recently expressed long-term interest in their suites
- Investment Flexibility – A potential investor can capitalize on the flexibility that 3 different buildings provide as the large center in the back could be re-purposed for self-storage, medical, or distribution, while still maintaining the retail out front
- Potential to Decrease Expense Slippage – Most non-reimbursable expenses will become reimbursable or will be decreased to minimal amounts as the center’s occupancy increases with new NNN leases
- Dense & Growing Demographics – Population of 118,861 wtihin a 5-mile radius | Positive population growth rates expected within a 1, 3, and 5-mile radius
- Excellent Exposure to High Traffic Counts – Broad River Rd (34,800 VPD) |St Andrews Road (14,700 VPD)
- Ease of Access from 3 Roads – 2 points of ingress/egress on Metze Rd | 1 point of ingress/ egress on Broad River Rd (34,800 VPD)| 1 point of ingress/egress on St Andrews Rd (14,700 VPD)