Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. Approval for Deal Room access requires review by our Broker Team. You will be notified by email once your access is granted. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.
I accept the confidentiality agreement I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Year Built 1986
Building Area
Occupancy 97.0 %

Property Description

Jones Lang LaSalle, a North Carolina licensed real estate broker (“JLL”), has been retained as the exclusive sales representative for Lancer Center (“the Property” or “the Center”), a 178,626 SF super regional grocery-anchored center which includes tenants KJ’s Market, Badcock Furniture, Big Lots!, and Harbor Freight Tools. The 97% occupied Property is located in Lancaster, SC, a historic city situated less than an hour drive from Charlotte, NC. Residing on Highway 9 Bypass W, Lancaster’s retail thoroughfare, the Property benefits from an average of roughly 13,500 VPD (“Vehicles per Day”). Lancer Center is an attractive shopping center located just a 5-minute drive from Downtown Lancaster and directly next to University of South Carolina - Lancaster, which has an enrollment of 1,600 students. Additionally, the Property resides near the headquarters of some major companies, including Continental Tires (600+ employees), Movement Mortgage (725+ employees), and Red Ventures (3,600+ employees). This offering is a great opportunity to own a stabilized asset in an expanding market with excellent retail fundamentals and employment drivers.

Investment Highlights

  • Super Regional Shopping Center - Lancer Center has excellent drawing power being located in the main retail corridor with limited retail competition due to its close proximity to downtown Lancaster, SC. Some surrounding retailers include Walmart, Home Depot, Belk, Tractor Supply Co., and many major quick-serve restaurants.
  • Brand Name Tenants with Long-Term Tenancy - KJ’s Market, Big Lots, Citi Trends, and Harbor Freight Tools are all nationally recognized brands with at least two (2) five-year options to renew remaining. These tenants represent 53% of the entire Property GLA. In addition, 47% of the GLA has been a tenant at the shopping center for more than 10 years.
  • Stable Retail Market Inventory in Lancaster - Lancaster currently holds more than 2.4 million square feet of retail product, with more than 16,000 square feet under construction. The trade area’s low vacancy rate (1.4%) yielded market rent growth of 4.1% from 2018 to 2019.
Last Updated Date: 02 Nov 2020
Thomas Kolarczyk
Thomas Kolarczyk
Senior Director, Capital Markets
License details
NC-276931
Ryan Eklund
Ryan Eklund
Director, Capital Markets
License details
NC-286222 SC-115530

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Last Updated Date: 02 Nov 2020

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