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O F F E R I N G S U M M A R Y
N O R T H C H A R L E S T O N , S C
N O R T H R I V E R S
TO W N E C E N T E RA P R E M I E R V A L U E - A D D N E I G H B O R H O O D C O M M U N I T Y C E N T E R
2 | EXECUTIVE SUMMARY
THE INVESTMENT OPPORTUNITY
E XECUTIVE SU M M A RY
PROPERTY SUMMARY
Address 7250 Rivers Avenue, North Charleston, SC 29406
Site Size 13.34 acres
Occupancy 73.3%
Parking 725 spaces (5.13 spaces/1,000 SF)
GLA 141,463 SF
Traffic Counts 45,600 VPD on Rivers Avenue190,600 VPD on Interstate 26
Anchor Tenants Ross Dress for Less, Bed Bath & Beyond, Target (shadow), and Office Depot
Year Built 2003
Price Best offer
Holliday Fenoglio Fowler, L.P. (“HFF”) has been retained as the exclusive sales representative for North Rivers Towne Center, a 141,463 SF neighborhood shopping center anchored by Ross Dress for Less, Bed Bath & Beyond, Target (shadow), and Office Depot. The 73% occupied Property is located in North Charleston, SC along the highly trafficked Rivers Avenue corridor (45,600 VPD) and has convenient access off exit 85 on Interstate 26 (190,600 VPD).
North Rivers Towne Center is an attractive value-add investment opportunity that is positioned along a retail corridor that enjoys some of the highest retail sales volumes in the state of South Carolina. Most notably, Northwoods Mall (1 mile away) is the highest grossing mall in the region and draws over 12 million visitors annually. In addition, this captive retail market of North Charleston benefits from two major employers, the Joint Base Charleston (22,000+ employees) and Boeing’s Dreamliner manufacturing plant. This is a unique chance to own a value-add asset in a thriving market with excellent retail traffic, employment drivers, and student population (Charleston Southern University and Trident Technical College).
12TH 35,000 NO. 5FASTEST-GROWING METRO AREA IN THE U.S.
EXPECTED NEW JOBS ADDED BY 2023
MOST PROSPEROUS CITY IN THE US (NORTH CHARLESTON) RENTCafe
DEMOGRAPHIC HIGHLIGHTS
CHARLESTON METRO HIGHLIGHTS
NO. 5
64,000POPULATION WITHIN 3 MILE RADIUS
$58,000ESTIMATED AVERAGE HOUSEHOLD INCOMEWITHIN 3 MILE RADIUS
57%COLLEGE GRADUATE OR BETTER WITHIN 3 MILE RADIUS
TOP STATES FOR DOING BUSINESS Area Development
NORTH CHARLESTON - HOME TO BOEING SOUTH CAROLINA• 6th largest employer in the state• 7,500+ North Charleston Boeing employees• More than 355 aerospace-related companies have opened in the state since 2010
(year after Boeing announced North Charleston manufacturing location)
10%PROJECTED POPULATION GROWTH IN THE NEXT 5 YEARS
NORTH RIVERS TOWNE CENTER | 3
CHARLESTON INTERNATIONAL AIRPORT6.5 Miles Away
JOINT BASE CHARLESTON5.8 Miles Away
TRIDENT TECHNICAL COLLEGE+15,000 students
DOWNTOWN CHARLESTON12.5 Miles Away
NORTH POINTE PLAZA
NORTHWOODS MALL
THE PROMENADE AT NORTHWOODS
NORTHWOODS MARKETPLACE
CHARLESTON SOUTHERN UNIVERSITY 3,300 Students4.3 Miles Away
CAPTIVE RETAIL CORRIDOR WITH EXCEPTIONAL SALES VOLUMESHADOW ANCHORED BY A HIGH-VOLUME TARGET STORE
RIVERS AVENUE (US HIGHWAYS 52 & 78) 45,600 VPD
190,600 VPD
NOT INCLUDED
NORTH RIVERS TOWNE CENTER
4 | EXECUTIVE SUMMARY
OUTSTANDING TENANT TENUREEleven tenants, accounting for 95,824 SF and 79.8% of the rental revenue of the shopping center, have been in occupancy for over 14 years. Aside from a retailer bankruptcy, all of the anchors and junior anchors have been at North Rivers Towne Center since the center was developed in 2003/2004.
RECENT RENEWALS Office Depot, Bed Bath & Beyond, and Ross recently exercised their 5 year options, which included increases in their base rental rates. Each of the tenants sent in their option notices without negotiating any terms.
OUTPARCEL OPPORTUNITYQuality tenancy in the outparcel buildings could provide a future owner with the flexibility of monetizing the outparcels. These also serve as excellent traffic drivers to the overall shopping center.
TARGET SHADOW ANCHORED & SYNERGISTIC TENANT MIXThe shopping center is comprised of value-oriented necessity and service retailers resilient in economic downturns. The center is also shadow anchored by Target, which increases consumer traffic and cross-shopping opportunity. Shoppers benefit from a synergistic mix of tenants including restaurants, value retail, eye care, and nail and hair salons.
EXCELLENT ACCESS & AMPLE PARKING North Rivers Towne Center has a conventional site layout with an ample parking field and multiple access points. Exceptional retail fundamentals have contributed to the success of the retailers in this center.
PREMIER VALUE-ADD COMMUNITY SHOPPING CENTER IN THRIVING SUBMARKET
RIVERS AVENUE (US HIGHWAYS 52 & 78) 45,600 VPD
15a 15 16
6
10111213
14
222196a
7
8
1 2 3 4 5
Suite Tenant SF
1 Available 31,280
2 Bed Bath & Beyond 28,200
3 Ross Dress for Less 30,024
4 Office Depot 16,000
5 David's Bridal 10,000
6 Pearle Vision 2,000
6a E-Cig Charleston 1,000
7 GameStop 1,750
8 Great Clips 1,250
9 Five Guys Burgers & Fries 2,042
10 Cold Stone Creamery 1,556
11 Super Nails & Spa 1,400
12 Wingstop 1,400
13 Firehouse Subs 1,800
14 American's Mattress 2,400
15 Available 2,400
15a Available 2,400
16 Available 1,600
21 Tropical Smoothie Café 1,745
22 Cricket Wireless 1,216
Total 141,463
TENANT ROSTER
AvailableCurrent Tenant
Not Included
SITE PLAN
NORTH RIVERS TOWNE CENTER | 5
6 | EXECUTIVE SUMMARY6 | EXECUTIVE SUMMARY
RELEVANT DEMOGRAPHICSThe shopping center benefits from a population of approximately 64,000 and average household incomes of approximately $58,000 within a 3 mile radius. This area is expected to see population growth of approximately 10% in the next 5 years. In addition, a strong military presence from Joint Base Charleston helps to support retail fundamentals in the area.
CAPTIVE RETAIL MARKETNorth Rivers Towne Center is located in a strong retail submarket that is concentrated around five large-format retail centers. There is minimal vacancy in this area and strong institutional ownership with the likes of Phillips Edison, CBL, and American Realty Capital.
BARRIERS TO ENTRYGeographical constraints limit any new construction in the area, and future retail commercial development is unlikely because most of the land around Interstate 26 and east of Goose Creek Reservoir is already densely populated with residential homes.
ECONOMIC DRIVERSAs seen above, this shopping center is surrounding by a diverse economic base that includes the Charleston Joint Base (22,000+ employees), Boeing South Carolina, Trident Health System, Charleston Airport, Mercedes-Benz, Volvo, Trident Technical College (15,000+ students), and Charleston Southern University (3,300+ students).
EXCEPTIONAL OPPORTUNITY TO OWN A TARGET SHADOW-ANCHORED ASSET WITH EXECUTABLE VALUE-ADD UPSIDE IN A HIGH GROWTH CHARLESTON, SC SUBMARKET
NORTH RIVERS TOWNE CENTER | 7
CHARLESTON INTERNATIONAL AIRPORT
CITADEL MALL
MOUNT PLEASANT TOWN CENTER
MOUNT PLEASANT
CHARLESTON
WEST ASHLEY
NORTH CHARLESTON
SUMMERVILLE
THE BOEING COMPANY CAMPUS
CHARLESTON AIR FORCE BASE
NORTH RIVERS TOWNE CENTER
26
26
526
526
162
30
NORTH RIVERS TOWNE CENTER | 7
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Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real
estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate
advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
TOM KOLARCZYK Director
704.526.2813 [email protected]
BRAD BUCHANANDirector
investment advisors
TRAVIS ANDERSON Senior Managing Director
704.526.2806 [email protected]
CORY FOWLER Senior Director 704.526.2807
debt + structured finance
JOHN OGRENReal Estate Analyst
704.526.2841 [email protected]
WARREN JOHNSON Real Estate Analyst
704.526.2839 [email protected]
analysts
