Case Study

Investment Properties Group sells Patton Square in Woodruff, S.C.

Working through a tedious loan assumption process, the SRS Investment Properties Group secured a dependable buyer with an appetite for small town grocery-anchored product and successfully executed the sale of Patton Square for the second time in four years.

Deal Strengths

  • Grocery-anchored by BI-LO on a long-term lease (13 years remaining) with solid sales numbers
  • 86.4% national anchor base and 90.8% overall national tenant roster
  • Positioned along Woodruff’s main traffic corridor while serving as one of only two grocers in the community

Deal Challenges

  • Existing assumable debt on the property
  • Woodruff is a small, tertiary location outside of Greenville
  • Junior anchor, Ace Hardware, on a short-term lease

 

Overview

ASSET SOLD

Neighborhood Center

ANCHOR TENANTS
  • BI-LO
  • Ace Hardware
SALE PRICE

$7,300,000.00

NATIONAL TENANTS
  • Advance America
  • Jackson Hewitt
  • Edward Jones
SALE DATE

August 31, 2016

TOTAL GLA

91,910 +/- SF

LAND

8.47 +/- AC

OCCUPANCY

99.00%

YEAR BUILT/RENOVATED

1987/1998

 

 

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