Description

This offering is for the purchase of a 25,000 sf Goodwill retail store under construction in Bluffton SC with an initial lease term of 20 years. The store was completed in September 2010 with 20 year lease commencement date of December 1 2010. It is located on Highway 278 (Fording Island Rd) which is the direct access thoroughfare from I95 to Hilton Head Island. Highway 278 has a major concentration of retailers including Tanger Outlets 1 & 2 with 80 stores and every other major retailer from Home Depot to Target.

Goodwill Industries of Lower South Carolina is the tenant and is a well established retail operator and a strong performer financially. Details to be provided.

Lease summary
*Price $6,170,000
*Cap rate 7.5%
*Income $462,500
*Tenant pays property taxes and insurance
*25,000 square foot retail store scheduled for completion September 2010
*All masonry construction
*20 year initial lease term with two 5 year options
*Initial lease term began Decemberl of 2010
*Initial lease expiration 20 years thereafter followed by option years
*Rate increases during initial term
*Lot size approximately 2.34 acres

The site is on Highway 278 1.3 miles from the intersection with Highway 170 and 9 miles from I95. Highway 278/Fording Island Rd is the main artery into Hilton Head.