Joel J. Gorjian of Namdar Realty Group acquires 11,000-sq.-ft. Advance Auto Parts single-tenant retail property in Holly Hill, SC
January 28, 2016
The one-story, single-tenant building is currently leased by Advance Auto Parts. Namdar is a national commercial real estate investment and management firm headquartered in Great Neck, NY. The seller was a private investor.
“The current lease for the 11,000-sq.-ft. property is below the market value and the tenant is doing phenomenally well thanks to the highly visible and trafficked location at the intersection of Old State Road and Eutaw Road, with neighboring retailers including a CVS Pharmacy, a Piggly Wiggly supermarket, Hardees, and ACE Hardware. The transaction was negotiated off-market,” said Gorjian.
Built in 1996, the structure sits on a 1.29-acre property. Advance Auto Parts has been operating at this location since 2005. The property is situated within a retail corridor that serves approximately 5,400 people residing within a five-mile radius. The median household income in the area is $44,800. The town of Holly Hill is located in the close vicinity of the intersection of interstate highways 95 and 26.
“The recent increase of the federal funds rate creates buying opportunities for all-cash buyers and long-term investor/operators such as Namdar by reducing demand and lowering the cost of commercial real estate,” explained Gorjian. “We are currently negotiating six deals in Michigan, Iowa, and New York, and are looking for additional acquisition opportunities in the Southeast, including South Carolina. Our focus is on underperforming properties with high cap rates negotiated through off-market deals.”
Namdar Realty Group is a privately held commercial real estate investment and management firm headquartered in Great Neck, NY. The firm owns and operates more than 20 million square feet of commercial real estate nationwide. Namdar’s portfolio includes more than 100 retail centers, medical buildings, and office properties. These include: the Desoto Square Mall and the Jacksonville Regional Shopping Center, both in Jacksonville, FL; the Regency Square Mall in Richmond, VA; the Brewton Shopping Center in Brewton, AL; the Northwest Arkansas Mall in Fayetteville, AR; the Phillipsburg Mall in Phillipsburg, NJ; the Centereach Plaza in Centereach, NY; the Massapequa Strip Center in Massapequa, NY; the Eastridge Commons Shopping Center in Flint, MI; and the Mall of the Bluffs in Council Bluffs, IA.
