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.
- 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.