Virginia College

Price: $8,580,000
Sq. Ft.: 50,024
Cap Rate: 10.0%
Built: 1997
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The subject property is located on Warren H Abernathy Highway (Highway 29),a six-lane highway and major east/ west thoroughfare with approximately 35,000 vehicles per day. The property is one half of a mile west of the intersection with Interstate 26 and is in a dense retail trade area. National and regional retailers in the area include Target, Ingles Markets , Kohl’s, Hobby Lobby, Surplus Warehouse, Academy Sports and Outdoors, Sam’s Club, Conn’s HomePlus, Costco, Belk, JCPenney, Dillard’s, Sears, Dick’s Sporting Goods, Bed Bath & Beyond, Chuck E. Cheese’s,JoAnn Fabrics and Crafts,Regal Cinemas,David’s Bridal,Ashley Home Store,Toys ‘R Us,Best Buy,Lowe’s Home Improvement, The Home Depot, Walmart Supercenter, TJ Maxx, Ross Dress for Less, Michaels, Barnes & Noble,and many more. More than 76,400 residents live within five miles of the property, and the one mile average household income is $74,400.

Spartanburg is nestled in the foothills of the Blue Ridge Mountains,between Atlanta, Georgia and Charlotte,North Carolina . It is the  county seat and most populous city in Spartanburg, County. Spartanburg is the second-largest city in the greater Greenville–Spartanburg–Anderson Combined Statistical Area, which has a population of 1,385,045 as of 2014. It is part of a 10-county region of northwestern South Carolina known as “The Upstate”

SALE HIGHLIGHTS

• 50,024-Square Foot Single-Tenant Virginia College
• Triple-Net Lease
• Corporate Guarantee from Education Corporation of America
• More than Eight Years Remain on the Primary Term
• Lease has 1 Percent Rent Bumps Scheduled Annually
• Tenant has Two Five-Year Options for Renewal with Annual Rent Bumps
• Large 5.88 Acre Lot
• Highway Location on Warren H. Abernathy (Highway 29) | Major East/West Thoroughfare | Six Lanes | Traffic Counts are Approximately 35,000 Vehicles per Day
• One Half Block from the Intersection with Interstate 26 | Traffic Counts are 48,000 Vehicles per Day
• Dense Retail Trade Area with Hundreds of National and Regional Retailers, Including Target, Sam’s Club, Conn’s HomePlus, Kohl’s, Hobby Lobby, Walmart, Lowe’s Home Improvement, The Home Depot, Costco, and WestGate Mall
• One Mile Average Household Income is $74,400 | Five Mile Population Exceeds 76,400