Located at 3716 Battleground Ave., Battleground Plaza is a 146,290-sf retail asset anchored by Big Lots, which subleases 29,000 sf from Food Lion, Garret Bedrin, director of acquisitions, tells GlobeSt.com. The 92%-occupied center's tenant roster also includes Gold's Gym, Tuesday Morning, Citifinancial, Radio Shack, LA Weight Loss, Subway and GNC.
Rental rates are below market rate, coming in between $14 and $16 per sf, he adds. Colliers Pinkard, of Charlotte, will continue to manage the property.
The deal is the Glen Rock, NJ-based company's entry into Carolinas. All total, the family-owned company, which also includes Paul and Jerry Bedrin, owns more than one million sf of shopping centers. "We've been focusing on the Southeast--the Carolinas, Atlanta and Virginia--and this is our first in the Carolinas," Garret Bedrin tells GlobeSt.com. He explains the company likes the Carolinas because "the population trends are shifting toward the Southeast, and there is a low cost of living and new job growth."
Bedrin bought Battleground Plaza at above an 8% cap rate, and Garret Bedrin says there is "great upside" to the property, including a pad site where another 16,000 sf can be built. In addition, there is 12,000 sf of vacant space Bedrin is looking to lease up. "This was not factored in, so it will increase our return over the 8% cap," he adds.
"This is a real value-added play with a lot of upside potential in a growing area," Garret Bedrin says.
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