Overview

ESSENTIAL INFORMATION

  • 100% leased and occupied NNN basis in major retail corridor in solid metro area
  • Acquisition cap rate of 9.0% is more than 200 bps higher than average LA Fitness sale
  • Long term lease duration with significant rent increases during the hold period
  • Corporate guarantee from S&P rated credit tenant
  • Accretive debt supports strong, risk-adjusted return profile
  • Net lease passes most repairs, maintenance, and expenses to the tenant
  • Status Under Management
  • Area 38,000 Square Footage
  • Location Rock Hill, SC
  • Type Retail I Fitness Center
  • StrategySentinel Opportunity Fund I

Description

Positioned roughly 22 miles southwest of downtown Charlotte, the property is located along Arden Lane, right off Herlong Avenue (23,400 VPD) and less than 4 miles from Interstate 77. LA Fitness anchors the ±184,000-square-foot Millwood shopping center, which is home to a wide variety of shops, restaurants, and medical office tenants. The site is within feet from the Millwood Plantation neighborhood and the 71,256-square-foot Food Lion-anchored Village Square Shopping Center. 

LA Fitness is strategically located north of downtown Rock Hill where you will find the majority of Rock Hill’s residential neighborhoods as you begin to “bleed” into Charlotte proper. There are over 3,890 households within a 1-mile radius, no other national gyms servicing Rock Hill to the west and the closest national competition being ±3 miles east at Interstate 77. 

The property benefits from its neighborhood location along with the proximity to Winthrop University (1.6 miles southeast) and the continued new construction of multi-family including Allston townhomes (97 units) and Auden townhomes (41 units) within a half-mile.  Just 7 miles from the property is Fort Mill, the largest US Army base with over 52,000 military personnel.

Key Metrics

Property Information

Location

Address

745 Arden Lane Rock Hill SC 29732