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t r a n s l a t e

Net Lease Investment Opportunity | 6.4% Cap Rate

15 W Ashland Street
Andrews , SC 29510
PRICE : $1,400,000
CAP RATE: 6.43%
PROPERTY TYPE: Retail
SITE SIZE: 1.76 Acres
BUILDING SIZE: 23,752 SF
YEAR BUILT: 1971

Highlights

  • Operating at this location for over 30 years
  • One of only 2 grocery and pharmacy locations in the area
  • Store sales estimated at over $400/SF
  • Landlord responsibilities limited to roof only
  • NOI of $90,000
  • New municipal complex being completed 2 blocks away
  • Andrews is home to many large multi-national firms
  • Piggly Wiggly, a grocery industry pioneer has over 600 locations in 17 states, founded in 1916
  • Experienced SC based operator with 9+ Piggly Wiggly stores, 3 liquor stores and 2 restaurants in SC
  • Available financing for qualified buyers

Description

This net leased Piggly Wiggly is located in Downtown Andrews, SC, approximately one hour from Charleston and Myrtle Beach. The nearly ± 24,000 SF all brick store on approximately 1 acre has been operating at this location since 1998, first as a corporate location and now a franchise location since 2013. Piggly Wiggly is a well-known grocery brand whose roots go back to Memphis, TN with the first store opening in 1916. There are now 600 independently owned and operated stores in 17 states.

The Andrews Piggly Wiggly is one of only two full-service grocery stores in the area with Food Lion being the only competition. It has been reported unofficially that average store sales at this location are over $400/SF! This Piggly Wiggly also has an in-store pharmacy, one of only two in the Andrews area, which acts as a strong traffic generator.

Andrews continues to grow as evidenced by the upcoming 2023 opening of the new Municipal Complex, located just 2 blocks from the subject property. The Andrews Town Manager reports that the area is fast becoming a distribution and warehousing hub of with regional and multi-national firms such as TSP, AgruAmerica, Peddinghaus, SafeRack and Trebol.

This is an opportunistic offering due to the unusual lease structure and future growth and potential of the area. The single landlord responsibility is the roof only. All other lease responsibilities belong to the tenant. The unique lease is structured with 9 one-year options remaining. The guarantor is a successful franchise operator, based out of Sumter, SC who grew up in the grocery business and operates 8 other Piggly Wiggly’s and other retail concepts.

Piggly Wiggly, LLC stores are operated by franchisees as part of an independent grocer network owned by C&S Grocers out of Keene, NH. They are the 8th largest privately held company in the US per Forbes Magazine’s 2021 list with over $25.B in sales.

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