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SOLD | Hilton Head Island Retail Center

2600 Main Street
Hilton Head Island, SC 29926
PRICE : Contact Bull Realty for information
PROPERTY TYPE: Retail
SITE SIZE: 2.82 Acres
BUILDING SIZE: 23,785 SF
YEAR BUILT: 1987

Highlights

  • Completely renovated in 2017
  • 8.2% cap rate based on actual income
  • All tenants have signed long term NNN leases
  • Below market rents present upside upon renewals
  • Well positioned on Hilton Head Island, which is an affluent coastal vacation destination
  • Owner will lease back 1,200 SF for 3 years at $14.00 per SF (*special stipulations apply)
  • South Carolina Broker of Record: Bull Realty, Inc, Michael Bull, SC License 57796

Description

Bull Realty is proud to offer the Low Country Center on Main for sale. This is a 23,785 SF retail specialty center situated on 2.82 upland acres that are centrally located on Hilton Head Island. This specialty center is conveniently positioned just off William Hilton Parkway (US Highway 278), which is the island's major commercial corridor boasting an average traffic count around 30,000 per day. This site is in close proximity to many prestigious residential developments including Hilton Head Plantation, Palmetto Hall, and Indigo Run. The adjacent land consists of retail, office, medical and restaurant businesses. The current zoning allows for both retail and office uses, which are both in high demand on this 42 square mile island.

The tenants further benefit from the 2.74 million vacationers who visit Hilton Head Island & Bluffton each year to enjoy its 12 miles of sandy beaches interspersed with 40 championship golf courses, tennis courts, fine restaurants and luxurious hotels, private villas and resorts. As a premier travel destination, the Hilton Head Retail Market currently reports a market vacancy rate of less than 3% percent.

Following the completion of a total renovation in 2017, the occupancy at the Center on Main quickly rose to near capacity due to lack of available retail and office space in this affluent coastal vacation destination. Osprey Village, Lush Salon, Club Seats Grill and a CrossFit gym recently signed long term NNN leases and comprise a healthy mixture of five tenants. This property is being delivered at a 8.2% cap rate based on actual income and is available for sale at $136.64/SF or $3,250,000.

*No damage was sustained during Hurricane Florence

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