News Summary
Core Peckville LLC has successfully acquired Gateway Plaza, a prominent community shopping center in Sumter, South Carolina. This acquisition, which includes over 106,000 square feet of retail space, strengthens Core Peckville’s presence in the national retail market. The center is predominantly leased to recognized national retailers such as T.J. Maxx and Ulta Beauty, ensuring a stable income stream. Additionally, its strategic location across from a top-performing Walmart and proximity to Shaw Air Force Base contribute to its appeal as a solid investment.
South Carolina
Core Peckville LLC has completed the acquisition of Gateway Plaza, a community shopping center located at 1314 to 1342 Broad St. in Sumter, South Carolina. This strategic purchase significantly enhances Core Peckville’s national retail presence as the property encompasses approximately 106,062 square feet and is currently 89% leased, predominantly to well-known national retailers.
Gateway Plaza hosts an array of popular stores including T.J. Maxx, Ross, Ulta Beauty, and Five Below, attracting a diverse clientele. The shopping center underwent a renovation in 2020, which included modern facades and upgraded infrastructure to meet contemporary consumer needs.
The shopping center enjoys a prime location directly across from the No. 2 Walmart in South Carolina, a store recognized nationally, falling within the top 4% of all locations. This proximity ensures exceptional visibility and a steady flow of consumer traffic, making Gateway Plaza an attractive investment.
Core Peckville’s acquisition of Gateway Plaza from WEG Sumter LLC is a significant augmentation of their portfolio, which focuses on stabilized retail centers. The center’s current tenant base is both stable and creditworthy, due primarily to its affiliation with national retailers. In addition, Gateway Plaza is surrounded by other national outparcels and hotel brands, further enhancing its retail viability.
Adding to its strategic appeal, the center lies just five miles from Shaw Air Force Base, a vital facility that serves over 22,000 active-duty personnel and their families. This proximity provides a consistent potential customer base for local retailers.
The average lease term for anchor tenants at Gateway Plaza is approximately five-and-a-half years, contributing to the stability of the site. Moreover, projections indicate a 2.58% annual growth rate for the property, underscoring its sound investment potential.
The acquisition was facilitated by senior vice presidents Kyle Stonis and Pierce Mayson, along with associate vice president Boris Shilkrot from Matthews, a commercial real estate investment services and technology firm based in Nashville. Their expertise was crucial in navigating the transaction and ensuring a positive outcome for all parties involved.
In summary, Core Peckville LLC’s acquisition of Gateway Plaza marks a significant milestone for the company, reinforcing its position in the retail market. The strategic location, stable tenant relations, and promising growth projections make Gateway Plaza an exemplary asset for Core Peckville moving forward.
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