100% Leased Pad to Home Depot | Walmart

Highlights:

• HIGHLY-VISIBLE OUT-PARCEL PAD LOCATION AT ENTRANCE TO 400,000 SF POWER CENTER
• PART OF WALMART AND HOME DEPOT ANCHORED POWER CENTER | TOP 5% AND 25% CUSTOMER VISITS FOR HOME DEPOT AND WALMART
• TOP 10 GROWTH MARKET IN THE U.S. | 2.7% ANNUAL POPULATION GROWTH IN SPARTANBURG MSA
• LOCATIONS - RED WING SHOES – 500+ | VITAMIN SHOPPE – 700+ | PRISMA HEALTH – 338+
• HIGH TRAFFIC LOCATION WITH STRONG IDENTITY | 35,613 VPD | DIRECT ACCESS TO INTERSTATE 26
• SPARTANBURG’S #1 RETAIL TRADE AREA WITH COSTCO, TARGET, SAM’S CLUB, DORMAN CENTRE

Description:

BROKER OF RECORD....BRIAN BROCKMAN....License #: 108250
To obtain OM, please click link below or email agents.
Rental Increases in all leases: Cap Rate (2031): 7.48%

Faris Lee Investments is pleased to bring to market an opportunity to acquire Dorman Crossroads, a fee simple interest in an extremely well located, 3 tenant, 100% leased, outparcel pad building to Dorman Centre, a 400,000 sq. ft. power center in Spartanburg SC anchored Super Walmart and Home Depot. The offering is occupied by Red Wing Shoes (400+ locations), Prisma Health (338+ locations/largest healthcare provider in SC) and Vitamin Shoppe (700+ locations). With a WALT of 6.2 years and imbedded rent increases in the leases, there is strong income growth and a potential for a 7.48% unlevered return upon two leases renewing in 2030. This pride of ownership, ease of management investment is ideal for the passive investor in search of yield significantly higher than what can be found in a single tenant offering.

Spartanburg is a jewel of the southeast and has seen tremendous growth over the past 15 years due to domestic migration and affordable living. With annual population growth of 2.7%, it continues to rank as a Top 10 Growth Market in the U.S. Dorman Crossroads is located within the #1 retail shopping district in Spartanburg. Other area retailers include Costco, Target, Sam’s Club and the 1.2 million sq. ft. Westgate Mall. Spartanburg boasts a thriving economy with major employers including BMW, GE, Michelin, and Milliken. The continued population growth and thriving economy create an ideal environment in which the tenants at Dorman Crossroads can have long term success.

Spartanburg, South Carolina, is a vibrant city nestled in the Upstate region, characterized by its rich textile heritage and a burgeoning modern economy. Located at the foothills of the Blue Ridge Mountains, it offers residents and visitors a blend of Southern charm and progressive development. The area boasts a diverse landscape, from historic downtown districts with beautifully preserved architecture to sprawling natural areas and a growing network of parks and greenways. Spartanburg is a hub for higher education, home to several colleges and universities, and benefits from a strategic location along major interstates, making it a significant center for manufacturing, healthcare, and logistics within the state.
Beyond its economic and geographic advantages, Spartanburg cultivates a strong sense of community and a dynamic cultural scene. The city’s revitalization efforts have led to a thriving downtown with an array of independent restaurants, boutiques, and entertainment venues, fostering a lively atmosphere for residents and visitors alike. Numerous festivals, farmers markets, and outdoor events take place throughout the year, reflecting the community’s engagement and Southern hospitality. With its convenient access to outdoor recreational opportunities, a growing job market, and a commitment to preserving its unique character while embracing progress, Spartanburg continues to evolve as an attractive place to live, work, and explore.