4400 Dorchester Rd North Charleston, SC 29405

Brentwood Plaza is a 79,000 square foot shopping center anchored by Food Lion and CVS, located in North Charleston, South Carolina. The property is situated less than a mile from both I-526 (80,600 VPD) and I-26 (104,000 VPD). The center benefits from excellent visibility on Dorchester Road, with a traffic count of 22,300 vehicles per day. The surrounding area is a dense, growing market with over 132,000 residents within a 5-mile radius. Both anchor tenants have occupied their spaces for over 30 years and have recently completed significant remodels. CVS recently completed a full renovation of their store, extended their lease until 2035, and added Oak Street Health to the location. Food Lion has limited competition in the immediate area, with no other location within 4.5 miles in any direction, and is the most visited grocer in South Carolina with 164 units in the state. Recent capital projects include new roofs with transferable warranties, LED lighting, and a restriped parking lot. The property presents an outstanding rent growth opportunity, with many of the small shop tenants' leases rolling over in the next 2 years averaging $11 per square foot, while newer renovated centers on the corridor are capturing low $20s per square foot for small shop spaces. The weighted average tenancy is 27 years amongst tenants. Food Lion sales have grown by 18.6% in the last 4 years. There is a significant future mark to market opportunity on the Wells Fargo ground lease, which is only paying $19,166 annually. North Charleston is experiencing significant growth and new developments, including the redevelopment of the Navy Yard that will bring more than 1.2 million square feet of new office space, residences, shopping, and dining.