UPTOWN is the premier mixed-use commercial destination in the Charleston region with retail, office, restaurant, and up-market flex spaces available. Located in Carnes Crossroads in Summerville, UPTOWN is at the epicenter of one of the newest and fastest-growing developments in the Charleston Tri-County region. Just west of the crossroads of 17A and Hwy 176, UPTOWN is just minutes away from I-26 and the surrounding communities of Summerville and Goose Creek. The 100,000 square-foot of open-air commercial spaces will be set over 10 acres with over 65 stores, restaurants, and businesses. A variety of national, regional, and local retailers and businesses will draw residents and visitors to UPTOWN making it the perfect place to shop, work, eat, and people-watch.
Read all about UPTOWN in the press:
Market Square at Carnes Crossroads will be a newly constructed 12,000 SF retail center in the heart of one of Summerville's fastest-growing communities. Located in Carnes Crossroads Town Center, the site offers great visibility with frontage directly on North Main Street and a daily car count of over 37,000.
New Retail Center features:
1.06 Acre Site
4.25:1 Parking Ratio
12,000 SF of Space
Construction is scheduled to commence on this new project in mid-2020 and delivery of the space to the new tenant is anticipated in early 2021.
New ground-up construction of a 10,000 SF Speculative Retail Center in the Carnes Crossroads development in Summerville, SC. The ground floor of the building features retail spaces, and the 2nd floor offers office space for the retail tenants. This development was completed in 2019.
The Retail Center features:
1.1 Acre Site
5:1 Parking Ratio
10,000 SF of Space
The construction began in 2018 and was stabilized at an 80% occupancy rate within three months of commencing construction.
The property located at 3251 Landmark Drive is a 12,000 SF professional office building that was acquired in December of 2018. The property underwent extensive interior and exterior renovations as well as extensive landscaping upgrades. The renovation work was completed in April of 2019. Post renovations, the leases with the current tenant mix were all upgraded to current market rates which provided a 23% increase to gross retail income. The property is currently projecting a 2020 cash on cash return of 10.47% and an IRR of 19.96% and a 2.26 deal multiple.
The office building sits on a 2.5-acre parcel and is located in the Pepperdam Business Park. The site will accommodate 2 additional office buildings scheduled to begin construction in late 2020 bringing the total SF of the property to 28,000 SF.
Renovation details include:
- New HVAC systems
- New landscaping
- Window refinishing and replacement
- New ceilings
- New lighting
- New security systems
- Interior painting
The property at 21st Avenue in North Myrtle Beach was a Core Plus opportunity acquired in December 2017. The property is located within the Central Business District of Myrtle Beach in the 21st Avenue Commerce Center Building. The property is 100% leased with anchor credit tenants.
Total Investment Costs: $1.4 Million
Net Operating Income: $150,000
Going in Cap Rate: 10.5
Internal Rate of Return: 11.5%
The building at Carriage Lane was a value-add opportunity acquired in April of 2017. A full renovation of the building’s interior and exterior was completed in 3 months. The office building sits at the corner of Highway 61 and Carriage Lane and is conveniently located in the middle of West Ashley, only minutes from Charleston’s Central Business District.
Renovation details include:
New HVAC systems
All new interior flooring
New ceilings
New lighting throughout
Painting interior and exterior
The property was stabilized at 100% occupancy before the renovations were completed.
Internal Rate of Return: 23%
Cap Rate: 10.5%
Urban Core Advisors acquired this value add opportunity in June 2017. The office space had not been occupied for 10 years, and a full renovation of the interior was completed in 3 months. The renovation included dividing the existing office into a co-working executive suites style space that features multiple furnished office spaces, a reception area, a conference room, and a kitchen/breakroom.
Renovation details include:
-New flooring throughout
-Paint
-Ceiling replaced
-New Lighting
-HVAC systems
-New Breakroom
-New Plumbing
The project was originally projected to stabilize in 8 months, however, Urban Core had the property stabilized at 90% occupancy in 5 months.
Internal Rate of Return: 12%
Cap Rate: 10%
This value-add property was acquired in April of 2018. The property was residential to office conversion with a full renovation of the interior and exterior of the building.
Renovation details include:
- New flooring
- Painting interior and exterior
- Paving and site work on the exterior
- Complete landscaping
- New electrical and plumbing
- The building was made ADA compliant with a wheelchair ramp, handicap parking space and an ADA accessible restroom
Construction process- 4 months
Period of time listed - 3 months
Total holding period - 6 months
Return on Investment + 26%
Our investment team does ongoing market research and site analysis to determine the best locations geared towards our investment strategy.
We perform site inspections and consult with general contractors and architects to identify property improvement opportunities and cost estimates.
We do extensive property analysis including underwriting property historical cash flow, three tiered income modeling, future cash flow projections and IRR and cash on cash return profitability models.
Our team underwrites the current tenants and reviews all current lease agreements to determine an appropriate credit grade of the property and identify opportunities for improvement.
