Target Shadow Center

Investment Highlights

BLUFFTON | HILTON HEAD ISLAND
• The property is located in the Lowcountry town of Bluffton in Beaufort County, SC — a primary town within the Hilton Head Island-Bluffton- Port Royal, SC MSA
• Bluffton is located just outside of Hilton Head island, one of the most sought out resort destinations in the Southeast, seeing 2.5 million annual visitors
• Bluffton is #1 fastest growing municipality in South Carolina, with an increase in population of over 120% since 2010
• Long a stopover between Hilton Head and Savannah, Bluffton has become a tourist destination in its own right with a large number of hotels, restaurants and shopping areas.
• Higher education is an important sector in the local economy, with institutions such as the University of South Carolina Beaufort Hilton Head Gateway Campus and Technical College of the Lowcountry nearby.
• An eclectic art destination, Bluffton has several art galleries located along Calhoun Street.

HIGH TRAFFIC LOCATION
• The property is facing I-278 which sees 50,300 vehicles per day
• I-278/Fording Island Road is the major highway system that connects Bluffton to Hilton Head Island
• The subject property is located just 10 minutes from the bridge that crosses over to Hilton Head
• According to placer.ai, the subject property is the #3 most visited shopping center in a 50-Mile Radius (Radius captures Savannah, Pooler, Hilton Head Island, and Beaufort)

MAJOR RETAIL CORRIDOR
• I-278/Fording Island Road is the primary retail corridor serving the residents of Bluffton
• 2.8M square feet of brand name retail along this corridor
• Surrounding tenants include: Walmart, Kroger, Publix, Sam’s Club, Home Depot, Lowe’s, Hobby Lobby, ALDI, among many more
• Located just 5 minutes down the road is Tanger Outlet Mall – Hilton Head, one of the premier shopping outlets for Hilton Head and Bluffton

TARGET SHADOW CENTER
• Annual Visits: 2.7M
• Stabilized at 100% Occupancy
• Anchored by Target (Shadow), Staples, & Dick’s Sporting Goods
• WALT: 3.6 Years
• Average Tenant Tenure: 12 Years

LONG TERM UPSIDE
• Average Rent of Shop Space: $21/SF
• Average Shop Rent on I-278 Corridor: $25/SF
• Property includes 2 separate strip centers separate of Target Center | Opportunity to spin-off and lower basis

SEASONED TENANT LINEUP
• Target Shadow Center is a Target (Shadow), Dick’s, and Staples anchored center
• Target owns its own building and renovated the store in 2020
• Center features a two tenant Starbucks/Honey Baked Ham outparcel. Both are original tenants from 2001
• Average Tenant Tenure: 12 Years
• Leasing Momentum | 4 new leases executed since 2020

RECENT CAPITAL EXPENDITURES
• Seller executed seal and stripe of parking lot in May of 2024
• Seller executed paint upgrades to center in 2023
• Seller resurfaced common drive area in 2022
• Leasing Momentum | 4 new leases executed since 2020