Spartanburg Retail Center Gets A New Owner
In our vibrant city of Spartanburg, change is almost as constant as the morning sunshine. Speaking of sunshine, today was a beautiful day with high temperatures near 60°F, abundant sunshine, and mild winds blowing from the WNW at 5 to 10 mph. As the day closed in with clear skies and temperatures dipping to a low around 33°F, updates were on the horizon for our local retail scene.
Safeway Group Inc. Makes A Purchase
In the latest news in our commercial real estate sector, Safeway Group Inc., has successfully bought the retail center located at 205 Cedar Springs Road for a cool sum of $1.8 million. This location, familiar to many as it’s a stone’s throw away from the much-visited Walmart Neighborhood Market, spans an impressive 14,300-square-feet and is looking at a chance for renewal.
Catch this: only two of the nine spaces in the center are vacant, with the others occupied by Cedar Tobacco and Vape, Lemontree Thai Cuisine, and Exotic Nails and Spa, among others. Now that’s a great tenant mix! The new owner, Safeway Group Inc., has assured that there’ll be no major changes for the current tenants. Instead, their focus will be to fill the vacant spots. And how they plan on doing that is the key.
Aiming for Full Occupancy
Keen on bringing life into the vacant spaces, Rafat Shaikh, the CEO of Safeway Group, said, “We will do whatever we can. We have a lot of tenants in our shopping centers, we will talk to them if they can open a location there.” From that statement, we can gather that communication is key in their strategy. It’ll be no surprise if they soon turn that 95-100% occupancy statistic into reality!
An Attractive Investment Location
Now, one might wonder what got the Safeway Group’s attention towards this retail center. Well, this place has a lot going for it. Imagine being within 10 minutes of downtown Spartanburg and right next to the leading grocery store, the Walmart Neighborhood Market, which receives around 950,000 annual visits. No wonder they’ve chosen this place for expansion!
Given the brisk pace of growth in this area, it’s no surprise that twenty investors put in bids to gain control of this property. That’s triple the expected offers! This massive interest fits with the fact that Spartanburg’s metro area is among the fastest-growing in the nation, with a population increase of 2.9% within a year’s time from July 2022 to July 2023.
With the growth trend showing no signs of slowing down, it’s safe to say Spartanburg is quite the hotbed for developers. It’s only a matter of time until we see the two vacant retail spaces buzzing with new businesses and delighted consumers.
The Future Looks Rosy for the Retail Center
So, folks, be ready to welcome new retail faces in your beloved city. With Safeway Group Inc. at the helm, Cedar Springs Road is set to take a new turn towards dynamism and growth! And as always, your local team will keep you updated on all the cool and exciting things happening in and around our beautiful city of Spartanburg.
