Pearman Dairy
Self Storage
- Date Acquired: December 2017
- Location: Anderson, SC
- Asset Type: 70,000 Retail Center with
Former Winn-Dixie Anchor - Post Acquisition Strategy:
Conversion to Self Storage;
Subdivide Property
About this Property
Background
In December 2017, Larkspur acquired a 70,000 square foot retail complex consisting of a main 60,000 square foot building which had formerly been a Winn-Dixie and a smaller 10,000 square foot building which had a small restaurant tenant. The property also featured Dollar General in an 8,000 square foot space within the larger retail building.
Results
Larkspur’s strategy was to sub-divide the property into three parcels thereby both creating a front outparcel on which Dollar General could be relocated and creating additional space for a self-storage conversion of the former Winn-Dixie. Larkspur was able to build a new Dollar General building on the outparcel and sold following construction to a local net lease investor. Larkspur then sold the 2nd parcel with the smaller retail building leaving the residual 60,000 square foot self-storage building which has been operating since June 2019. The self-storage facility is now at a stabilized occupancy.
Before
After
