619 Beltline Blvd.

619 Beltline Blvd., Columbia, SC 29205
Size: 8,500 Sq Ft

Cypress Commercial was first presented this investment opportunity in 2018 through a broker relationship. The location is along the prominent Devine Street corridor in Columbia with high traffic counts and surrounded by dense, mature neighborhoods. The property was originally developed as a grocery store and had been owned by the same family since 1965. Dollar General back-filled the building nearly 15 years ago and, although performing very well, had not made many improvements to the building during their occupancy. Despite our best efforts to purchase the property, we were unable to reach mutually agreeable terms with the Owner.

Fast forward 6 months and we re-engaged with the Owner about our interest in the property. While we were able to agree on terms of purchase, there were still a number of challenges to overcome. The most complex of these included negotiating a Voluntary Clean-up Contract (VCC) on the site with SC DHEC (it is adjacent to a dry cleaner) thereby limiting any future environmental liability to us, the tenant, lender, and future owners of the property. We also negotiated a lease amendment with Dollar General to include an extension of the term, new economics, and the building remodel. The scope of work included exterior stucco, paint, glass replacement, an upgrade of HVAC systems, roof and parking lot replacement.

New financing offers us the opportunity to hold the asset in our portfolio or sell at an attractive gain. Through persistence and creative problem solving, the Cypress team was able to complete the project on-time and under budget.