May 17, 2022 – Matt Siebert of Horvath & Tremblay has successfully completed the sale of the Port Royal Plaza in Hilton Head, South Carolina. Horvath & Tremblay exclusively represented the buyer to complete the transaction at a sale price of $18,150,000.
Port Royal Plaza is located at 95 Mathews Drive in Hilton Head, South Carolina. The large shopping plaza was constructed in 1985 and contains 90,860 square feet on a 10.6-acre parcel of land. The Port Royal Plaza, which is 96% leased to twenty-five tenants, is anchored by a corporate guaranteed Planet Fitness and AutoZone. The remainder of the tenants in the center provide a complimentary mix of retailers, service-based businesses and restaurants. Port Royal Plaza has done exceptionally well since the Covid-19 pandemic, signing nine new leases since 2020. The average tenant tenure for the tenants existing before 2020 is 12+ years and the weighted average lease term of all existing tenants is 9.25-years. The majority of the tenants in Port Royal Plaza have double net leases with scheduled increases in both their primary lease terms and renewal options. Port Royal Plaza is located with direct access off William Hilton Parkway (34,500 VPD), and the primary entrance, Mathews Drive, sees 8,900 Vehicles Per Day. Port Royal Plaza is adjacent to Hilton Head Island Airport and is less than 2 miles from the beach. Additionally, Port Royal Plaza is surrounded by golf course neighborhoods including Port Royal Robber’s Row Golf Course, Oyster Reef Golf Club, Bear Creek Golf Club, Country Club of Hilton Head, Dolphin Head Golf Club, Golden Bear Golf Club at Indigo Run, and Port Royal Barony Golf Course, all driving significant traffic to the area.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.