Real Estate Law in Arcadia, SC

Columbia, S.C. — New York-based Eastern Union has secured $2.9 million in financing for the acquisition of Arcadia Lakes Shopping Center, a 33,684-square-foot shopping center located in Columbia. Marc Tropp of Eastern Union arranged the five-year mortgage on behalf of the buyer, CityWide Properties. The loan features a 75 percent loan-to-cost ratio and a 6.65 percent interest rate. Proceeds of the loan were used for the purchase of the shopping center, as well as for a line of credit for tenant improvements and leasing commissions. CityWide Properties is planning to upgrade Arcadia Lakes Shopping Center with new exterior lighting and paint, parking lot repaving and striping and fresh landscaping. Tenants at the property, which was 75 percent leased at the time of sale, include Rent-A-Center, Pizza Hut, Boost Mobile and Heights Finance.

Dublin, Ohio — Dublin, Ohio-based fast food giant Wendy’s is planning to close hundreds of its U.S. stores next year as part of a broader effort to revive its home market. According to Wendy’s interim CEO Ken Cook during the company’s quarterly earnings call, Wendy’s is expected to close a “mid-single-digit percentage” of its 6,011 U.S. restaurants, which could approximate to about 300 stores.

In its latest fiscal quarter, Wendy’s global sales were down 2.6 percent and sales at U.S. locations fell 4.7 percent. As reported by several media publications, such as MSN, The Street and CBS News, the company blamed the drop in U.S. sales on fewer customer visits, as “Americans become more conscious about their spending.”

Additionally, Cook stated that the company is “acting with urgency to return to growth” by implementing major changes across its business, including understanding their customers, streamlining operations and strengthening its relationship with franchises.

New owners, CityWide Properties, bought the property for nearly $3 Million Dollars and plans to make improvements to the shopping space

COLUMBIA, S.C. — The Arcadia Lakes Shopping Center is under new ownership after being purchased for nearly $3 million by Baltimore-based CityWide Properties.

Built in 1986, the 33,000-square-foot shopping center off Two Notch Road is home to a mix of national chains and locally owned businesses. CityWide Properties officially closed on the property at the end of October, adding it to the growing list of shopping centers the company has acquired in the Midlands.

The company’s president, Steve Verstendig, says the purchase marks an opportunity to revitalize the longtime retail hub and support local businesses operating there.

“I saw an opportunity in a center that was neglected, to fill the shopping center, clean it up, work with the existing tenants, and fill the seven vacancies,” Verstendig said.

Plans for the property include upgrading outdoor lighting, repaving the parking lot, and repainting the building’s exterior, improving signage, and HVAC systems. The goal, Verstendig said, is to make the center more inviting for shoppers and help its current businesses thrive.

One of those longtime tenants is Larry Irby, owner of Unlimited Styles of Art Barber/Beauty Salon, who has operated in the center for 18 years. Irby said he’s eager to see the improvements take shape.

“I’m very excited and looking forward to it,” Irby said. “The business is here, we just need a few new upgrades to make it a whole lot better.”

Verstendig added that leasing efforts are already showing progress in filling the center's vacancies.

“Since we purchased the property, we already have two pending deals, one that’s about to be executed,” he said. “We’re really pleased with the direction the shopping center is going in, and I’m confident we can have that property filled in 90 days.”

CityWide Properties plans to complete the renovations within the next eight weeks.

COLUMBIA, S.C. (WIS) - A Columbia woman said her yard looks more like a construction site than a front lawn—covered in sand and debris days after construction wrapped up near her home.

“I came in, walked to the kitchen, and looked out, and I saw what I said was Niagara Falls coming down,” said Marshanna Brown, a concerned resident.

She shared Ring Camera footage from last week that shows contractors a continuous stream of water pouring into her yard in Arcadia Lakes, along with sand and debris. Now days later, she said she’s left with a sand pit and some concerns.

“The issue with this now is that the sand is killing my grass, so it needs to be gone, and I can’t get to the mailbox because I’m afraid I’ll fall,” she said.

A spokesperson with the City of Columbia told WIS that at the time, a maintenance crew was in the area fixing a leak in a water main near Cary Lane that may have caused the mess.

Arcadia Lakes Mayor Mark Huguley says the mess is also in the roadway.

“We’re glad they got the leak stopped, but they left a lot of debris on the road, which needs to be cleaned up and, in particular, needs to be removed from the yard,” he said.

Since WIS reached out, Columbia Water confirms it will make the needed repairs to Brown’s front yard.

Brown hopes there’s more oversight to prevent this from happening again.

“I just need them to come and finish the job,” she said.

The water main leak on Cary Lane is not connected to the nearby Trenholm Road Water Main Replacement Project. That is a three-mile-long project that Columbia Water expects to be completed in the next few weeks.

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