Investment Thesis
West Side Plaza delivers durable, credit-anchored income from day one alongside a defined, largely de-risked runway to NOI growth. Anchored by top-performing e-commerce-resistant national retailers on long-term leases, the center generates stable in-place cash flow with near-term upside in a mark-to-market opportunity on an additional 23% of the rent roll, in a submarket that has held below 3% vacancy with no meaningful new supply delivered. That combination drives a projected 14.4% net IRR, 1.82x equity multiple, and 7.6% average cash yield over a five-year hold.
99% occupied at acquisition. 68% of income secured by national anchor and junior-anchor tenants — including Hobby Lobby, Advance Auto Parts, Harbor Freight, Dollar Tree, and Revolution Fitness — with a 7.3-year weighted average lease term, providing a highly defensible, long-duration cash flow base.
In-place rents average 44% below recently executed market comps — 22% below for shop space and 49% below for anchor space — with 52,464 SF of identifiable leasing opportunity, highlighted by an executed LOI in hand from a national credit retailer to backfill a subleased 25,000 SF suite at a 3.6x rent multiple.
West Columbia retail vacancy has tightened from 2.9% to 2.2% — consistently less than half the national average — with no meaningful new supply delivered. The Congaree River acts as a natural development barrier, insulating the corridor.
Columbia, SC Market
South Carolina ranked #1 nationally for Q1 2025 real GDP growth (+1.7% annualized) and ranked #4 for personal income growth. West Columbia retail vacancy has tightened from 2.9% to 2.2% — consistently less than half the national average — with no meaningful new supply delivered. The Congaree River acts as a natural development barrier, insulating the corridor from new competition.
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Important Disclosures & Legal Notices
506(c) Offering — Accredited Investors Only. This offering is being made pursuant to Rule 506(c) of Regulation D under the Securities Act of 1933, as amended. Participation is limited exclusively to verified accredited investors as defined under Rule 501 of Regulation D. Investors will be required to provide documentation to verify their accredited investor status prior to any investment. This website does not constitute an offer to sell or a solicitation of an offer to buy any security in any jurisdiction where such offer or solicitation would be unlawful.
No Offer or Solicitation. The information contained on this page is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to purchase, any security or investment product. Any such offer or solicitation will be made only by means of definitive offering documents, including a Private Placement Memorandum ("PPM"), Operating Agreement, and Subscription Agreement, which should be read in their entirety before making any investment decision.
Forward-Looking Statements & Projected Returns. Projected returns, target IRRs, equity multiples, cash-on-cash yields, and NOI growth figures presented on this page are targets only, based on assumptions and estimates that may not be realized. They are not guarantees, promises, or representations of future performance. Actual results may differ materially from projections due to changes in market conditions, interest rates, tenant performance, leasing outcomes, capital expenditures, financing terms, or other factors beyond ZRP's control. Past performance of prior investments is not indicative of, and does not guarantee, future results.
Risk of Loss. Real estate investing involves significant risks, including the potential loss of some or all of the principal invested. Investments in private real estate offerings are illiquid, speculative, and suitable only for investors who can bear the risk of a total loss of their investment and who have no immediate need for liquidity. There is no public market for interests in ZRP West Side Plaza LLC, and none is expected to develop.
Past Performance. References to ZRP's historical track record, including realized IRRs, equity multiples, and years of operation, reflect past results across prior investments and are provided for informational context only. Past performance is not indicative of future results and should not be relied upon as a basis for making an investment decision.
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