Former Walmart Anchored Retail Center

Shopping Center for Sale
Catylist Listing ID: 30528414
Property Subtypes: Strip Center
Building Size (RSF): 217,292 SF
Gross Land Area: 24.71 Acres
Sale Price: $18,900,000
Unit Price: $86.98 PSF
Property Use Type: Investment
Usable Size (USF): 217,292 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 1/20/2020

Overview / Comments

We are pleased to present this opportunity to purchase Mist Lake Plaza, a former Walmart anchored retail center in Lexington, KY. This property is located at the heavily trafficked intersection of Richmond Rd (38,391 VPD) and Man O’ War Blvd (46,803 VPD). This prime location, adjacent to a high-volume Kroger anchored shopping center (211,070+ SF), features 15 commercial spaces totaling 217,292 SF on 24.71 acres. At the intersection of two of Lexington's busiest thoroughfares, the property is minutes from I-75 and I-64. The property has an additional pending 10 Year NNN ground lease on former Walmart outlot. Mist Lake Plaza represents a rare opportunity for redevelopment in a major Lexington retail corridor. Currently, the property has +/- 131,000 SF of vacancy upside, including the former Walmart space (approx. 125,442 SF), and is offered below replacement cost value. The property includes 0.47 acres at 440 Patchen Drive zoned R-3 for future development.

Highlights:
• Opportunity to purchase a former Walmart anchor retail center prime for redevelopment
• High traffic location on major thoroughfare in prime retail corridor: Richmond Rd (38,391 VPD) and Man O’ War Blvd (46,803 VPD)
• Pending ground lease on 1.3 acres of former Walmart outlot
• Property offered below replacement cost / value
• Vacancies also for lease

Additional Details

Nearest MSA: Lexington-Fayette
County: Fayette
Tax ID/APN: 19309450
Zoning: B-3
Retail Clientele: General, Family
Property Located Between: Richmond Rd and Man O War Blvd
Property Visibility: Excellent
Largest Nearby Street: Man O War Blvd
Traffic/Vehicle Count: 46,000
Site Description: Richmond Rd. Retail Corridor
Area Description: Lexington, Kentucky has been rated as one of America's premier cities by some of the most noted and revered industry standard-bearers, such as Forbes magazine, the U.S. Census Bureau, Cognetics consulting group, Dun & Bradstreet, Ladies Home Journal, and Places Rated Almanac - just to name a few. Most people think of rolling countryside with stone fences, great basketball action, horse farms, Thoroughbred racing at Keeneland, a diverse economy, and outstanding schools, colleges and universities. Our community ranks high in quality of life factors, such as health care, public safety, educational attainment, and quality family living. The area also measures high among the best places for business location, creativity, entrepreneurial growth, and career relocation. Residents of competing cities view Lexington as a beautiful place, with great schools, an innovative health care system, a strong economy, and mountains of potential.
Number of Stories: 1
Property Condition: Good
Year Built: 1992
Parking Type: Surface
Zoning Description: B-3

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 18,136 113,009 211,928
Median Age: 32.28 33.45 34.57
Households: 8,825 49,299 91,700
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