Pin Oak Plaza

Shopping Center for Sale
Catylist Listing ID: 30851398
Property Subtypes: Strip Center
Building Size (RSF): 7,755 SF
Gross Building Area: See Agent
Gross Land Area: 1 Acre
Sale Price: $6,306,524
Unit Price: $813.22 PSF
Property Use Type: Net Leased Investment (NNN)
Building Name: Pin Oak Plaza
Sale Terms: Undisclosed
Cap Rate: 5.25%
Last Updated: 5/31/2024

Overview / Comments

Qualified investors are extended the opportunity to acquire a 100% fee simple interest in a premier three-tenant inline retail center located in Lexington, KY and fully guaranteed by Panera Bread, Next Level Sports Nutrition and AT&T corporate.

The subject development was completed in 2022 by Louisville, KY based firm, Hogan Real Estate. The 7,755 SF building is fully leased with original 10-year terms which commenced in Q4 of 2022, all with rent escalations and additional option periods. Next Level Sports Nutrition and AT&T have two (2), five (5) year option periods and Panera Bread has three (3), five (5) year option periods.

The site is situated in front of Lowe’s and has excellent street-front visibility from the heavily trafficked Richmond Road, which receives nearly 40,000 VPD. The property is centrally located in a prominent, bustling retail and restaurant hub between New Circle Road and Man O’ War Boulevard, with a newly constructed retail development directly across Richmond Road. The development also features a large pylon sign very visible from both directions on Richmond Road. The surrounding area is home to a wide array of employers including Valvoline World Headquarters, Aramark and International Paper, providing a thriving daytime population.

Current Tenants

Tenant Business Name Panera Bread
Is Renting? Yes
SF of Space Occupied 4,200 SF
Current Rent $45 PSF (Annual)
Escalations 10% increase in year 6 and each option period
Options three 5-year options
Tenant Business Name Next Level Sports Nutrition
Is Renting? Yes
Current Rent $34 PSF (Annual)
Escalations 7.5% increase in year 5, 10% increase in each option
Options two, 5-year option periods
Tenant Business Name AT&T
Is Renting? Yes
SF of Space Occupied 1,555 SF
Current Rent $45 PSF (Annual)
Escalations 10% increase in year 6 and each option period
Options two, 5-year option periods

Additional Details

Nearest MSA: Lexington-Fayette
County: Fayette
Taxing Authority: Fayette County
Tax ID/APN: 38293170
Zoning: B-3
Retail Clientele: General, Family, Business, Traveler, Recreation
Property Located Between: Richmond Rd & New Circle Rd & Man O' War Blvd
Property Visibility: Excellent
Largest Nearby Street: Richmond Road
Traffic/Vehicle Count: 40,000
Total Number of Buildings: 1
Number of Stories: 1
Property Condition: Excellent
Year Built: 2022
Parking Type: Surface
Total Parking Spaces: 63

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 17,437 121,188 216,853
Median Age: 32.75 33.89 34.64
Households: 8,389 53,473 93,934

Contact

Photograph of Listing Agent

Justin R Phelps

Hogan Real Estate KCREA Member
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