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: |
$6,622,000 |
| Unit Price: |
$853.90 PSF |
| Property Use Type: |
Net Leased Investment (NNN) |
| Building Name: |
Pin Oak Plaza |
| Sale Terms: |
Undisclosed |
| Cap Rate: |
Undisclosed |
| Last Updated: |
9/30/2023 |
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 |
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 |
|
© Copyright 2001-2023 Moody's. All Rights Reserved.
The information presented herein is provided as is, without warranty of any kind.
Neither Kentucky Commercial Real Estate Alliance nor
Moody's assume any liability for errors or omissions.
|
