Malabu Heights Plaza

Shopping Center for Sale
Also listed as Retail-Commercial
Catylist Listing ID: 30294121
Property Subtypes: Neighborhood Center, Net Leased, Strip Center
Building Size (RSF): 34,636 SF
Gross Building Area: See Agent
Gross Land Area: 2.61 Acres
Sale Price: $9,360,000
Unit Price: $270.24 PSF
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: Malabu Heights Plaza
Sale Terms: Undisclosed
Cap Rate: 6.5%
Average Occupancy Rate: 96
Last Updated: 6/27/2018

Overview / Comments

Block + Lot is pleased to offer for sale Malabu Heights Plaza located at 2348-2358 Nicholasville Road in Lexington, KY. Malabu Heights consists of two retail strip buildings totaling 34,436 SF. Currently 96.08% occupied with 15 tenants, this investment provides an opportunity to spread risk through multiple internet resistant uses while also enabling the investor to add value in a highly stabilized retail market.

Property Highlights

-Irreplaceable A+ location on Nicholasville Road inside of New Circle Road-43,989 (ADT)
-Internet Resistant Retail-Tenant mix is primarily small shop service oriented or restaurant with no Big Box anchor
-Remainder Value Add through rent increase, vacancy lease up, and NNN conversion
-Lexington Retail Vacancy Rate consistently below 7%
-Market land constraints will limit competition for the foreseeable future
-Rare retail investment opportunity in Lexington’s most prominent retail corridor

Attachments & Media

Additional Details

Nearest MSA: Lexington-Fayette
County: Fayette
Zoning: B-1
Retail Clientele: General, Family, Business
Property Visibility: Excellent
Largest Nearby Street: Nicholasville Road
Traffic/Vehicle Count: 43,989
Area Description: Malabu Heights Plaza is located at 2348-2358 Nicholasville Road in Lexington, KY. The property is situated in an irreplaceable and generational A+ location on Nicholasville Road. Nicholasville Road is Lexington’s primary retail corridor consisting of traffic counts of 43,989(ADT). Nicholasville Road connects retail to the major health care systems, to the University of Kentucky and to the Central Business District. The property is encompassed by major trade area retailers and businesses including The Mall at Lexington Green, Fayette Mall, and The Summit at Fritz Farm.
Total Number of Buildings: 2
Number of Stories: 1
Parking Type: Surface
Parking Description: 93 + 42 via reciprocal parking with 2368 Nicholasville Road
Zoning Description: Neighborhood Business

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 16,555 146,937 242,687
Median Age: 37.79 34.92 35.61
Households: 7,815 64,008 103,269


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