Available For Sale - Retail

89,982 SF | Show Pricing $

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AVAILABILITY DETAILS

Size
89,982 SF
Price/SF
Show Pricing $
Listing ID
SA439288
Notes
Marcus & Millichap, on behalf of Ownership as its exclusive advisor, is pleased to offer for sale the 100 percent fee simple interest in the single-tenant Kohl's retail property located at 150 Kohl's Drive in Nicholasville (Lexington), KY (the Property). Build-to-suit for Kohl's in 2003, the Property comprises a +/- 83,000 SF building on a large +/- 8.6-acre parcel, that is strategically positioned along US Route 27 with nearly 50,000 vehicles per day.



Subject located in Nicholasville, KY is situated only two miles from Lexington, KY along US Route 27 serving as the primary arterial. The Property benefits from its location just minutes from Lexington, home to the University of Kentucky with a combined enrollment of over 35,000 students, the strong economy is anchored by over 400 horse farms, known as the Horse Capital of the World. The area has very strong Average HHI of over $85,000 within one mile and population growth of 6.3 percent expected over the next five years to over 431,000 within 15 miles.



The Property features a newly formed 1.18-acre outparcel that is expected to yield a ground rent of approximately $60,000 annually. Kohl's Corporation (NYSE:KSS | Rated: C2) fully guarantees the lease and operates under a new 12-year lease term with more than 10 years remaining and six, five-year renewal options with five percent increases every five years. A passive investment opportunity, nominal Landlord responsibility of roof and structure. Additional to buying free and clear of debt, the Property presents a debt assumption opportunity, offered with a non-recourse, fixed rate, fully amortizing loan for investors seeking to increase a depreciable basis. This structure is also ideal for tax-deferred 1031 exchange buyers seeking passive losses that may be used to offset income from other real estate investments.
Uses
Retail

This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for you needs.

Listing provided courtesy of
Jesse Limon, Marcus & Millichap - NYC