Grocery Anchored Remke Shopping Center Remke Shopping Center INVESTMENT HIGHLIGHTS SUBJECT OFFERING
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Grocery Anchored Remke Shopping Center Remke Shopping Center INVESTMENT HIGHLIGHTS SUBJECT OFFERING rossPoint Real Estate Services has been retained by the ownership group to C sell the 100% fee simple interest in this grocery anchored center. The 55,333 square foot property is anchored by long standing Rempke Market & CVS Pharmacy. Location: 3950 - 3970Turkeyfoot Road Independence, Kentucky Traffic Counts: Turkeyfoot Road - 23,378 VPD Industrial Road - 19,747 VPD Subject GLA: Approx. 50,000 / Square Feet Occupancy: 100% Lot Size: 5.55 Acres Year Built: 1995 , 2013 & 2021 Tenants: Rempke Market, CVS Pharmacy, Good Spirits Asking Price: $5,820,000 CA P Ra te: 7.3% In-Place Net Operating Income: $426,383 Remke Shopping Center AERIAL Remke Shopping Center AERIAL Remke Shopping Center AERIAL Remke Shopping Center LOCATION & MARKET • This grocery anchored, Remke Shopping Center is located along Turkeyfoot Road in Independence, Kentucky. The asset is at the intersection of two main roads linking the suburbs and several cities to the airport as well as the various interstate (I-275, I-71 & I-75) systems. Independence, KY is a suburb of Cincinnati, OH and is located approximately 15 miles south of the CBD and less than ten miles to the airport. • The subject offering had superb access with a regional pull given its close proximity to the interstates as well as the distance from other grocery stores. Remke's position in the market has given them a competitive advantage. It is because of this the tenants in this vibrate center do so well as they are able to capitalize on the lack of competition. Remke Shopping Center PopulationPopulation HouseholdsHouseholds Radius: 1 mile 3 miles 5 miles Radius: 1 mile 3 miles 5 miles 2023 Projection 2,471 30,175 62,350 2023 Projection 7,238 80,234 165,415 2018 Estimate 2,326 28,593 59,473 2018 Estimate 6,815 75,963 157,568 2015 Estimate 2,289 28,995 60,644 2015 Estimate 6,706 76,845 160,448 2010 Census 2,074 26,101 54,699 2010 Census 6,086 69,082 144,113 Growth 2018-2023 6.23% 5.53% 4.84% Growth 2018-2023 6.21% 5.62% 4.98% Growth 2015-2018 1.62% -1.39% -1.93% Growth 2015-2018 1.63% -1.15% -1.79% Growth 2010-2015 10.37% 11.09% 10.87% Growth 2010-2015 10.19% 11.24% 11.33% Households by Household Income (2018 Estimate) Radius: 1 mile 3 miles 5 miles Less than $25,000 322 5,687 9,982 $25,000 to $49,999 682 7,548 14,009 $50,000 to $74,999 634 6,306 12,821 $75,000 to $99,999 485 4,397 9,994 $100,000 to 174 2,092 5,756 $124,999 $125,000 to 29 1,078 3,023 $149,999 $150,000 to 0 791 2,001 $199,999 $200,000 or more 0 694 1,887 Total Households 2,326 28,593 59,473 Average Household $58,284.63 $64,558.28 $71,882.90 Income Median Household $56,302.87 $54,406.76 $64,059.44 Income Remke Shopping Center PROPERTY DESCRIPTION • Remke Shopping Center is comprised of approximately 55,333 square feet of leasable space situated on approximately 5.55 acres located at the intersection of Industrial Road and Turkeyfoot Road. • This asset was originally developed in 1995 and in 2013 there was a multitenant building added. Most recently a Biggby Coffee drive-thru was added. • This asset features excellent visibility and access with multiple ingress/egress points on Turkeyfoot and one on Industrial Road. Added value is the accompanying multiple pylon signs showcasing the tenant mix. TENANCY • Remke Shopping Center is currently 100% occupied. • Remke Markets is a chain of American supermarkets in the Cincinnati metropolitan area. Started in 1897 as a meat market in Covington, Kentucky, by William Remke, the supermarket has grown and now has 6 locations. • CVS Pharmacy is currently one of the largest pharmacy chain in the United States by number of locations and total prescription revenue. The parent company ranks in the top 10 of the largest U.S. corporation by revenues in the Fortune 500 category. • Biggby Coffee (pronounced "big B") is an American coffeehouse chain based in Lansing, Michigan, United States, founded in 1995. In 2011 it was names the fastest-growing coffee chain in America by CNBC. Today there are close to 250 locations. • Good Spirits Wine & Tobacco is a regional carry out with a successful operator with close to ten locations throughout the state of Kentucky. For More Information Contact: Patrick Reynolds Principal Broker Direct: 859-816-5461 [email protected] The information represented and contained herein has been received from sources believe to be reliable and accurate, however we make no representations and/or warranties, expressed or implied, as to the accuracy of the information. References to square footage and/or age are approximate. Buyer to verify the information..