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950000 Tanyard Springs Shopping Center INVESTMENT OFFERING | $950,000 TANYARD SPRINGS SHOPPING CENTER 135 MARKETPLACE DRIVE LOUISVILLE, KENTUCKY 40229 TANYARD SPRINGS SHOPPING CENTER | LOUISVILLE, KY OFFERING MEMORANDUM EXECUTIVE SUMMARY The Offering Investment Highlights Hogan Real Estate is pleased to present for sale Tanyard Springs, a 14,250 SF grocery High Growth / Employment-Base shadow-anchored retail center located at the intersection of Preston Highway and Tanyard • The Hillview area of Bullitt and Jefferson County is one of the fastest growing Springs Boulevard in southern Jefferson County along the Bullitt County line; commonly communities in Kentucky with direct access to major employers in the Louisville, KY MSA. known as Hillview. Tanyard Springs is anchored by Price Less Foods (Houchens Industries, Tanyard Springs is located within 10 miles of UPS Worldport, where over 6,000,000 SF Inc. - separately owned). of distribution warehouse space has been constructed in the area since 2000. Other manufactures including Ford Assembly Plant, and GE Applicance Park are within a short The center is 79% occupied with two 1,500 SF bays available, offering investors immediate distance of the area. upside with leasing desirable shop space immediately adjacent to a longstanding grocer. Integrity Staffing, Bullitt County Pawn, and Derby City Vinyl are the existing tenants. Excellent Physical Condition Integrity Staffing and Bullitt County Pawn are subject to lease renewals in 2020 and 2019, • The roof was replaced in 2017 and parking lot resurfaced in 2018, limiting any capital respectively. The 5 year Derby City Vinyl lease was signed in March of 2019. The roof was repairs needed at the property. replaced in 2017 and the parking lot was resurfaced in 2018. Grocery Anchored Retail The development offers excellent accessibility with two points of ingress/egress directly • Houchens Industries, Inc. owned and operated, Pay Less Foods has been in this center onto Preston Highway Road with immediate access to the signalized intersection at Tanyard since 2006 and has established itself as the value grocer in the Hillview neighborhood. Springs Boulevard. Surrounding neighborhoods can also access the center via secondary Value Add Opportunity roads. • Investors have an opportunity to acquire a longstanding grocery shadow anchored center Hillview is a part of the Louisville, Kentucky MSA, and is concentrated largely along Preston at a low cost basis, heavily discounted from replacement costs. Highway (Hwy 61). Preston Highway is a major north-south thoroughfare that intersects Available Outlot for Purchase both Interstate 264 and Interstate 265, Louisville’s interstate beltways. The full Interstate • Ownership is also marketing for sale a .98 outlot at the signalized intersection in front of 265 exchange is located approximately 3 miles from Tanyard Springs. Tanyard Springs. Hillview is expected to continue its residential and commercial growth as employment in Vibrant Retail Trade Area Bullitt County’s logistics and supply chain industry remains steadfast. • The Preston/Hillview trade area includes Kohl’s, Walmart Supercenter, Kroger, Tractor Supply Co., Walgreens, CVS Health, Qdoba Mexican Grill, and SunTan City, among others. Sales Terms Traffic counts in the trade area are over 40,000 VPD in places along Preston Highway. The property is being offered on an “as-is” basis with ownership making no representations Great Demographics or warranties with respect to the accuracy or completeness of the offering memorandum or • Over 42,000 people live within a 3 miles radius of the center with average household any and all documents delivered to any acquisition prospect for the purpose of due diligence. incomes of nearly $75,000, creating significant demand for goods and services. 502.426.1050 | HOGANDEV.COM 5 TANYARD SPRINGS SHOPPING CENTER | LOUISVILLE, KY SITE PLAN OFFERING MEMORANDUM 502.426.1050 | HOGANDEV.COM 6 TANYARD SPRINGS SHOPPING CENTER | LOUISVILLE, KY SITE PHOTOS OFFERING MEMORANDUM 502.426.1050 | HOGANDEV.COM 7 TANYARD SPRINGS SHOPPING CENTER | LOUISVILLE, KY SITE LOCATION MAP OFFERING MEMORANDUM 502.426.1050 | HOGANDEV.COM 9 TANYARD SPRINGS SHOPPING CENTER | LOUISVILLE, KY TRADE AREA AERIAL OFFERING MEMORANDUM 502.426.1050 | HOGANDEV.COM 10 TANYARD SPRINGS SHOPPING CENTER | LOUISVILLE, KY AERIAL OFFERING MEMORANDUM 502.426.1050 | HOGANDEV.COM 11 HOGAN REAL ESTATE EXCLUSIVE AGENTS Justin Phelps Hunter Jacobs Brooks Mayer D: 502.271.5820 D: 502.271.5812 D: 502.271.5815 M: 502.426.1050 M: 502.426.1050 M: 502.426.1050 F: 502.426.1223 C: 502.639.4727 C: 502.558.4913 F: 502.426.1223 F: 502.426.1223 [email protected] [email protected] [email protected].
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