Deals
Freys Hill – Louisville, KY
THE OPPORTUNITY
- 87% of the GLA is made up of National Tenants
- Freys Hill is one of the only centers in the Springhurst trade area with Westport Rd. street visibility.
- PetSmart at Freys Hill is the only national pet supply store within 10 miles
- The asset is currently subdivided into three separate parcels allowing for future sale of individual assets including the PetSmart and Starbucks by future owners
- The anchor tenant PetSmart has been in the center since it was built in 2003
- Strong traffic counts with 35,572 VPD
- E-Commerce resistant tenant mix with 70% of GLA made up of non-soft goods retail
- Located at the High-profile intersection of Westport Rd. and Freys Hill Rd
- One of PetSmart’s few locations where a Pet Hotel is operated on site
THE DEAL POINTS
- Square Feet: 58,726 SF
- Asking Price: $13,530,000
- NOI: $1,082,326
- Asking Cap Rate: 8.00%
- Remaining Term: 10 years
THE HIGHLIGHTS
- Springhurst in the leading regional retail trade areas in the Louisville market
- Recent PetSmart and Party City ten-year renewals
- Unrivaled location with Westport Rd frontage in the Springhurst trade area.
- Strong PetSmart sales over $8,200,000 ($278 psf) putting the store at a health ratio of 7.19%
- Strong traffic counts with 35,572 VPD on Westport Rd.
- Anchor tenants have been in the center since it was constructed
- Great synergy within the market with the Target, Walmart, Meijer, Kohls, Hobby Lobby,
- Home Depot, Dicks, Cinemark, TJ Maxx and HomeGoods all in the immediate trade area