DEALS

Deals

Towne Square North – Owensboro, KY

THE OPPORTUNITY

  • Big Lots anchored shopping center, with term through 2030
  • Recent renewal and remodel with Office Depot taking term through 2030
  • New lease recently executed with Hibbett Sports relocating them within the market
  • Potential to create an outparcel on the NE end of the property
  • Scheduled rent bumps for all major national tenants
  • Upside through lease up of 37,000 SF
  • Leases are staggered and expire incrementally through 2031
  • At or below market rents with limited supply within the market

THE HIGHLIGHTS

  • Dense retail corridor – Major retailers Walmart, Target, Home Depot and Lowe’s located within 1 mile of center
  • Great visibility from Wendell Ford Expy, which has over 26,000 VPD
  • Located just outside the Evansville, IN market
  • Asset benefits from continued growth of the Owensboro/Evansville market
  • Within 2 miles of Kentucky Wesleyan University, home to over 840 full time students

THE DEAL POINTS

  • Square Feet: 163,078 SF
  • Asking Cap Rate: 8.00%
  • Asking Price: $12,350,000
  • Year Built/Renovated: 1998/2020
  • Occupancy: 77%
  • NOI: $988,623
  • Price Per SF: $75.78 PSF

Click Here to View Virtual Deal Room