

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