FORMER THEATER AT MAN O WAR PLACE LEXINGTON, KY

Transcription

1 FORMER THEATER AT MAN O WAR PLACE LEXINGTON, KY

2 CONFIDENTIALITY STATEMENT The material contained in this Offering Memorandum is confidential, furnished solely for the purpose of considering the acquisition of 133 North Locust Hill in Lexington, Kentucky (the Property ) described herein and is not to be used for any other purpose or made available to any other person without the express written consent of Equity Management Group, Inc. (the Broker ) or Seller. Broker is acting on behalf of Seller as exclusive agent in connection with the sale of the Property. By your receipt of this Offering Memorandum, you agree that this memorandum and the information contained herein are of a confidential nature and that you will hold and treat them in the strictest of confidence and will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or any part of the contents. Further, you agree not to discuss this Offering Memorandum with any other institution, prospective purchaser or tenant without the express permission of Broker and Seller. The material contained herein is based primarily upon information obtained from the Seller, and although representatives of the Seller have reviewed this Offering Memorandum, it does not purport to be all-inclusive or contain all of the information prospective purchasers may desire. Both Seller and Broker disclaim any liability which may be based on such information, errors therein or omissions therefrom. Prospective purchasers should make their own investigations, projections, and conclusions and are expected to conduct their own independent due diligence concerning the Property, including such engineering inspections as they deem necessary to determine the condition of the Property and the existence or absence of any potentially hazardous material used in the construction or maintenance of the building or located at the land site. No representations expressed or implied are made as to the foregoing matters by Broker or assignees.

3 OFFERING SUMMARY 133 N LOCUST HILL CONSISTS OF 3.88 ACRES OF IRREPLACEABLE LEXINGTON REAL ESTATE. This asset offers investors and developers the opportunity to acquire nearly 4 acres along a dense retail corridor within the Urban Service Boundary of Lexington, Kentucky. Situated just off of the intersection of Man O War Boulevard and Richmond Road one of Lexington s busiest thoroughfares this property enjoys exceptional access and over 53,000 VPD. Throughout its history as an operating movie theatre, the asset drew annual sales exceeding $185/per square foot. This proven location is shadow anchored by the adjacent Man O War Place, the fifth largest shopping center in Lexington, which is comprised of a +115,000 SF Kroger Marketplace, Tire Discounters, Texas Roadhouse, Hooter s, and PNC Bank, among many others. The subject of this offering is the fee simple interest in 24,220 square feet of gross leasable area sited on approximately 3.88 acres of land. Asking Price: $3,000,000

4 FORMER THEATER PROPERTY OVERVIEW

5 PROPERTY OVERVIEW PROPERTY DESCRIPTION Building Name: Former Movie Tavern Address: 133 N. Locust Hill, Lexington, KY County: Fayette Parcel ID: Year Built: 1990 Rentable Area: 24,220 SF Number of Stories: 2 Property Land Size: 3.88 Acres Zoning: B-6P Structural Detail Base Building: Steel frame, Concrete Exterior Skin: EIFS Sprinklered: Yes Surface Parking Total Spaces: 254 Design/Pavement: Asphalt Parking Ingress/Egress Two access points off of N. Locust Hill

6 PROPERTY OVERVIEW PROPERTY/LOCATION HIGHLIGHTS Submarket The property is situated in Southeastern Lexington, Fayette County, one of Central Kentucky s most desirable submarkets. Proximity to Highways Located between I-75 and Kentucky Highway 4/New Circle Road, the property is also only minutes away from I-64. Employees and visitors enjoy easy access to all points of Greater Lexington. Long-Standing Tenancy the Kroger Marketplace shadow anchor has been a tenant since They expanded their store in 2007 by more than 50% and now occupy over 115,000 SF. Access Whether coming from Richmond Road or Man O War Place, access is easy and parking is ample. Flexibility of Space functioned as a popular and highly successful movie theatre for 24 years. The 3.8 acres of land allow for many possibilities of expansion or redevelopment. Proximity to Affluent Areas within a short drive of several upscale neighborhoods, such as Andover Forest, Hartland, and Lakeshore. On-Site Dining All visitors and guests will enjoy numerous dining establishments in the immediate proximity, whether they prefer grabbing something quick and easy or sitting down for a multicourse meal.

7 PROPERTY OVERVIEW - Shadow anchored by Kentucky s highest grossing Kroger Marketplace. - Spaces 1, 2, and 6 are currently under LOI to be combined.

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10 ALTA SURVEY

11 SITE PLAN WITH POTENTIAL EXPANSION

12 SHADOW ANCHOR MAN O WAR PLACE

13 LEXINGTON MARKET OVERVIEW

14 MARKET OVERVIEW LEXINGTON, KY Lexington is located in the heart of Central Kentucky s Bluegrass region and approximately 75 miles east of Louisville, 85 miles south of Cincinnati, and 214 miles north of Nashville. Serving as the county seat of Fayette County, Lexington is the 2nd-largest city by population in the State of Kentucky and the 61 st largest in the United States. Internationally revered as The Horse Capital of the World, Lexington is the epicenter of the thoroughbred racing industry and home to Keeneland Race Course and Sales Pavilion. With a student body surpassing 30,000 students, the University of Kentucky employees over 14,000 and is Lexington s top employer. The University has an annual budget of $1.4 billion and ranks as the state s 9 th largest economic company. Lexington is known for its high quality of life, highly educated population, and stable economy, and has been recognized by publications such as Forbes and Kiplinger for being one of the nation s top 5 cities for business and young professionals.

15 MARKET OVERVIEW LEXINGTON, KY Lexington is home to Fortune 500 companies Xerox, Lexmark International, Lockheed-Martin, and IBM, whose total combined employment exceeds 8,000. Other notable corporate headquarters include Tempur-Sealy International, Big Ass Solutions, Florida Tile, and the Forcht Group of Kentucky. Amazon, United Parcel Service, and Trane also have large operations in the city, and Toyota Motor Manufacturing is located within the Lexington CSA. Additionally, Fayette County Schools employs 5,374 people and Fayette Urban County Government employees 2,699. Lexington is located at the convergence of two major interstates, 1-75 and 1-64, making it easily accessible for those traveling from around the South, the Midwest, or East Coast. The Bluegrass Airport, located on the western edge of the city, offers 18 regular direct flights to cities including Atlanta, Charlotte, Chicago, New York, Newark, Detroit, Houston, Dallas, and Minneapolis.

16 LEXINGTON DEMOGRAPHICS POPULATION 1 mile 3 miles 5 miles 2021 Projection 17,396 94, , Estimate 15,446 86, , Census 14,246 80, ,578 EDUCATION 1 mile 3 miles 5 miles High School Graduate 24% 19% 20% Associate Degree 9% 8% 8% Bachelor s Degree or higher 29% 40% 38% HOUSEHOLDS BY INCOME 1 mile 3 miles 5 miles 2016 Estimate 7,446 38,616 86,491 $250,000 or More 1% 2% 2% $200,000 - $249,999 1% 2% 1% $150,000-$199,999 2% 6% 5% $100,000- $149,999 6% 13% 11% $75,000 - $99,999 11% 12% 11% $50,000 - $74,999 21% 19% 18% $35,000- $49,999 18% 14% 14% $25,000 - $34,999 14% 10% 10% Under $25,000 29% 21% 28% Average Household Income $50,908 $75,247 $68,477 Median Household Income $39,907 $55,039 $47,497

17 LEXINGTON TOURIST ATTRACTIONS Every year, thousands of tourists come from all over the world to experience Kentucky s rich culture of thoroughbred racing and bourbon. Keeneland Racetrack and Sales Pavilion is the horse industry s favorite racing venue. Its racecourse holds two annual month long meets in April and October and was home to the 2015 Breeders Cup Classic. Keeneland is the world s largest Thoroughbred auction house and conducts three annual sales in January, September, and November. The Kentucky Horse Park is a 1,224 acre park drawing over 800,000 visitors per year. Each year the park and adjoining museum host many events and exhibits, including the Rolex Three-Day event. In 2010, the park hosted the World Equestrian Games. The legendary Kentucky Bourbon Trail attracts thousands of Bourbon enthusiasts to the area to tour the most famous Bourbon distilleries in the world, such as Woodford Reserve and Makers Mark.

18 LEXINGTON AREA HIGHER EDUCATION University of Kentucky Location: Lexington, KY Founded: 1865 Student Population: 30,720 Employees: 14,000 Transylvania University Georgetown College Asbury College Midway University Location: Lexington, KY Founded: 1780 Student Pop.: 1,100 Location: Georgetown, KY Founded: 1829 Student Pop: 1,502 Location: Wilmore, KY Founded: 1890 Student Pop: 1,764 Location: Midway, KY Founded: 1847 Student Pop: 1,606

19 Jason J. Taylor C: W: East High St. Lexington, KY

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