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Shopping Strip

Wildcat Plaza

410 Southtown Blvd, Owensboro, KY 42303

Listing Price: $5,782,000

Cap Rate
4.49%
Gross SF
52,947
Rentable SF
52,947
Price/Gross SF
$109.20
Lot Size
3.84 acres
Year Built
1998

Investment Overview

Marcus & Millichap is pleased to offer the opportunity to acquire a value-add, 52,947-square-foot, multi-tenant retail center that is shadow-anchored by a Walmart Supercenter in Owensboro, Kentucky. The center is currently 74 percent occupied with 20 percent of the gross leasable area having triple-net leases, providing significant upside potential to a future investor by leasing the vacancies and converting all leases to triple-net. Wildcat Plaza has a complementary tenant mix of predominantly internet-resistant and service-oriented business including Molina Healthcare of Kentucky, Once Upon a Child, Ross Education, and King’s Great Buys Plus. The center was constructed in 1998 and is situated on a 3.84-acre parcel with ample parking. Wildcat Plaza is situated on Southtown Boulevard near the signalized intersection of Frederica Street in a dense retail trade area. The subject property is easily accessible from multiple ingress and egress points. Wildcat Plaza is a pad site to Walmart Supercenter. Numerous national and regional retailers neighbor the property, including Lowe’s Home Improvement, Harbor Freight, TJ Maxx, Target, Jo-Ann Fabric, Shoe Carnival, Ulta, Sam’s Club, The Home Depot, Best Buy, Hibbett Sports, PetSmart, Cracker Barrel, Big Lots, and many others. Towne Square Mall is directly across Frederica Street and features a mix of national and local tenants. Several hotels are in close proximity, providing additional traffic to the area. Over 72,577 residents live within five miles of the property, and the average household income is $62,765.

Investment Highlights

  • 52,947-Square-Foot, Multi-Tenant Retail Center | Shadow-Anchored by Walmart Supercenter
  • Value-Add Opportunity | 74% Occupied | 20% of the Gross Leasable Area has Triple-Net Leases | Pro Forma Cap Rate is 10.00%
  • Tenants are a Complementary Mix of Internet-Resistant Businesses
  • Seller Reports over $200,000 in Recent Property Improvements Including a New Roof on the Entire Building with a Manufacturer's 15-Year Warranty, Crack Filling and Seal Coating of the Parking Lot, Installation of Exterior LED Lighting, Exterior Insulating Finish Systems and Exterior Painting, Updated Landscaping, and Professionally Cleaning all Vacant Suites
  • Located in a Dense Retail Trade Area on Southtown Boulevard Near the Signalized Intersection with Frederica Street | Easily Accessible from Multiple Ingress and Egress Points

Exclusively Listed By

Broker of Record

  • Colby Haugness

    First Vice President Investments

    (816) 410-1010

    License(s) KY: 242197

    Kentucky

Shopping Strip

Wildcat Plaza

Listing Price: $5,782,000

Cap Rate
4.49%
Gross SF
52,947
Rentable SF
52,947
Price/Gross SF
$109.20
Lot Size
3.84 acres
Year Built
1998

Investment Highlights

  • 52,947-Square-Foot, Multi-Tenant Retail Center | Shadow-Anchored by Walmart Supercenter
  • Value-Add Opportunity | 74% Occupied | 20% of the Gross Leasable Area has Triple-Net Leases | Pro Forma Cap Rate is 10.00%
  • Tenants are a Complementary Mix of Internet-Resistant Businesses
  • Seller Reports over $200,000 in Recent Property Improvements Including a New Roof on the Entire Building with a Manufacturer's 15-Year Warranty, Crack Filling and Seal Coating of the Parking Lot, Installation of Exterior LED Lighting, Exterior Insulating Finish Systems and Exterior Painting, Updated Landscaping, and Professionally Cleaning all Vacant Suites
  • Located in a Dense Retail Trade Area on Southtown Boulevard Near the Signalized Intersection with Frederica Street | Easily Accessible from Multiple Ingress and Egress Points

Investment Overview

Marcus & Millichap is pleased to offer the opportunity to acquire a value-add, 52,947-square-foot, multi-tenant retail center that is shadow-anchored by a Walmart Supercenter in Owensboro, Kentucky. The center is currently 74 percent occupied with 20 percent of the gross leasable area having triple-net leases, providing significant upside potential to a future investor by leasing the vacancies and converting all leases to triple-net. Wildcat Plaza has a complementary tenant mix of predominantly internet-resistant and service-oriented business including Molina Healthcare of Kentucky, Once Upon a Child, Ross Education, and King’s Great Buys Plus. The center was constructed in 1998 and is situated on a 3.84-acre parcel with ample parking. Wildcat Plaza is situated on Southtown Boulevard near the signalized intersection of Frederica Street in a dense retail trade area. The subject property is easily accessible from multiple ingress and egress points. Wildcat Plaza is a pad site to Walmart Supercenter. Numerous national and regional retailers neighbor the property, including Lowe’s Home Improvement, Harbor Freight, TJ Maxx, Target, Jo-Ann Fabric, Shoe Carnival, Ulta, Sam’s Club, The Home Depot, Best Buy, Hibbett Sports, PetSmart, Cracker Barrel, Big Lots, and many others. Towne Square Mall is directly across Frederica Street and features a mix of national and local tenants. Several hotels are in close proximity, providing additional traffic to the area. Over 72,577 residents live within five miles of the property, and the average household income is $62,765.

Exclusively Listed By

Broker of Record

  • Colby Haugness

    First Vice President Investments

    (816) 410-1010

    License(s): KY: 242197

    Kentucky

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