Shopping Neighborhood
Buttermilk Crossing w/ Northern Tool
2301 Buttermilk Crossing, Crescent Springs, KY 41017
Listing Price: $15,360,000
Investment Overview
85 Percent Occupied 53,357-Square-Foot Neighborhood Retail Center and Free Standing STNL Northern Tool Situated Along Buttermilk Pike. Prime Visibility with 39,140 Vehicles per Day on Buttermilk Pike and 147,360 Vehicles per Day on I-71/I-75. Highway Visible Center with Signage to 165,000 Vehicles per Day on I-71; Dedicated Pylon Sign along/above I-71 and Just off Exit Ramps at Buttermilk Pike
Buttermilk Crossing w/ Northern Tool
Investment Highlights
- 85 Percent Occupied 53,357-Square-Foot Neighborhood Retail Center and Free Standing STNL Northern Tool Situated Along Buttermilk Pike
- Upside Available through Lease Up of Three Vacancies, Additionally 31 Percent of Occupied Shop Space Gross Leasable Area has No Options Remaining
- Diverse Tenant Mix Featuring Food, Service, and Daily-Needs Retailers Such as Domino's, Penn Station, Great Clips, H&R Block, and The UPS Store
- Close to $600,000 in Landlord Investments to Shopping Strip within Past Two Years Including New Roofs and Parking Lot Resurfacing (2023) and Updates to Façade (2024)
- Complete 2023 Renovation of Former Staples Box into Freestanding Northern Tool; Over $1.1 Million Invested by Seller in Renovations and TIA
- 10-Year Triple-Net Lease with Northern Tool | Minimal Landlord Responsibility – Roof and Structure Only
- In Place Rental Increases and Vacancy Upside Produce Attractive CAGR of 3.49 Percent. 10-Year Unleveraged IRR of 10.10 Percent | Leveraged IRR of 15.97 Percent | DSCR of 1.34x
- Opportunity to Spin Off Northern Tool Property for CAP Arbitrage – Separately Parceled
Shopping Neighborhood
Buttermilk Crossing w/ Northern Tool
Listing Price: $15,360,000
Investment Highlights
- 85 Percent Occupied 53,357-Square-Foot Neighborhood Retail Center and Free Standing STNL Northern Tool Situated Along Buttermilk Pike
- Upside Available through Lease Up of Three Vacancies, Additionally 31 Percent of Occupied Shop Space Gross Leasable Area has No Options Remaining
- Diverse Tenant Mix Featuring Food, Service, and Daily-Needs Retailers Such as Domino's, Penn Station, Great Clips, H&R Block, and The UPS Store
- Close to $600,000 in Landlord Investments to Shopping Strip within Past Two Years Including New Roofs and Parking Lot Resurfacing (2023) and Updates to Façade (2024)
- Complete 2023 Renovation of Former Staples Box into Freestanding Northern Tool; Over $1.1 Million Invested by Seller in Renovations and TIA
- 10-Year Triple-Net Lease with Northern Tool | Minimal Landlord Responsibility – Roof and Structure Only
- In Place Rental Increases and Vacancy Upside Produce Attractive CAGR of 3.49 Percent. 10-Year Unleveraged IRR of 10.10 Percent | Leveraged IRR of 15.97 Percent | DSCR of 1.34x
- Opportunity to Spin Off Northern Tool Property for CAP Arbitrage – Separately Parceled
Investment Overview
85 Percent Occupied 53,357-Square-Foot Neighborhood Retail Center and Free Standing STNL Northern Tool Situated Along Buttermilk Pike. Prime Visibility with 39,140 Vehicles per Day on Buttermilk Pike and 147,360 Vehicles per Day on I-71/I-75. Highway Visible Center with Signage to 165,000 Vehicles per Day on I-71; Dedicated Pylon Sign along/above I-71 and Just off Exit Ramps at Buttermilk Pike
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