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Single-Tenant Industrial

Kentucky Microfoodery

100 Heritage Way, Mount Vernon, KY 40047

Listing Price: $4,285,000

Cap Rate
7.00%
Gross SF
33,016
Price/Gross SF
$129.79
Year Built
2018
Rentable SF
33,016

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 100 Heritage Way in Mount Vernon, Kentucky. The subject property consists of approximately 33,016 square feet of space and is situated on 4.58 acres of land. The asset features metal construction, 14-29 clear heights, and 45 free parking spaces. The building is a very specialized food production and hemp processing facility. Ownership will master lease the space for 10 years on an absolute NNN lease. There are significant tenant improvements to the space including a $149,000 specialized floor, showing high tenant commitment to the facility. The building also has the capacity to be retrofitted with solar panels to reduce utility cost. This new build is located less than a mile from I-75 in Mount Vernon, Kentucky. Mount Vernon is strategically located between Lexington, Kentucky and Knoxville, Tennessee.

Industrial rents in the Richmond-Berea Market were rising at a 3.6 percent annual rate during the first quarter of 2021, and have posted an average annual gain of 5 percent over the past three years. Following a hiatus from new development, 4,800 square feet is underway, representing a fractional expansion of the existing inventory. Vacancies in the metro were somewhat below the 10-year average as of Q1 2021, but were essentially unchanged over the past four quarters. (CoStar)

Investment Highlights

  • Building is a Highly Specialized Food Production and Hemp Processing Facility
  • Ownership will Master Lease the Space for 10 Years On an Absolute NNN Lease
  • Significant Tenant Improvements to the Space Including a $149,000 Specialized Floor
  • Building has the Capacity to be Retrofitted with Solar Panels to Reduce Utility Cost
  • New Build Located Less than One Mile from I-75 in Mount Vernon, KY
  • Mount Vernon is Strategically Located between Lexington, KY and Knoxville, TN

Exclusively Listed By

Broker of Record

  • Colby Haugness

    First Vice President Investments

    (513) 878-7733

    License(s) KY: 242197

    Kentucky

Single-Tenant Industrial

Kentucky Microfoodery

Listing Price: $4,285,000

Cap Rate
7.00%
Gross SF
33,016
Price/Gross SF
$129.79
Year Built
2018
Rentable SF
33,016

Investment Highlights

  • Building is a Highly Specialized Food Production and Hemp Processing Facility
  • Ownership will Master Lease the Space for 10 Years On an Absolute NNN Lease
  • Significant Tenant Improvements to the Space Including a $149,000 Specialized Floor
  • Building has the Capacity to be Retrofitted with Solar Panels to Reduce Utility Cost
  • New Build Located Less than One Mile from I-75 in Mount Vernon, KY
  • Mount Vernon is Strategically Located between Lexington, KY and Knoxville, TN

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 100 Heritage Way in Mount Vernon, Kentucky. The subject property consists of approximately 33,016 square feet of space and is situated on 4.58 acres of land. The asset features metal construction, 14-29 clear heights, and 45 free parking spaces. The building is a very specialized food production and hemp processing facility. Ownership will master lease the space for 10 years on an absolute NNN lease. There are significant tenant improvements to the space including a $149,000 specialized floor, showing high tenant commitment to the facility. The building also has the capacity to be retrofitted with solar panels to reduce utility cost. This new build is located less than a mile from I-75 in Mount Vernon, Kentucky. Mount Vernon is strategically located between Lexington, Kentucky and Knoxville, Tennessee.

Industrial rents in the Richmond-Berea Market were rising at a 3.6 percent annual rate during the first quarter of 2021, and have posted an average annual gain of 5 percent over the past three years. Following a hiatus from new development, 4,800 square feet is underway, representing a fractional expansion of the existing inventory. Vacancies in the metro were somewhat below the 10-year average as of Q1 2021, but were essentially unchanged over the past four quarters. (CoStar)

Exclusively Listed By

Broker of Record

  • Colby Haugness

    First Vice President Investments

    (513) 878-7733

    License(s): KY: 242197

    Kentucky

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