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Shopping Neighborhood

90% Occupied Neighborhood Center | Lexington, KY | Diverse Tenant Mix | Value-Add Upside

3120 Pimlico Pkwy, Lexington, KY 40517

Listing Price: Request For Offer

Gross SF
85,951
Rentable SF
85,951
Lot Size
11.16 acres
Year Built
1983

Investment Overview

Marcus and Millichap is pleased to bring to market the Park Hills Neighborhood Center in Lexington, KY. The subject property features three buildings consisting of 85,951-square-feet of retail space. Park Hills Center boasts a 90% percent occupancy rate, with more than 40% of total GLA leased to Walgreens, Ace Hardware (Houchens), Dollar Tree, and Circle K (Corp.). The remaining tenants provide the local market with various shopping and lifestyle options making this investment very attractive for value add and long-term investors alike. There remains upside via leasing the remaining 7,331 square feet of shop space and increasing the current average rents to fair market rates. Along with the obvious upside, an astute owner can find various avenues of creating value for years to come. The surrounding market is dense and provides excellent demographics for a neighborhood center. There are over 200,000 residents earning an average household income of over $83,000 within a five-mile radius of the property.

Investment Highlights

  • ESTABLISHED & SUCCESSFUL CONVENIENCE NEIGHBORHOOD CENTER The subject property is a thriving and established neighborhood center located in a densely populated area in Southeast Lexington, KY.
  • 90% OCCUPIED | SIGNIFICANTLY BELOW MARKET IN-PLACE RENTS There remains upside via leasing the remaining vacancy and increasing rents to fair market value.
  • STRONG TENANT MIX: WALGREENS, DOLLAR TREE, ACE HARDWARE, CIRCLE K The Property features a diversified tenant mix that feeds the basic functional needs of the surrounding community.
  • STRONG LEASING ACTIVITY | 15-NEW LEASES SIGNED SINCE 2010 Vacancies for retail properties in East Lexington/Fayette were under the five-year average during the fourth quarter (3.20% vs 4.09% 5-yr avg).
  • MAJORITY OF TENANTS REIMBURSE TRIPLE-NET CHARGES In total, approximately 65% of the gross leasable area (GLA) is on triple net (NNN) leases reimbursing Taxes, Insurance, and CAM.
  • SIGNIFICANT CAPITAL IMPROVEMENTS SINCE 2014 Ownership replaced roofs in stages starting in 2014-2021. In 2021, the parking lot received a partial overlay and was fully resealed and restriped.

Exclusively Listed By

Broker of Record

  • Colby Haugness

    First Vice President Investments

    (513) 878-7733

    License(s) KY: 242197

    Kentucky

Shopping Neighborhood

90% Occupied Neighborhood Center | Lexington, KY | Diverse Tenant Mix | Value-Add Upside

Listing Price: Request For Offer

Gross SF
85,951
Rentable SF
85,951
Lot Size
11.16 acres
Year Built
1983

Investment Highlights

  • ESTABLISHED & SUCCESSFUL CONVENIENCE NEIGHBORHOOD CENTER The subject property is a thriving and established neighborhood center located in a densely populated area in Southeast Lexington, KY.
  • 90% OCCUPIED | SIGNIFICANTLY BELOW MARKET IN-PLACE RENTS There remains upside via leasing the remaining vacancy and increasing rents to fair market value.
  • STRONG TENANT MIX: WALGREENS, DOLLAR TREE, ACE HARDWARE, CIRCLE K The Property features a diversified tenant mix that feeds the basic functional needs of the surrounding community.
  • STRONG LEASING ACTIVITY | 15-NEW LEASES SIGNED SINCE 2010 Vacancies for retail properties in East Lexington/Fayette were under the five-year average during the fourth quarter (3.20% vs 4.09% 5-yr avg).
  • MAJORITY OF TENANTS REIMBURSE TRIPLE-NET CHARGES In total, approximately 65% of the gross leasable area (GLA) is on triple net (NNN) leases reimbursing Taxes, Insurance, and CAM.
  • SIGNIFICANT CAPITAL IMPROVEMENTS SINCE 2014 Ownership replaced roofs in stages starting in 2014-2021. In 2021, the parking lot received a partial overlay and was fully resealed and restriped.

Investment Overview

Marcus and Millichap is pleased to bring to market the Park Hills Neighborhood Center in Lexington, KY. The subject property features three buildings consisting of 85,951-square-feet of retail space. Park Hills Center boasts a 90% percent occupancy rate, with more than 40% of total GLA leased to Walgreens, Ace Hardware (Houchens), Dollar Tree, and Circle K (Corp.). The remaining tenants provide the local market with various shopping and lifestyle options making this investment very attractive for value add and long-term investors alike. There remains upside via leasing the remaining 7,331 square feet of shop space and increasing the current average rents to fair market rates. Along with the obvious upside, an astute owner can find various avenues of creating value for years to come. The surrounding market is dense and provides excellent demographics for a neighborhood center. There are over 200,000 residents earning an average household income of over $83,000 within a five-mile radius of the property.

Exclusively Listed By

Broker of Record

  • Colby Haugness

    First Vice President Investments

    (513) 878-7733

    License(s): KY: 242197

    Kentucky

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