SRS Real Estate Partners has facilitated the sale of Crestwood Crossing, a freestanding 19,129-square-foot retail center in Crestwood, Ky. The seller received $3.5 million for the asset from an Ohio-based buyer. The former owner was a local developer.
Located at 6408-6410 W. Highway 146, the 2007-built retail property is near the intersection of highways 329 and 146. Crestwood Crossing is adjacent to a McDonald’s and Advance Auto Parts, increasing consumer traffic to the center. The asset serves roughly 63,000 residents and more than 25,000 employees within a 5-mile radius. The median household income within 1 mile exceeds $119,000. At the time of the sale, Crestwood Crossing was 94 percent occupied, with tenants including a mix of fitness, dental, dining and service-oriented businesses.
“Investors are continuing to seek e-commerce resistant multi-tenant assets where a diverse mix of small shop users can be easily replaced in the event of vacancy. These types of assets have grown in popularity among investors looking for solid fundamentals and lower risk in today’s constantly changing retail environment,” said SRS’ National Net Lease Group Senior Associate Chris Edwards, in a prepared statement.
Edwards, along with Managing Principals Matthew Mousavi and Patrick Luther, represented the seller in the transaction. The team garnered an 8.3 percent cap rate for the deal.
Image courtesy of SRS Real Estate Partners