The Shoppes at Hurstbourne Town Center was built in 2020 and sold late that same year. The three-tenant retail center is located just off of the corner of Hurstbourne Parkway and Shelbyville Road. The property was fully-leased to Amazon-proof tenants with 10-year net lease terms at the time of sale.
The Challenge
Our client was looking for pricing per square foot that had not been achieved for retail property in the state of Kentucky. The rent roll did not have high-quality corporate credit normally associated with investors paying a high price per square foot.
The Solution
Cushman & Wakefield | Commercial Kentucky produced a professional offering memorandum that illustrated retail demand for the location. Using professional marketing materials, combined with a broad-based marketing campaign, proved successful.
Results Achieved
Shoppes at Hurstbourne Town Center closed at $507.78/sf. This price was the highest price per square foot ever paid in the state of Kentucky for a multi-tenant retail property.
