Towne Square North
Deal Overview
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Address
4604 Frederica St.
Owensboro, KY 42301
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Parcel Number
004-30-03-001-00-000
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Gross Leasable Area
163,078 square feet
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Land Area
+/- 15.76 AC
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NOI
$1,443,091
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Cap Rate
8.00%
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Purchase Price
$18,039,000 ($111 PSF)
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Occupancy
89%
THE OPPORTUNITY
The Asset
- Big Lots anchored shopping center, with term through 2030
- Recent renewal and remodel with Office Depot taking term through 2030
- New lease recently executed with Michael's
- Potential to create an outparcel on the NE end of the property
- Scheduled rent bumps for all major national tenants
- Upside through lease up of 17,910 SF
- Leases are staggered and expire incrementally through 2031
- At or below market rents with limited supply within the market
- Extensive façade renovations and new LED lights in 2020
The Market
- Dense retail corridor - Major retailers Walmart, Target, Home Depot and Lowe’s located within 1 mile of center
- Great visibility from Wendell Ford Expy, which has over 26,000 VPD
- Located just outside the Evansville, IN market
- Asset benefits from continued growth of the Owensboro/Evansville market
- Within 2 miles of Kentucky Wesleyan University, home to over 840 full time students