January 15, 2019 – SRS Real Estate Partners’ National Net Lease Group has announced the sale of Crestwood Crossing, a freestanding 19,129-square-foot retail center located in Crestwood, Kentucky. The 94 percent occupied retail center features an ideal e-commerce-resistant mix of fitness, dental, service-oriented and restaurant tenants.
SRS’ National Net Lease Group Managing Principals Matthew Mousavi and Patrick Luther and Senior Associate Chris Edwards represented the seller, a local developer, in the $3.517 million sale to the buyer based out of Ohio. SRS also garnered an 8.3 percent cap rate for the transaction.
According to SRS, Crestwood Crossing’s varied tenant mix allows for crossover shopping and tenant synergy, minimizing risk for the buyer. Crestwood Crossing is adjacent to a McDonald’s and Advance Auto Parts, increasing consumer traffic to the center.
“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 Edwards.
Built in 2007, the center, located at 6408-6410 West Hwy 146, benefits from an affluent trade area household income exceeding $119,000, all within one mile. Crestwood Crossing is located near the hard corner intersection of Highway 329 and Highway 146. The site serves approximately 63,000 residents and more than 25,000 employees within a five-mile radius.