Well-Maintained Asset: Current ownership has done an excellent job maintaining the property.
Value-Add & Management Upside: New ownership could implement a light value-add program and/or a utility reimbursement program to potentially increase NOI. Several other properties in the market currently charge for utilities.
Proximity to Lexington: Richmond is located roughly 21 miles southeast of Lexington, KY. Major demand drivers in Lexington include:
Minutes to Eastern Kentucky University: Park Place Community is located less than one mile from Eastern Kentucky University. With an enrollment of 16,612 and 1,750 jobs, EKU is the 4th largest university in the state of Kentucky.
Large Area Demand Drivers: Other considerable demand drivers in Madison County include:
Job Development & Announcements: There is significant development underway in the Richmond area, including:
Major Richmond Retail: Richmond Centre, the largest retail, multi-use development between Lexington, KY and Knoxville, TN, is a 120-acre, 600,000 SF retail space that includes Meijer, JCPenney, Belk, Cinemark Theatre, TJ Maxx, Hastings, Michael’s, & PetSmart. Additional retail in the area includes Walmart, Lowe’s, Bargain Hunt, Hobby Lobby, Office Depot, Ashley HomeStore, and Kroger.
THIS CONFIDENTIALITY AGREEMENT (“Agreement”) is made and agreed to by The Kirkland Company (“Broker”), exclusive listing broker for the Property, and (“Buyer”) regarding the sale of the property known as Park Place Community (“Property”) located in Richmond, Kentucky. The obligation of confidentiality undertaken pursuant to this Agreement shall survive the terms of the Broker’s listing agreement with the Owner.
BUYER HAS REQUESTED information from Broker for the purpose of evaluating a possible acquisition of the Property. The Owner of the property has instructed Broker to deliver information concerning the Property, much of which is highly confidential, only to those potential purchasers who sign this Agreement. To receive an Offering Memorandum (“Offering Memorandum”) please read, sign and return this Confidentiality Agreement to Broker. The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective Buyers may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Seller and therefore are subject to variation.
THEREFORE, THE PARTIES AGREE, in consideration of the covenants and agreements contained herein, as follows:
THIS CONFIDENTIALITY AND BROKERAGE AGREEMENT ("Agreement") is made and agreed to by and between THE KIRKLAND COMPANY (“Broker”), and “Prospective Buyer” with respect to the sale of certain real property located in Richmond, Kentucky and known as Park Place Community (“Property”).
NOW THEREFORE, the parties agree, in consideration of the covenants and agreements contained herein, as follows: