Repositioned Asset Following Major Renovation: Current Ownership spent roughly $4.2 million renovating the interiors and exteriors. Renovations include flooring, appliances, countertops, fixtures, backsplash, roof, siding, gutters, clubhouse, and additional exterior improvements.
Loss-to-Lease burnoff: Recent Leases have been renting for $83 more than in-place rents on average. New ownership will have the opportunity to organically increase rents through loss-to-lease burnoff.
Rent Growth Opportunity: Shillito Park is over $300 below rent of nearby properties. New ownership will be able to increase rents and capitalize on the demand to potentially increase NOI. Submarket rents are anticipated to grow by 7.2% in 2022 and 5.1% in 2023, according to CoStar projections.
Luxurious Amenities Package: Shillito Park offers its tenants an excellent amenities package, including:
Walking Distance to 2+ Million SF of Retail: Shillito Park is located within walking
distance of Summit at Fritz Farm, Fayette Mall, & The Mall at Lexington Green, giving tenants easy access to a combined 2+ million SF of retail including Whole Foods, Shake Shack, Pottery Barn, Arhaus, Lululemon, Dick’s Sporting Goods, ALDI, Lowe’s, Macy’s, Target, & many more
Attractive School District: According to Greatschools.org, Shillito Park is zoned for Elementary, Middle, and High Schools all ranked 9 out of 10 or greater in Test Scores
Immediate Access to Shillito Park: The property borders Shillito Park allowing tenants access to the 176 acre park, including baseball fields, tennis courts, pool, over 2 miles of trails, picnic shelters, basketball courts, football/soccer fields, playground, and disc golf course
Desirable Lexington Location: The property is located in the 40503 zip code, one of Lexington’s most sought after locations.
Proximity to Lexington Employers: Shillito Park offers tenants quick access to Lexington’s largest employers, including:
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 Shillito Park (“Property”) located in Lexington, 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: