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 AND BROKERAGE AGREEMENT ("Agreement") is made and agreed to by you ("Prospective Buyer") for the benefit of THE KIRKLAND COMPANY ("Broker"), with respect to certain real property ("Shillito Park") located in Lexington, Kentucky.
BACKGROUND:
1 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 buyer 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 Owner and therefore are subject to variation.
NOW THEREFORE, the parties agree, in consideration of the covenants and agreements contained herein, as follows:
By submitting this form, you have acknowledged, read, and agreed to this above Confidentiality and Brokerage Agreement.
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 Lexington, Kentucky and known as Shillito Park (“Property”).
NOW THEREFORE, the parties agree, in consideration of the covenants and agreements contained herein, as follows: