owensboro towne center

Owensboro Towne Center
OWENSBORO, KENTUCKY
Offering Summary
Renovated Riverfront
New Convention Center
New Medical Center
Shadow Anchor
M
AY
Real Estate
OWENSBORO TOWNE CENTER
Exclusive Advisor:
MAY REAL ESTATE LLC
1415 W. 22nd Street, Tower Floor
Oak Brook, IL 60523
630-990-7900
mayre.com
For further information contact:
John May
Chris LaBounty
o 630-990-7979
c 630-379-4500
[email protected]
o 630-990-7997
c 630-263-2603
[email protected]
M
AY
Real Estate
OWENSBORO TOWNE CENTER
The mall has a historical and current occupancy of approximately 95%.
Offering and Highlights
May Center Advisors has been retained to sell the 100% fee simple
interest in Owensboro Towne Center located in Owensboro, Daviess
County, Kentucky.
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Owensboro Towne Center is a vibrant peripheral regional center
anchored by Best Buy, TJ Maxx, PetSmart, Jo-Ann and Ulta.
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156,575 square feet of rentable area. With completion of pending
leases, the project will be 100% leased.
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Shadow anchored by a 118,425 SF Target located between Shoe
Carnival and Cato. Target spent $6 million to upgrade the store in
2006. Target is separately owned (by Target) and not a part of the
offering.
Other shadow tenants include Malco Theatres (16 recently renovated
screens; only theatre complex within a 35 mile radius), Pier 1 Imports,
O’Charley’s, LifeWay and Don Moore’s Hyundai. These tenants are
separately owned and not a part of the offering.
Owensboro Towne Center has had high historical occupancy since
it’s development. TJ Maxx, Cato, Shoe Carnival, Nail Expo and
Owensboro Financial are original tenants to the property.
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Limited availability of similar prime retail space in the market.
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Excellent location across the street from Towne Square Mall, a 500,000
square feet enclosed regional mall that anchors the Owensboro
Regional Trade Zone. The mall has a historical and current occupancy
of approximately 95%. Property is directly south of a full interchange
with Wendell Ford Expressway.
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Trade area population in excess of 179,000 people with average
household income of $54,000.
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1.7 million square feet of retail in the immediate area.
M
AY
Real Estate
OWENSBORO TOWNE CENTER
The mall has a historical and current occupancy of approximately 95%.
Offering and Highlights - CONTINUED
■
Maintained at a high institutional level. Current ownership has spent
approximately $4.25 million on capital expenditures and tenant
improvements (in addition to what tenants have paid.)
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Recent upgrades include repainting the façade, sealcoating, and
restriping.
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The project has a number of tenants with long- and medium-term
leases.
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Significant upside via scheduled rent bumps and rolling below market
rents to market levels.
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Assumable financing with strong loan-to-value ratio.
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2016 Net Operating Income
$1,870,984
M
AY
Real Estate
OWENSBORO TOWNE CENTER
Illinois/Indiana/Kentucky Tri-State Area map
Owensboro Area Map
M
AY
Real Estate
OWENSBORO TOWNE CENTER
Leasing Plan
M
AY
Real Estate
OWENSBORO TOWNE CENTER
MARKET AERIAL
M
AY
Real Estate