Property Overview

Suburban 14,000 square-foot retail center featuring two national tenants with 10 year net lease terms. 101 Whittington Parkway enjoys a location within Louisville’s dominant retail corridor, the asset was poised to take advantage of the strong area demographics and nearby redevelopment plans. It enjoys close proximity to executive housing and the largest suburban daytime population centers generating high retail potential demand.

Client Background

Experienced partnership in search of a value-add and long term investment opportunity.

Market Context

Located in a suburban retail and office corridor, the client’s were largely attracted to the asset because of adjacent ongoing redevelopment of the Hurstbourne Business Park, this property  being within the 27 acre property in 2016 that includes 350,000 square feet of office and retail space with additional plans for a 266 unit multifamily rental community and a 149 room hotel.

Project

Form the partnership, negotiate the deal terms, acquire the property and procure a qualified tenant to lease, manage the construction/ build out of the tenant space being mindful of budget and timeframe, manage the property by lease administration, maintenance management and reporting and stabilize the property for long term investment returns. 

Challenges Encountered

• The vacancy was a cold shell space lacking HVAC, electrical or plumbing and with additional business restriction from the reciprocal easement restrictions and property management, it made for high hurdles procuring a tenant.
• Managing construction in a post Covid economy with inflation, labor shortage and material delays.    

Conclusion

Despite the challenges, we successfully negotiated a medspa tenant for a long term lease and managed the build out on time and on budget with the help of a reputable engineer and general contractor. Using our network of relationships, good reputation for excellence, old fashioned hard work and persistence we made it to the finish line.