Equity Management Group, Inc. has brokered the purchase of Tiverton Shopping Center in Lexington, KY. The 40,000 SF center is 87.5% leased and anchored by Sleep Outfitters, Willis Music, and Leslie’s Pool Mart. Other tenants include Jimmy Johns, Domino’s Pizza, Great Clips, and Cell Phone Repair, among others.
Located just off Nicholasville Road, Tiverton Shopping Center is in the heart of Lexington’s largest and densest retail corridor. The center is directly across from The Summit at Fritz Farm, Lexington’s newest mixed-use development which is home to over 300 apartments, a boutique hotel, Class A office spaces, and retailers such as Whole Foods, Pottery Barn, Shake Shack, and Anthropologie. Adjacent to Tiverton Shoppes is Fayette Place shopping center, comprised of national retailers including Ross Dress For Less, Party City, Shoe Carnival, Carter’s, Dollar Tree, Outback Steakhouse.
The center was purchased for $6.13 million as part of a 1031 exchange, representing a 7.5% cap rate. Jason Taylor of Equity represented the Buyer, and the Seller was represented by Sean Schomp of Black Diamond Management.
Tiverton Shopping Center currently has 5,000 SF of available space, which can be subdivided to 2,000 SF and 3,000 SF. For more information please contact Jason Taylor at 502.472.7546 or Mary Grace Hinkle at 859.327.2628.
Equity Management Group, Inc. has recently listed 3.88 acres of land within the Man O War Place power center in Lexington, KY for sale. Located in east Lexington just off the intersection of Richmond Road and Man O War Boulevard—two of Lexington’s busiest thoroughfares—the property enjoys exceptional access and over 53,000 VPD. Originally built in 1990, the existing 24,220 SF improvement was home to a highly successful movie theater for over 20 years. Parking is ample, and the nearly 4 acre parcel offers investors and developers countless opportunities for expansion or complete redevelopment.
The property’s proven location is surrounded by national retailers located at Man O War Place, including a +115,000 SF Kroger Marketplace, Tire Discounters, Texas Roadhouse, Hooter’s, and PNC Bank, among many others. The subject of this offering is the fee simple interest in 24,220 square feet of gross leasable area sited on approximately 3.88 acres of land. The sale price is $3,000,000. For more information contact Jason Taylor at 859-266-1414.
Equity Management Group, Inc. co-brokered the sale of New Circle Crossings on March 10th, 2017. The building was sold for $7.2 million representing a 9.1% cap rate.Originally built in 1967 and located at the intersection of North Broadway and West New Circle Road/KY Route 4, the two-tenant, 67,700 square foot building is 100% leased to Windstream Services and Mattress Overstock. Dan Cooper of Cooper Commercial Investment Group and Jason Taylor of Equity represented the seller. The buyer was represented by Nicholas Bushong of Marcus & Millicap.
On February 8th, 2017, EMG brokered the sale of Chevy Chase Shoppes. The 9,600 SF and 100% leased neighborhood center was completed in early 2016. The building is located in the heart of Chevy Chase and shadow-anchored by the state of the art Euclid Avenue Kroger. Chevy Chase Shoppes was sold for $3.775 million, a CAP rate of 6.3%. Jason Taylor of Equity represented the seller. The Buyer was represented by Jamie Schrader and Cheri McMullen of Schrader Commercial Properties.
EMG brokered the purchase of the Skyzone & Paul Mitchell outparcel at Millpond Shops. The 35,135 SF fully leased center is located along the south side of Man O’ War Boulevard in Lexington. The center is now undergoing exciting cosmetic and access upgrades. The outparcel was purchased for $3.25 million, representing a 9.3% cap rate. Jason Taylor of Equity represented the Buyer and the Seller was represented by Jordan Powell of Matthews Retail Advisors.
Lakeview Plaza is making room for two new national tenants. Rainbow Apparel and Ollie’s Bargain Barn Outlet, both well-known national brands, have signed new leases and are preparing to open storefronts of 13,572 SF and 33,069 SF, respectively, at Lakeview Plaza.
Founded in 1935 and headquartered in Brooklyn, NY, Rainbow offers “a wide assortment of clothing for juniors, plus-sizes, and children, as well as an extensive shoe collection.” Rainbow operates over 1,300 stores throughout the United States, Puerto Rico, and the U.S. Virgin Islands. Lakeview Plaza will be their second Lexington location. The tenant was self-represented in the transaction, and Jason Taylor of Equity Management Group represented the owner.
Ollie’s Bargain Barn is “one of America’s largest retailers of closeouts, excess inventory, and salvage merchandise.” Founded in 1982 in Mechanicsburg, PA, Ollie’s now operates over 213 locations throughout the Mid-Atlantic and Southeastern United States. Their Lakeview Plaza location will be Lexington’s first Ollie’s Bargain Barn. Kevin Mayhugh with the Shopping Center Group represented the tenant, and the owner was represented by Jason Taylor of Equity Management Group.
Located on Richmond Road and Mt. Tabor Road in Lexington, Lakeview Plaza enjoys some of Lexington’s highest traffic counts and a convenient location between New Circle Road and Man O War Boulevard. Rainbow and Ollie’s join co-tenants such as Burlington Coat Factory, Live Well Training Center, Jenny Craig, Aaron’s, Sherwin-Williams, and Cosmo Prof. Lakeview Plaza is now 90% occupied with only two remaining availabilities of 3,042 and 12,922 SF. For further information on Lakeview Plaza, please contact Jason Taylor or Mary Grace Hinkle at 859-266-1414.
Lexington’s newest sushi restaurant, SAM Sushi, is now open at Brighton Place Shoppes. SAM Sushi opened its doors for its hard opening and ribbon cutting ceremony January 23rd. Now serving lunch and dinner seven days a week, SAM Sushi has an extensive menu that includes sushi rolls and sashimi, but also an array of Ramen noodle bowls, salads and rice bowls. The restaurant, owned by two veteran sushi chefs, is 1,612 square feet and is located in the former home of Pita Social. The convenient location of Brighton Place Shoppes at the intersection of Man O War Boulevard and Todds Road and its architecturally pleasing construction attracted the SAM Sushi owners to the property.
SAM Sushi joins long-time Brighton Place tenants which include Ramsey’s Diner, Bluegrass Barkery, Puccini’s, Orange Leaf, Sports Clips, Domino’s, and Hart’s Dry Cleaning. Lexington Animal Clinic, another new tenant of the shopping center, plans to open for business in mid-February and will complete this excellent tenant mix. Brighton Place is now 100% occupied.
PetValu officially opened the doors to its 2,900 SF storefront at Chevy Chase Shoppes on Saturday, November 26th! PetValu is a specialty retailer of pet food, treats, toys, and accessories for dogs, cats, birds and other small animals. Chevy Chase Shoppes is their third location in Lexington. PetValu carries over 7,000 products, including holistic and premium brands of pet foods and treats, as well as a wide selection pet supplies for all budgets.
PetValu stores are often involved in their community, teaming up with animal rescues and adoption programs, and fundraising for animal shelters. Already, their Chevy Chase Shoppes location has brought in several cats from Woodstock who are available for adoption.
Chevy Chase Shoppes is also home to Uncle Maddio’s Pizza, Massage Envy, and Supercuts. The brand new neighborhood center was completed earlier this year and is now 100% leased. Equity Management Group is thrilled to have PetValu as a new tenant and welcomes them to the neighborhood!
Brighton Place Shoppes has been home to Ramsey’s Diner since 1998. Rob Ramsey founded his original Ramsey’s Diner on High Street almost 30 years ago, and it has since become a beloved Lexington institution. The Brighton Place location is one of four Ramsey’s across Fayette County and is set to increase its size by nearly fifty percent in the coming weeks. Ramsey will take over the adjacent space to expand his already 3,224 square foot and make way for the 1,591 square foot Ramsey’s Country Store.
Ramsey’s Country Store plans to sell Kentucky Proud produce year-round, Ramsey’s Diner food items in bulk (including chicken salad, soups, salad dressings, and pimento cheese), old fashioned candy, jarred fruits and vegetables, and an array of baked goods such as Missy’s Pies, quiches, chicken pot pies and fresh cookies. Ramsey expects to open the Country Store on September 6th.
Brighton Place Shoppes is conveniently located at Man O’ War Boulevard and Todd’s Road, directly across from Andover Forest and adjacent to Hamburg Pavilion. Ramsey’s Diner is one of several successful restaurants at Brighton Place, accompanied by Five Guys, Cheddars, Orange Leaf Yogurt, Puccini’s, and Domino’s. Other tenants include Hart’s Cleaners, Bluegrass Barkery, Kid to Kid, Republic Bank, Sports Clips, Bak 4 More, Lexington Cell Phone, and the soon to open Lexington Animal Clinic. Brighton Place has 1,612 square foot available for lease. For more information, contact Vickie Graffius at (859) 321-8200 or firstname.lastname@example.org.