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.