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Springhurst Towne Center

  • Contact for Price
Louisville, Jefferson County, Kentucky, 40241, United States, ,
Sale

Springhurst Towne Center

Louisville, Jefferson County, Kentucky, 40241, United States, ,
  • Contact for Price

Description

CBRE’S NATIONAL RETAIL PARTNERS are proud to extend the opportunity for qualified investors to acquire Springhurst Towne Center, one of the largest and premier open air centers serving the densely populated northeast portion of Louisville. Springhurst is located at the intersection of I-265 and Route 1447 (Westport Road), which provides tremendous traffic counts (105,000 VPD) and easy access to the best combination of trade area density (207,337 people) and affluence ($124,748 AHH) in all of Louisville.

Springhurst Towne Center contains 444,503 SF of GLA, all owned and included, and features an unmatched, diverse lineup of grocery, big box, full price apparel, restaurant and service tenants. Additionally, the center is shadow anchored by Target and Meijer, two significant attractions within the MSA. Eleven national credit anchor stores account for 86% of the center’s GLA: Kohl’s, Cinemark, Dick’s Sporting Goods, Hobby Lobby, TJ Maxx, HomeGoods, OfficeMax, Liquor Barn, Old Navy, Shoe Carnival, and Five Below.

Springhurst Towne Center’s location along I-265 allows it to service eastern Louisville and its surrounding areas. Strong office, retail, and industrial submarkets in the area, help to support income levels well above the national average in a city with low costs of living.

In summary, Springhurst Towne Center represents an exciting opportunity to acquire the preeminent power center in a growing MSA, with a high-quality level of in-place income, a tremendous physical real estate location, and a diverse collection of national tenants.

  • CATEGORY LEADING ANCHOR LINEUP
    Springhurst Towne Center features a diverse and enviable anchor tenant line-up filled with national tenants including Kohl’s, Cinemark, Dick’s Sporting Goods, Hobby Lobby, TJ Maxx, HomeGoods, Office Max, Liquor Barn, Old Navy, Shoe Carnival and Five Below. Furthermore, the Center benefits from two dominant shadow anchors, Target and Meijer. These category-leading tenants make up over 86% of the total GLA of the Center  and have a solid weighted average lease term, providing future investors with a secure long-term income stream.
  • DOMINANT OPEN AIR CENTER
    Springhurst Towne Center is the most dominant open-air retail center in the Louisville MSA, the country’s 43rd largest MSA (1.4 million people). The entire Center, including Target and Meijer, contains more than 800,000 square feet of retail space with a diverse mix of retail draws, including grocery, softgoods, service and entertainment. The robust tenant lineup creates unrivaled customer traffic and exposure within the Louisville MSA. Furthermore, Springhurst Towne Center has unmatched accessibility to the greater Louisville MSA from its close proximity to the interchange of Interstate-265 and Interstate-71. This exposes the Center to 135,000 vehicles passing by per day. The access expands the trade area of the Center 30+ miles northeast, drawing customers from across the Louisville MSA and the greater region. This is further evidenced by Placer AI’s foot traffic report, which tracked 6.1 million visits to the Center over the last 12 months, ranking it in the top 28% of power centers nationally.
  • PROVEN SALES PERFORMANCE
    Springhurst Towne Center has maintained a solid operating history over the last decade with high occupancy percentages and strong sales performance. As of today, the Center is nearly 100% occupied (98.8%) and has a low average health ratio. The high occupancy percentage and excellent tenant sales create a strong operational foundation enabling future investors to push rents.
    • Performance Highlights
      • Average sales PSF of tenants under 20,000 SF are very strong 
      • Cinemark generated excellent pre-pandemic sales 
        • First stadium seating concept in the market
        • Underwent a significant renovation in 2017
        • Kohl’s performed well over the last 12 months
  • OUTSTANDING DEMOGRAPHICS
    Springhurst Towne Center serves a wealthy, well-educated primary trade area that totals over 200,000 people. 51% of the population has at least a Bachelor’s degree, while the average household income is just shy of $125,000, well above the national and regional average. Springhurst Towne Center’s convenient access to I-265 allows it to reach an expanded trade area and gives it significant draw across Louisville. The Center is adjacent to a Ford Plant situated on 500 acres with a floor area of 6 million square feet and 8,920 employees.
  • FREE AND CLEAR OFFERING
    The Center is offered free and clear of existing debt. This enables investors to structure their capital requirements according to their needs and if desired, leverage the acquisition with debt that is currently available at attractive interest rates and terms.
  • SALES TERMS
    Springhurst Towne Center is being offered without an asking price on an “as-is” basis with ownership making no representation or warranties with respect to the accuracy or completeness of the offering memorandum or any and all documents delivered to an acquisition prospect for the purpose of performing due diligence.

Call George for more information at +1 (312) 802-1777.

  • Address 3575 Springhurst Blvd
  • Zip/Postal Code 40241

Details

Updated on September 20, 2022 at 6:16 pm
  • Price: Contact for Price
  • Property Size: 444503 sq ft
  • Property Type: Commercial
  • Property Status: Sale

Overview

  • Commercial
  • Property Type
  • 444503
  • sq ft

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