Winchester, KY - Winchester Plaza

Description:

SRS Capital Markets is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in Winchester Plaza, a TJ Maxx, Aldi, Five Below, and Dollar Tree anchored center located in Winchester, Kentucky. The center consists of a diverse, ecommerce resistant tenant lineup comprised of retail, service, and restaurant tenants, creating a stabilized income stream for a passive investor. In addition, a majority of the current in-place tenant lineup has occupied the site for longer than 10 years, further highlighting the strength of the site and immediate subject trade area. TJ Maxx (S&P: A), Dollar Tree (S&P: BBB), Five Below, and Aldi have all executed new leases within the past two years, underscoring their long-term commitment to the center and highlighting the intrinsic value of the underlying real estate. Situated on a 11-acre parcel, the property includes excess land and offers a value-add pad development opportunity, allowing investors to generate additional income through a ground lease or build-to-suit (BTS) development (see Site Plan on Page 19 for details).

The asset is strategically located at the signalized, hard corner intersection of State Highway 60 and State Highway 1958 which supports more than 43,000 vehicles per day. Furthermore, the subject property benefits from nearby access to Interstate 64 (47,800 VPD) and State Highway 627 (16,700 VPD), making this an ideal centralized location with easy commutes. The site is ideally located less than 1 mile north of Kroger Plaza, a 131,000 Neighborhood center anchored by Kroger, Bealls, and Goodwill. Other nearby national/credit tenants include Walmart Supercenter, Lowes, Tractor Supply, Aarons, CVS, Family Dollar, and more. Strong tenant synergy increases consumer draw to the immediate subject trade area and promotes crossover tenant exposure to the site. In addition, the asset is within walking distance from multiple apartment complexes including Frontier Crossing Apartments (112 units), The Summit Apartments (204 units), and more, providing a direct residential consumer base from which to draw. The 5-mile subject trade area is supported by more than 30,000 residents and nearly 15,000 daytime employees who earn an average household income of more than $82,000.

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