Overview

Description

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a 100% occupied, two-tenant, retail strip investment property located in Princeton, KY. The offering features a strong food and service-based tenant lineup of T-Mobile and Arby’s, who have recently signed new leases with additional option periods to extend, demonstrating their commitment to the site. T-Mobile (8 years remaining) and Arby’s (20 years remaining) operate under extensive leases, providing zero short term rollover with a weighted average lease term of 13 years remaining. The two leases feature scheduled rental increases throughout the initial term and options (see rent roll), growing NOI and hedging against inflation. In addition, Arby’s features an end-cap drive-thru lane, providing ease and convenience for customers.

The subject property is strategically located along U.S. Highway 62 with clear visibility and access to an average of 14,000 vehicles passing by daily. The asset also benefits from nearby access onto Interstate 69 (12,200 VPD), making this a centralized location with easy commutes for employees and customers. The strip is ideally situated within a dense retail corridor and lies as an outparcel to a Dollar Tree-anchored center. In addition, the subject is adjacent to a Tractor Supply Co., Ruler Foods, AutoZone, and Bealls-anchored center. The additional nearby tenants include Walmart Supercenter, O’Reilly Auto Parts, McDonald’s, Taco Bell, Captain D’s, Purcell Tire and Service, and others. The strong tenant presence drives a steady stream of loyal, local consumers to the trade area and promotes crossover store exposure for the site. Furthermore, the property is near numerous single-family communities and multi-family complexes including Franklin Place (32 units), Princeton Apartments (48 units), Princeton Manor (67 units), and others, providing a direct residential consumer base. The 5-mile trade area is supported by more than 8,100 residents and 3,800 daytime employees, with a healthy average household income of $75,333.

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