Louisville, KY - Strickland Brothers

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, Strickland Brothers investment property located in Louisville, Kentucky. The tenant, Strickland’s Enterprises, LLC has over 13 years remaining on their current lease with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor. The tenant has a strong and growing local presence as Strickland Brothers currently has six other locations in the Louisville area.

The property is located along Dixie Highway, which averages 37,300 vehicles passing by daily and is a major retail thoroughfare serving the city of Louisville. Additionally, the asset is positioned a few miles west of Interstate 65, a major north/south travelling thoroughfare averaging 155,100 vehicles passing by daily. Furthermore, the Strickland Brothers is located just south of Dixie Manor Shopping Center, a 454,000 square foot shopping center with major tenants including Hobby Lobby, Crunch Fitness, Ross Dress For Less, and more. Moreover, the asset is situated just north of Park Place Mall, a 202,000 square foot shopping mall with major tenants including Burlington, Dollar Tree, and more. The property is in the center of a primary retail corridor with other nearby national/credit tenants including Home Depot, Lowe’s, Walmart, Hibbett Sports, Ollie’s Bargain Outlet, Chick-fil-A, Big Lots, Panera Bread, Chase Bank, Burger King, Starbucks, McDonald’s, Popeyes, QDOBA, Discount Tire, KFC, Hardee’s, Wendy’s, Arby’s, Pizza Hut, Papa Johns, Zips Car Wash, Dairy Queen, several car dealerships, among others, further increasing consumer traffic to the site. The 5-mile trade area is supported by a population of over 154,700 with an average household income of $76,029.