3621 Fern Valley Rd - Freestanding FOR SALE


Louisville, KY 40219
$6,308,000 USD
248-688-0630
3621 Fern Valley Rd, Louisville, KY for Sale
$6,308,000 USD
Freestanding - FOR SALE
1/7
null | 7.5% Cap Rate

3621 Fern Valley Rd
Louisville, KY 40219


HIGHLIGHTS

  • 7 Years Remaining | Corporate Guaranteed | Scheduled Rental Increases | Strong Financial Results
  • Modified Gross (Base Year) Lease | Fee Simple Ownership | All Landlord Responsibilities
  • Louisville International Airport (3.8MM passengers in 2018)
  • Strong Commercial Corridor | Nearby National Credit Tenants | Indian Trail Square Shopping Center
  • Chewy, Inc. First Call Center | Option to Expand by an Additional 10,000 SF
  • Near Signalized, Hard Corner Intersection | Excellent Visibility & Access | Close Proximity to Interstate 65

OVERVIEW

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an modified gross, freestanding, Chewy, Inc., office investment property located in Louisville, KY. The tenant, Chewy, Inc., has approximately 7 years remaining in their initial term with 2 (5-year) options to extend, demonstrating their commitment to the site. Chewy, Inc. is an online retailer of pet food and other pet-related products owned by PetSmart, and this location is their first call center with 340 agents to field calls. To accommodate their growth, the tenant has an option to expand the building an additional 10,000 SF**. The lease features 2.5% annual rental increases throughout the initial term and option periods, steadily growing NOI and hedging against inflation. The tenant reimburses all operating expenses in excess of the recognized 2019 base year expenses (see pages 17 & 18 for more details). **Tenant has the on-going option to expand their building improvements by an additional 10,000 SF to accommodate their growth. As such, to meet parking requirements in the lease, the tenant would take over a portion of the parking lot north of the building and increase their parcel size.

FOR SALE DETAILS

PRICE

$6,308,000 USD

PRICE/SF

$250 USD /SF

CAP RATE

7.5%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Chewy | 7yr Corp | Near Louisville Int'l Airp

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Freestanding

ADD'L SUBTYPES

Storefront Retail/Office

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1975

SPRINKLERS

-

PARKING SPACES

194

LAND DETAILS

CROSS STREETS

Preston Hwy

LAND ACRES

3.14 AC

LAND SF

136,778 SF

ZONING

R-4

APN/PARCEL ID

063204750000,63205350000

ASK ABOUT THIS PROPERTY

Michael CarterSRS Real Estate PartnersMore Info
248-688-0630

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Michael CarterSRS Real Estate PartnersMore Info
248-688-0630

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.