The Property consists of two buildings, situated on 4.13 acres of land in the main retail corridor of Florence, KY. Shadow Anchor Drawing Power Florence Shops enjoys unprecedented cross traffic from its prominent shadow anchors including Ross Dress for Less, HomeGoods, T.J.Colliers International is pleased to present the opportunity to acquire a 100% fee simple interest in the Florence Shops (“The Property”), a 100% leased, 50,068 square-foot multitenant shopping center. The 10-mile radius has a population of over 387,000 residents and h Within a 5-mile radius, there are 136,000 residents enjoying average household incomes of over $87,000. Strong Demographic Profile The surrounding area boasts a robust local profile. Value-Add Opportunity: Developable half-acre pad site included with sale providing upside potential.Ĭomplementary Tenant: Line-Up The subject Property is leased to a complementary tenant line-up including Dining, Medical, Experience, Beauty, and Travel. Irreplaceable Location: Located off Mall Road in the main retail corridor of Florence, the Property sits adjacent to a 500,000+ square foot Power Center and just northwest of a 300,000+ square foot Super Regional Mall. In addition ownership has recently executed two brand new leases. Weighted Average Lease Term: The Weighted Average Lease Term is more than 5.5 years, providing a stable investment with strong contractual rent increases. Florence Shops offer investors a well-positioned stable investment with a strong service-oriented tenant mix and upside potential through the development of the vacant pad. In addition, the roof on the front building was completely replaced in 2018 with a new EPDM roof and has 18 years remaining on the warranty.
With renovations in 2015, the back building features a sleek high-end façade and new roof with 10 years remaining on the warranty. Other notable tenants in the immediate trade area include a 170,000 square-foot Menard’s developed in 2019 and a 135,000 Square-foot Costco built in 2015. The center is 516,108 square feet and draws an average of 17,400 visits per day and 6.3M+ visits per year. Cheeses, Burlington Stores, among numerous others. Anchored by a newly developed Super Kroger Marketplace, along with top national retailers including HomeGoods, T.J Maxx, Old Navy, Ulta Beauty, Shoe Carnival, Barnes & Noble, Chuck E. The subject Property is strategically located adjacent to a Florence Square Power Center which is recognized as the top retail center in the market. The average household incomes are north of $80,000 in a 3-mile radius and more than $87,000 in a 5-mile radius. The Property features a robust population of over 136,000 people within a 5-mile radius and over 380,000 people within a 10-mile radius. In addition, the Property has visibility from Burlington Pike which is one of the main arteries boasting an average daily traffic count of over 50,000 vehicles. Located on Mall Road in the heart of northern Kentucky’s retail trade area, the Property has an average daily traffic count exceeding 22,000 vehicles and 185 feet of frontage along Mall Road. The center has a weighted average lease term of 5.6 years with the anchor tenant, Shoot Point Blank, boasting over 9 years of firm term with rent increases in 20 and annual CPI increases beginning in 2025, acting as a hedge against inflation. The complementary mix of tenants includes Shoot Point Blank, Rapid Fired Pizza, Foam Warriorz, Expedia Cruises, Thai Tea House, G Spa Nails, and Orthodontics Specialist. The current tenant lineup features staggered lease expirations and boasts a diverse mix of e-commerce resistant, service-oriented tenants.
The Property provides investors with a secure and stable investment at an attractive yield, with additional upside potential through the development of the vacant +/-0.5 acre pad site. Florence is a thriving northern city of Kentucky, and one of the fastest growing areas in the state, boasting an impressive 11.5% population increase from 2010 through 2020. Colliers International is pleased to present the opportunity to acquire a 100% fee simple interest in the Florence Shops (“The Property”), a 100% leased, 50,068 square-foot multitenant shopping center.
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