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Publix at Terra Crossing, Louisville, KY

Publix at Terra Crossing, Louisville, KY


Investment Summary

Price $21,099,000
Cap Rate 5.50%
NOI $1,160,436
Lease Term Publix: 20 years | Publix Liquor: 20 years | Noire the Nail Bar: 10 years
Lease Type Net, with tenant responsible for all taxes, insurance, and maintenance, excluding roof, structure, and parking lot
Rental Increases Various
Year Built 2024
Building Size Publix Storeroom: 55,702 SF | Publix Liquor: 3,200 SF | Noire the Nail Bar: 1,600 SF
Lot Size 8.16 acres (355,275 SF)
Status Available
Lead Brokers Ryan Forsyth
Vice Chairman
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Vincent Aicale
Vice Chairman
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

NEWLY CONSTRUCTED TROPHY GROCERY-ANCHORED CENTER WITH MULTIPLE OUTPARCELS IN THE LARGEST CITY IN KENTUCKY
» Exceedingly rare opportunity to acquire a newly constructed grocery-anchored center with limited shop space and multiple outparcels
» This 20-year lease also includes eight (8) option periods of five (5) years each, providing a stable and long-term passive income generator
» One of the fastest growing employee-owned companies in the United States, Publix is wholly owned by present and past employees
» Publix has grown into a Fortune 500 company with a sprawling collection of more than 1,300 supermarkets
» Named No. 1 on Newsweek magazine’s America’s Best Customer Service in Supermarkets list, Publix also ranked No. 1 on America’s Largest Majority Employee-Owned Company list by the National Center for Employee Ownership, and was named as one of Fortune’s 100 Best Companies to Work For, earning Publix recognition as one of the Great Place to Work Legends
» Publix’s sales for the fiscal year ended Dec. 30, 2023, a 52-week year, were $57.1 billion, a 4.7% increase from $54.5 billion in 2022, a 53-week year. Excluding the additional week in 2022, sales for 2023 would have increased 6.7%

PREMIER LOCATION IN ONE OF THE FASTEST GROWING AND AFFLUENT MARKETS IN THE COUNTRY
» This Publix is the first to market Publix-anchored shopping center in the state of Kentucky, providing an excellent opportunity to corner the Publix grocery market in Kentucky
» The property is easily accessible at the corner of Terra Crossing Boulevard and Old Henry Road and located along Interstate 265, a major 31.21-mile Interstate Highway partially encircling the Louisville metropolitan area and featuring over 59,000 vehicles per day near the site
» Publix at Terra Crossing is located in an extremely affluent market, with an excellent average annual household income of $174,043 within one mile of the property
» 120,318 residents live within a five-mile radius of the property, an increase of 20% since 2010, illustrating Louisville’s recent and explosive growth
» Surrounded by major Louisville employers including Ford Motors (13,020 employees), University of Louisville Medical Health Center (12,568 employees), and Thornton’s Headquarters (700+ employees) (13,417 daytime population within a one-mile radius of the site)

Property Description

» Publix Super Market at Terra Crossing is strategically located in the heart of Louisville’s economic and communal hub, surrounded by major industrial employers and healthcare facilities such as Ford Motors (13,020 employees), Kroger (5,000 employees), and Baptist Health Eastpoint (7,500 employees)
» Terra Crossing features easy access to Louisville International Airport and nearby Downtown Louisville, home to a range of cultural attractions that are sure to please including the Muhammad Ali Center, the Evan Williams Bourbon Experience and the Louisville Slugger Museum & Factory
» The site maintains beneficial proximity to Lake Forest, a widely sought after east-end deed restricted community spanning over 2,000 sprawling acres and boasting 1,700+ homes as well as a country club with the only Arnold Palmer-designed course in the state
» With its Midwestern sensibilities and southern hospitality, Louisville is the regional economic hub and cultural and artistic heart of 24 surrounding counties in Kentucky and Southern Indiana
» Limited housing supply in Louisville is driving a significant push for housing growth near Interstate 265
» Within a day’s drive of two-thirds of the U.S. population, Louisville is also a strategic location for thousands of companies, including UPS Worldport, Clariant Corporation, GE Appliances, Yum Brands!, Humana, Brown-Forman, and Texas Roadhouse

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