Exclusive Investment Opportunity – Walmart Shadow-Anchored Strip Center in Western Kentucky's Prime Retail District
3245 Mount Moriah Ave
Owensboro, KY 42303
Highlights
- 100% Occupied
- Upside Potential Remains
- 25,000+ ADT
- Owensboro's Main Retail Thoroughfare
Description
A rare opportunity to invest in a highly sought-after retail asset, a Walmart shadow-anchored strip center, nestled in the epicenter of Owensboro's main retail hub. Built in 2008, this premier 20,600 SF center boasts an impressive tenant roster including LabCorp, an urgent care facility, GameStop, a nail salon, and other retailers.
Strategically located on Owensboro's main retail thoroughfare, this property is surrounded by national retailers (Walmart, Kohl's, Publix under construction) attracting a daily traffic count of over 25,000 vehicles. Adding to its appeal, the property is just under three miles from the region's largest hospital, the main employer in Owensboro.
The property stands out architecturally with a handsome brick façade and stone construction. Maintained well, the property signifies a blend of sustainability and profitability.
This strip center holds opportunity for significant rental growth, presently being 100% occupied with multi-year leases. The average lease price has surged over the past 36 months from $12.19/sf to $18.92/sf, demonstrating robust market demand, strategic re-tenanting, and successful negotiating on renewals. However, with the current market rate at nearly $22/sf, there remains substantial upside potential. Specifically, three tenants will expire/renew in the next 18 months who are more than $6+/sf below market rent.
The local economy provides a favorable backdrop, with an influx of external shoppers adding to the growing pool of disposable income. The retail submarket is growing with a current size of 3,400,000 square feet and a rising average asking rent of $21.62/sf, showing a 2.9% increase from the last year. With a low market vacancy of 2.55%, the area has strong consumer demand, and its trajectory shows no sign of slowing.
Located in the HWY 54 corridor next to a Walmart SuperCenter. Tenants include GameStop, LabCorp, Gateway Urgent Care among others.
