After 19 offers were submitted for the Park Hills Center in Lexington, Kentucky, a sale was completed for 99.5% of the recommended target.
Marcus & Millichap, a commercial real estate brokerage firm specializing in investment sales, sold the shopping center on behalf of the Park Hills Center Partnership for $8.4 million to Compass Capital Retail Partners II in January 2022. The sale was recognized as the acquisition of the year in Lexington/Fayette as part of the 2023 CoStar Impact Awards, which were judged by real estate professionals familiar with the market.
"We were entrusted with generating interest in an asset that has been owned for 20-plus years by the same group. The subject property is in a densely populated and highly trafficked intersection, creating rare drivers for long-term NOI growth," said Darpan Patel, first vice president of investment sales for Marcus & Millichap.
About the project: The 85,921-square-foot shopping center was built in 1983 and features a Walgreens, Ace Hardware, Dollar Tree and Circle K.
What the judges said: "The sale of this property is creating a better retail and service center for the community with tenants such as Walgreens, Ace Hardware, Dollar Tree, and Taco Tico. With maintaining the condition of the property and tenants, this center will continue to thrive for this side of Lexington," said Lucy Houp, assistant vice president of property marketing for NAI Isaac.
"Since being purchased, the center has undergone significant improvements from environmental mitigation, instillation of a monument sign, relighting the parking lot, and re-leasing empty spaces. The surrounding community will benefit from having an improved and safer shopping destination within the immediate area," said William VanMeter, broker for Haymaker Commercial Real Estate.
They made it happen: Darpan Patel, first vice president of investments; Dan Yozwiak, first vice president of investments; Joel Dumes, senior managing director of investments; and Kyle Teets, retail investments with Marcus & Millichap.