Spaces flanked by Home Depot and Kohl’s at thriving Florence retail center
Neyer Properties has purchased two large retail buildings totaling 73,000 square feet at Houston Lakes Retail Center in Florence, Kentucky.
Neyer purchased the former Media Play at 77-87 Spiral Dr., along with the adjacent Havertys furniture store for $3.25 million. About 49,000 square feetis currently vacant. The remaining 23,000 square feet are occupied by Havertys, according to Neyer Properties.
Shopping center anchor stores Home Depot and Kohl’s flank the Neyer buildings. Included in the overall development are big-box retailers Meijer and Best Buy, in addition to Chick-fil-a, Potbelly Sandwich Works, Chili’s, Urban Active Fitness and Sears Appliance Outlet Center.
Neyer Properties has several improvements planned for the two buildings. The former Media Play signage will be removed, the exterior refurbished and repainted, and additional signage and landscaping added. Additionally, asphalt and concrete, the roof, and the heating and air conditioning system will be repaired. The majority of these improvements will be complete by the end of the year.
“We have significant leasing interest in the location already, including specific conversations with two regional retailers looking to expand into the northern Kentucky market,” said Dan Neyer, Neyer Properties president.
The acquisition follows Neyer’s strategy of focusing on value-added real estate opportunities that require a comprehensive solution to successfully restructure or reposition a property. Neyer looks for well-located properties to purchase and reposition to attract new tenants.
As a company, Neyer Properties has acquired more than 1.7 million square feet of space over the past two years and plans to continue expanding its portfolio. The commercial real estate and development firm is positioned to make $20 million to $30 million a year in acquisitions over the next two years.
“Despite economic challenges, the Florence retail market has remained strong,” said Jared Wendling, Neyer Properties development associate. “It currently houses one of the top-performing Walmarts and Targets within the tri-state area, both of which are in close proximity to our site. There is no question that demand remains high, and we are excited to have space available in this market.”
Florence is located in the 71st most rapidly-growing county in the country, with more than 139,000 residents within a five-mile radius, according to the city of Florence’s Website. The retail center has monument signage visible from I-7 and I-75, and is well-positioned in a growing area for retail.
Wendling added that the area as a whole has a low vacancy.
The Florence Website also said that this part of the highway maintains one of the highest average daily traffic counts in the nation, totaling 144,000 vehicles per day.
Additionally, the location has great access and exposure to high traffic counts from Houston Road at 29,649 carsdaily, according to a 2009 Kentucky Traffic Cabinet survey.