Kentucky Microfoodery












- Address:
- 100 Heritage Way, Mount Vernon, KY 40456
- Property Type:
- Multi Tenant
- Price:
- $4,285,000
- Cap Rate:
- 7.00% cap
- NOI:
- $300,000
- Square Feet:
- 33,016 sqft
- Lot Size:
- 4.58 acres
- Price Per Square Foot:
- $129.79
- Year Built:
- 2018
-
Marketing Package*
Investment Highlights
Investment Highlights
• Building is a Highly Specialized Food Production and Hemp Processing Facility (Kentucky Microfoodery, LLC and Kentucky Farmaceuticals, LLC)
• Ownership will Master Lease the Space for 10 Years on an Absolute NNN Lease
• There are Significant Tenant Improvements to the Space Including a $149,000 Specialized Floor
• Building has the Capacity to be Retrofitted with Solar Panels to Reduce Utility Cost
• New Build Located Less than One Mile from I-75 in Mount Vernon, KY
• Mount Vernon is Strategically Located between Lexington, KY and Knoxville, TN
Investment Overview
Marcus & Millichap is pleased to present the opportunity to acquire the property located at 100 Heritage Way in Mount Vernon, Kentucky. The subject property consists of approximately 33,016 square feet of space and is situated on 4.58 acres of land. The asset features metal construction, 14’-29’ clear heights, and 45 free parking spaces. The building is a very specialized food production and hemp processing facility. Ownership will master lease the space for 10 years on an absolute triple-net lease. There are significant tenant improvements to the space including a $149,000 specialized floor, showing high tenant commitment to the facility. The building also has the capacity to be retrofitted with solar panels to reduce utility cost. This new build is located less than a mile from I-75 in Mount Vernon, Kentucky. Mount Vernon is strategically located between Lexington, Kentucky and Knoxville, Tennessee.
Industrial rents in the Richmond-Berea Market were rising at a 3.6 percent annual rate during the first quarter of 2021, and have posted an average annual gain of 5 percent over the past three years. Following a hiatus from new development, 4,800 square feet is underway, representing a fractional expansion of the existing inventory. Vacancies in the metro were somewhat below the 10-year average as of Q1 2021, but were essentially unchanged over the past four quarters. (CoStar)