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Mount Vernon, KY

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
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* By downloading the Marketing Package (Offering Memorandum) you hereby agree to the CONFIDENTIALITY AND BUYER REGISTRATION AGREEMENT.

Investment Highlights

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)

BROKER OF RECORD
COLBY HAUGNESS
Kentucky Broker of Record
7400 College Boulevard, Suite 105, Overland Park, KS 66210
Tel: 816-410-1025
colby.haugness@marcusmillichap.com
License: KS 00241410
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. (Activity ID: ZAC0060078)