• 7541 Mall Rd, Florence, KY 41042

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Property Details

Florence Shops - Neighborhood Shopping Center

Colliers International is pleased to present the opportunity to acquire a 100% fee simple interest in the Florence Shops (“The Property”), a 100% leased, 50,068 square-foot multitenant shopping center. The Property consists of two buildings, situated on 4.13 acres of land in the main retail corridor of Florence, KY. (Cincinnati MSA). Florence is a thriving northern city of Kentucky, and one of the fastest growing areas in the state, boasting an impressive 11.5% population increase from 2010 through 2020.


The Property provides investors with a secure and stable investment at an attractive yield, with additional upside potential through the development of the vacant +/-0.5 acre pad site. The current tenant lineup features staggered lease expirations and boasts a diverse mix of e-commerce resistant, service-oriented tenants. The complementary mix of tenants includes Shoot Point Blank, Rapid Fired Pizza, Foam Warriorz, Expedia Cruises, Thai Tea House, G Spa Nails, and Orthodontics Specialist. The center has a weighted average lease term of 5.6 years with the anchor tenant, Shoot Point Blank, boasting over 9 years of firm term with rent increases in 2021 and 2023 and annual CPI increases beginning in 2025, acting as a hedge against inflation.


Located on Mall Road in the heart of northern Kentucky’s retail trade area, the Property has an average daily traffic count exceeding 22,000 vehicles and 185 feet of frontage along Mall Road. In addition, the Property has visibility from Burlington Pike which is one of the main arteries boasting an average daily traffic count of over 50,000 vehicles. The Property features a robust population of over 136,000 people within a 5-mile radius and over 380,000 people within a 10-mile radius. The average household incomes are north of $80,000 in a 3-mile radius and more than $87,000 in a 5-mile radius.


The subject Property is strategically located adjacent to a Florence Square Power Center which is recognized as the top retail center in the market. Anchored by a newly developed Super Kroger Marketplace, along with top national retailers including HomeGoods, T.J Maxx, Old Navy, Ulta Beauty, Shoe Carnival, Barnes & Noble, Chuck E. Cheeses, Burlington Stores, among numerous others. The center is 516,108 square feet and draws an average of 17,400 visits per day and 6.3M+ visits per year. Other notable tenants in the immediate trade area include a 170,000 square-foot Menard’s developed in 2019 and a 135,000 Square-foot Costco built in 2015.


With renovations in 2015, the back building features a sleek high-end façade and new roof with 10 years remaining on the warranty. In addition, the roof on the front building was completely replaced in 2018 with a new EPDM roof and has 18 years remaining on the warranty. Florence Shops offer investors a well-positioned stable investment with a strong service-oriented tenant mix and upside potential through the development of the vacant pad.

Weighted Average Lease Term: The Weighted Average Lease Term is more than 5.5 years, providing a stable investment with strong contractual rent increases. In addition ownership has recently executed two brand new leases.
Irreplaceable Location: Located off Mall Road in the main retail corridor of Florence, the Property sits adjacent to a 500,000+ square foot Power Center and just northwest of a 300,000+ square foot Super Regional Mall.
Value-Add Opportunity: Developable half-acre pad site included with sale providing upside potential.
Complementary Tenant: Line-Up The subject Property is leased to a complementary tenant line-up including Dining, Medical, Experience, Beauty, and Travel.
Strong Demographic Profile The surrounding area boasts a robust local profile. Within a 5-mile radius, there are 136,000 residents enjoying average household incomes of over $87,000. The 10-mile radius has a population of over 387,000 residents and h
Shadow Anchor Drawing Power Florence Shops enjoys unprecedented cross traffic from its prominent shadow anchors including Ross Dress for Less, HomeGoods, T.J. Maxx, Staples, Shoe Carnival, Barnes & Noble, Five Below, Ulta Beauty, Old Navy, Burlington

  • Property Type
    Retail
  • Submarket
  • Total Acres
    1.15
  • Last updated
    Feb 26, 2021
  • Property ID
    2172850

Landlord's Leasing Representatives

  • Alex Perez
    Colliers | St. Louis - Clayton
     
  • Chris Garavaglia
    Colliers | St. Louis - Clayton
     
  • Justin Rex
    Colliers | Cincinnati