BARDSTOWN ROAD LOUISVILLE Y · 2019-10-14 · TRIO Commercial Property Group is pleased to offer a...

BIG LOTS | OFFERING MEMORANDUM

5252 BARDSTOWN ROADLOUISVILLE, KY 40291

2The information contained herein was obtained from sources believed reliable, however TRIO Commercial Property Group, LLC and its agents make no representation as to its accuracy. It is your responsibility to thoroughly investigate and confirm the accuracy of this information.

TRIOCPG.COM 502 454 4933

INVESTMENT SUMMARY

TRIO Commercial Property Group is pleased to offer a single tenant 46,340 SF Big Lots positioned on 5.99 acres in Louisville, KY. Big Lots has

successfully operated in the Fern Creek trade area since 1986 and has relocated to open a new “Store of the Future”. The 12 year 3 month Lease

commences on October 31st, 2019 and expires on January 31st, 2032 with Four – 5 year options to extend the Lease. The property is located

on the high-profile intersection of Bardstown Rd. (25,000 k ADT) and Hurstbourne Pkwy. (24,000 ADT) in Eastern Jefferson County (Louisville).

The site has excellent visibility and access with 5 different points of ingress/egress. The property has been extensively renovated in 2019 with a

new roof, parking lot and HVAC etc. The property has strong demographics with the population of 89,394 and an average household income of

$79,369 within a 3-mile radius of the subject site.

ADDRESS 5252 Bardstown Rd, Louisville, KY 40291

PRICE $4,920,000

CAP RATE 6.5%

NOI $319,746

BASE TERM 12 years 3 months

LEASE EXPIRATION January 31, 2032

BUILDING SF 46,340 SF

PARCEL SIZE 5.99 Acres

SINGLE TENANT BIG LOTS LEASE



SEPARATELYOWNED

SEPARATELYOWNED

SITE

FORMER BIG LOTS STORE

SUCCESSFULLY OPERATED SINCE

1986

BARDSTOWN RD

BARDSTOWN RD

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PROPERTY INFO

LOCATION5252 Bardstown Rd.Louisville, KY 40291

ACCESS5 points of

ingress/egress

PARKING246 parking spaces

TRAFFIC COUNTSBardstown Rd | 25,000 ADT

Hurstbourne Ln | 24,000 ADT

LAND INFO5.99 Acres

Parcel ID - 211100930000

BUILDING46,340 SF

BUILDING INFOYear Built: 1989

New Roof: 2019 (20 yr warranty)New Parking Lot: 2019

New HVAC: 2019

RELOCATIONFormer Big Lots storesuccessfully operated

since 1986



SITE PLAN

TAX BLOCK 2111, LOT 93

LOUISVILLE, KY 40219

DEED BOOK 5840, PAGE 670

DB 5840, PG 670

331 31st Avenue

San Francisco, CA 94121-1706

5252 Bardstown Road

RALPH & SARAH DAYAN

DocuSign Envelope ID: 5DDC477C-46C6-4973-B506-C68B56F03D2E

4/10/2019

SEPARATELY OWNED

SEPARATELY OWNED



PHOTOS



BARDSTOWN RD

BARDSTOWN RDFULL

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FULLACCESS

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24K

SITE AERIAL

FORMER BIG LOTS STORE

SUCCESSFULLY OPERATED SINCE

1986

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LEASE ABSTRACT

TENANT PNS Stores, Inc., wholly owned subsidiary of Big Lots

ADDRESS 5252 Bardstown Rd, Louisville, KY 40291

RENT COMMENCEMENT Est. October 31st, 2019

RENT EXPIRATION January 31st, 2032

RENEWAL OPTIONS Four - 5 year options

BASE RENT1-6 $319,746 OPTION 1: $347,550 OPTION 3: $393,8907-12 $335,965 OPTION 2: $370,720 OPTION 4: $417,060

REAL ESTATE TAXES Tenant shall pay 100% of the real estate tax on the property.

INSURANCE

Tenant: Tenant agrees to carry at its own expense, throughout this Lease, commercial general liability insurance covering the Demised Premises and Tenant’s use thereof which insurance shall include Landlord as an additional insured, with minimums of the following: Two Million Dollars ($2,000,000.00) each event combined single limit with a Three Million Dollar ($3,000,000.00) general total combined single limit, and to provide Landlord with a certificate of insurance evidencing such coverage prior to the Tenant Possession Date. Tenant shall have the option to self-insure for all plate glass, inventory, equipment, and trade fixtures.Landlord: Landlord shall carry fire, extended coverage, vandalism, malicious mischief, and so called “all-risks” insurance (the “Property Insurance”) covering the Shopping Center and all improvements located in the Shopping Center, including the Demised Premises, in an amount not less than the full replacement value of all the improvements located in the Shopping Center, including the Demised Premises. During the Term, Tenant agrees to pay to reimburse Landlord for Tenant’s proportionate share (which the parties hereby agree shall be one hundred percent) of the cost of Landlord’s premiums for all insurance (property, liability, loss of rents, all-risks, etc.) carried by Landlord with respect to the Shopping Center within thirty (30) days after Tenant’s receipt of an invoice therefor and proof of payment of such premiums by Landlord.

MAINTENANCE

Tenant: Tenant agrees to make all repairs (including replacements as required in Tenant’s reasonable judgment) necessary to keep the interior portions of the Demised Premises in good order, repair and operation. The interior portions of the Demised Premises shall include (without limitation) each of the following: (i) interior faces of the exterior walls, (ii) ceilings, (iii) floor coverings, (iv) non structural andportions of the storefront including doors, windows, window frames and plate glass, (v) heating, ventilating and air conditioning system (HVAC) exclusively serving the Demised Premises and (vi) the electrical, plumbing, sprinkler and other mechanical systems and equipment exclusively serving the Demised Premises, but only to the extent such electrical, plumbing, sprinkler and mechanical systems and equipment are located inside the interior surface of the exterior or demising walls of the Demised Premises and located within the floor slab.Landlord: Landlord agrees, at Landlord’s sole cost and expense, to make all repairs and replacements necessary to keep the exterior and structural portions of the Demised Premises in good order, repair and operation except those repairs and replacements the Tenant. The exterior and structural portions of the Demised Premises shall include (without limitation) each of the following: (i) exterior walls of the Demised Premises and exterior faces thereof, (ii) the roof, (iii) gutters, downspouts and roof drainage system; (iv) foundations and floor slabs; (v) all structural members of the building of which the Demised Premises is a part; (vi) electrical, plumbing, sprinkler and other mechanical systems and equipment (whether or not exclusively serving the Demised Premises) located outside the interior surface of the exterior or demising walls and/or within the floor slab of the Demised Premises. Landlord shall reimburse Tenant for the cost of labor and materials to replace any ceiling tiles in the Demised Premises that are damaged or stained as a result of roof leaks.

COMMONAREAMAINTENANCE

Tenant: Throughout the Term of this Lease, Tenant shall be responsible, at its sole cost and expense, for the following with respect to the Common Areas: (i) operating, maintaining, refurbishing, repairing and lighting the Common Areas, including any pylon sign(s) in the Common Areas; (ii) operating, maintaining, refurbishing, repairing and lighting the service areas, garbage and refuse disposal facilities, loading area and all other areas and facilities located in the Shopping Center; (iii) maintaining all paved surfaces in a level and smooth condition, free of potholes, with the type of material as originally used or a substitute equal in quality; restriping and repainting as required to keep same clearly visible and appropriately marked; (iv) cleaning, sweeping, and snow and ice removal as needed.Landlord: Tenant shall not be responsible for, or pay or reimburse Landlord for, any capital expenditures (as defined by generally accepted accounting principles consistently applied), including, but not limited to replacement of any portion of the parking lot, the roof or any structural components of Landlord’s Parcel unless due to Tenant’s negligence and that of its agents, employees and contractors.

UTILITIES Tenant shall be solely responsible for and shall promptly pay for all public utility and private services rendered or furnished directly to the Demised Premises or Common Areas during the Term hereof including water, sewer, gas, electricity, telephone, trash and other utilities, together with all applicable pass through taxes, levies, or other appropriate charges based on the use of such utilities.

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TENANT SUMMARY

Big Lots, Inc. is community retailer operating in the United States. PNS

Stores in a wholly owned subsidiary of Big Lots, Inc. As of November

7, 2018, it operated a total of 1,415 stores in 47 states. Its merchandise

category includes food, consumables, soft home, hard home,

electronics, toys, and accessories. Its food category includes beverage

and grocery, snacks and specialty foods departments. The

consumables category includes its health, beauty and cosmetics,

chemical and pet departments. The soft home category includes the

home decor, frames, fashion bedding, home organization and area rugs

departments. The hard home category includes small appliances, table

top, food preparation, greeting cards and home maintenance

departments. The furniture category includes upholstery, mattress,

ready-to-assemble and case goods departments. The seasonal

category includes lawn & garden, summer, Christmas and other holiday

departments. The electronics, toys, and accessories category

includes electronics, jewelry, hosiery and toys departments.

Big Lots goal with a new store concept is to bring these brand principles to life in a shopping experience

that’s fun and engaging. Big Lots wants to showcase merchandise categories of Furniture, Seasonal, Soft

Home, Food, and Consumables, allowing them to stand out in a crowded, overstored retail environment.

The layout of the store is dramatically different from the traditional Big Lots by featuring Furniture front and

center in the store with Seasonal and Home also at the front on either side. Pantry which includes Food

and Consumables is located in the back of the store, but is clearly visible from the front of the store given

the low-profile of the Furniture assortment. The featured colors are warm and inviting throughout the store.

They have added more visual decorating options with furniture and home vignettes. Customers will find

every aspect of the shopping experience to be easy and more pleasing. The Store of the Future will be one

of the largest investments in the Company’s history.

2018 Sales:$5.2 Billion

1,415locations

BIG

STORE OF THE FUTURE



DEMOGRAPHICS

2019 Estimated Population 0 T 9,002 89,394 200,947

2024 Projected Population 0 T 9,114 90,496 203,337

2010 Census Population 0 T 8,528 86,797 193,352

2000 Census Population 0 T 8,174 75,774 170,985

Projected Annual Growth 2019 to 2024 - 0.2% 0.2% 0.2%

Historical Annual Growth 2000 to 2019 - 0.5% 0.9% 0.9%

2019 Median Age 36.9 37.8 38.5

2019 Estimated Households 0 T 3,875 37,717 85,618

2024 Projected Households 0 T 3,949 38,417 87,183

2010 Census Households 0 T 3,541 35,374 79,896

2000 Census Households 0 T 3,241 30,129 70,250

Projected Annual Growth 2019 to 2024 - 0.4% 0.4% 0.4%

Historical Annual Growth 2000 to 2019 - 1.0% 1.3% 1.2%

2019 Estimated White - 75.2% 74.1% 71.5%

2019 Estimated Black or African American - 17.6% 17.2% 19.4%

2019 Estimated Asian or Pacific Islander - 2.0% 3.1% 3.2%

2019 Estimated American Indian or Native Alaskan - 0.3% 0.2% 0.2%

2019 Estimated Other Races - 4.9% 5.4% 5.7%

2019 Estimated Hispanic - 5.8% 6.7% 7.4%

2019 Estimated Average Household Income $0 T $74,058 $79,369 $76,607

2019 Estimated Median Household Income $0 T $63,417 $69,512 $66,704

2019 Estimated Per Capita Income $0 T $31,902 $33,523 $32,738

2019 Estimated Elementary (Grade Level 0 to 8) - 2.1% 2.1% 2.9%

2019 Estimated Some High School (Grade Level 9 to 11) - 5.9% 4.3% 4.6%

2019 Estimated High School Graduate - 24.2% 27.6% 27.6%

2019 Estimated Some College - 26.8% 24.1% 23.8%

2019 Estimated Associates Degree Only - 9.6% 9.9% 9.3%

2019 Estimated Bachelors Degree Only - 20.1% 19.7% 19.2%

2019 Estimated Graduate Degree - 11.3% 12.3% 12.5%

2019 Estimated Total Businesses 0 T 234 2,058 8,884

2019 Estimated Total Employees 0 T 1,800 23,207 104,909

2019 Estimated Employee Population per Business - 7.7 11.3 11.8

2019 Estimated Residential Population per Business - 38.5 43.4 22.6

5252 Bardstown Rd

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1 mi radiusLouisville, KY 40291

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LOUISVILLE, KYThe subject property is located in southeastern Jefferson County, Louisville, KY (MSA 1.3 Million). It is conveniently located at the intersection of S Hurstbourne Pkwy (24K ADT) and Bardstown Rd (25K ADT). The area is populated with 9,002 people within a 1-mile radius and 89,394 people within a 3-mile radius of the site. There are approximately 234 businesses in the surrounding 1-mile radius.

Surrounding Retailers: Fast Food & Retaurants (Wendy’s, McDonald’s, El Nopal, Homemade Pie & Ice Cream Kitchen, Mark’s Feed Store) Goodwill Dollar Tree AutoZone Auto Parts

Louisville Attractions & Amenities: GE Appliance Park 10 minutes Louisville Muhammad Ali International Airport 20 minutes Downtown Louisville 26 minutes

SITE

LOCATION



TRIO COMMERCIAL PROPERTY GROUP is a full service commercial real estate brokerage firm headquartered in Louisville, Kentucky, providing service in Kentucky, Indiana and Tennessee. The TRIO Team has over 125 years of combined experience, participating in over $1 billion dollars in commercial real estate transactions. TRIO Commercial Property Group uses a true team approach to give our clients an unmatched level of service.

COMMITTED TOEXCELLENCE

Michael TaborPartner502 454 [email protected]

Justin BakerPrincipal Broker | Partner502 454 [email protected]

PROPERTY CONTACTS



This Confidential Offering Memorandum has been prepared by TRIO Commercial Property Group (“TRIO”) and is being furnished to you solely for the purpose of your review of the commercial property located at 5252 BARDSTOWN RD, LOUISVILLE, KY 40291 (the “Property”). The material contained in this Offering Memorandum shall be used for the purposes of evaluating the Property for acquisition and shall not be used for any purpose or made available to any other person without the express written consent of TRIO Commercial Property Group (“Broker”). By accepting the Confidential Offering Memorandum, you acknowledge and agree that: (a) all of the information contained herein and any other information you will be receiving in connection with this transaction, whether oral, written or in any other form (collectively, the “Materials”), is confidential; (b) you will not reproduce the Confidential Offering Memorandum in whole or in part; (c) if you do not wish to pursue this matter, you will return this Confidential Memorandum to TRIO as soon as practicable together with all other materials relating to the Property which you may have received from TRIO; and (d) any proposed actions by you which are inconsistent in any manner with the foregoing agreements will require the prior written consent of TRIO. This Confidential Offering Memorandum has been prepared by TRIO, based upon certain information pertaining to the Property and any information obtained from TRIO to assist interested parties in making their own evaluation of the Property is offered on a no representation or warranty provision other than customary warranties of title and is sold on an “as-is, where-is” basis and with all faults. The material and transaction does not purport to be all-inclusive. This Confidential Offering Memorandum contains descriptive materials, financial in-formation and other data compiled for the convenience of parties interested in the Property. The Materials are being delivered by TRIO to prospective investors with the understanding that it is not all inclusive and that it is qualified in its entirety by independent investigation by prospective investors of those matters which they deem appropriate in evaluating this offering without reliance upon TRIO, the Broker or any of their respective affiliates or any of the information set out in the Materials. Neither TRIO, the Broker, nor any of their respective affiliates have independently verified any of the information contained herein or in any of the Materials, and no representations or warranties as to the accuracy or completeness thereof or of any other kind whatsoever are made or intended and none should be inferred. TRIO expressly disclaims any and all liability for statements or representations, express or implied, contained herein or for omissions from the Materials or for any other written, oral or other format of communication transmitted to a prospective investor in the course of its evaluation of the proposed transaction. All summaries and discussions of documentation and/or financial information contained herein are qualified in their entirety by reference to the actual documents and/or financial statements, which upon request may be made available. The terms and conditions described herein are subject to change without notice. This Confidential Offering Memorandum does not constitute an offer to accept any investment proposal but is merely a solicitation of interest with respect to the investment described herein. The Confidential Offering Memorandum does not constitute an offer of security. The investment described herein may be financed or withdrawn from the market, without prior notice. TRIO Listing Brokers have an ownership interest in the property. By accepting this Confidential Offering Memorandum you agree to release TRIO and hold it harmless from any kind of claim, expense, or liability arising out of your discovery or purchase of the Property. TRIO reserves the right to request the return of the Materials at any time. Ownership of the Property reserves the right to negotiate with one or more prospective investors at any time.

CONFIDENTIALITY DISCLAIMER

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