Nicholasville Road Raves
South Lexington corridor remains a hot retail address

Lexington’s Nicholasville Road business corridor continues to be a hot area for the retail sector. Real estate values remain high for well-located properties that have been properly maintained. Despite growing competition from the newer Hamburg Pavilion and Beaumont Centre developments, Nicholasville Road retail occupancies are among the highest in the area. With daily traffic counts in excess of 60,000 cars and the strength of neighborhood demographics, including a significant population base, the prospects for retail space along Nicholasville Road remain positive.

Other recent retail developments along the Nicholasville Road corridor include the Super Wal-Mart and Lowe’s property at Man-O-War Boulevard, developed by JDN Realty. Though smaller, other significant developments in the area include the conversion of the old Lowe’s property on Tiverton Way into a 40,000-s.f. retail strip center, by Coleman Group and Rubloff of Kentucky; and the grand opening of a Gatti Land pizza franchise in the K-Mart Plaza.

In June, Regency Investments LLC. and Glamis Investors LLC. jointly purchased Regency Centre at 2325 Nicholasville Road and 171 W. Lowry Lane from Century Pension Income Fund XXIII for $12,500,000 or $100.50 per s.f. The neighborhood shopping center was built in 1985 and contains approximately 124,374-s.f. of space on 12.49 acres. The property is anchored by Gateway Computers, Michael’s and T.J. Maxx. The sale did not include the space currently owned by Kroger. The new owners are planning to resurface the parking lot and update the security lighting. In addition, local government plans to add a turn lane into the center on Regency Road, which should improve customer traffic and retail sales.

Steve Rohlfing is principal appraiser for Realty Research Corp.
appraisals@lanereport.com

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