Melody Mountain

Ashland | KY

Offering Summary

  • Status: just listed
  • Price: $11,180,000
  • Cap Rate: 8.25%
  • GLA: 65,525 SF
  • Net Operating Income: $922,242
  • Price/SF: $171
  • Year(s) Built: 2013
  • Major Tenants: Dick's Sporting Goods, PetSmart, Great Clips, OneMain Financial
  • 100% Occupied, 65,525-Square-Foot Regional Retail Center Anchored by National Credit Tenants DICK’S Sporting Goods and PetSmart
  • Durable Cash Flow Profile | Weighted Average Lease Term of 4.2 Years with Long-Term PetSmart Lease Extending Through 2038
  • Shadowed by Top 6% WM in the US – Over 3.2M Annual Visits; Top 7% in the State and Ranked #1 in the Immediate Area
  • National Tenant Lineup Represents 100% of GLA | DICK’S Sporting Goods, PetSmart, OneMain Financial, and Great Clips
  • 95% of GLA Occupied by Original Tenants – Tenure of 13+ Years
  • Neighboring Ashland Town Center Shop Rents – $70-$100/SF + NNNs – Tenured Tenants in Place for 10+ Years
  • Institutional-Quality Retail Asset | 2013 Construction with Modern Design and Minimal Near-Term Capital Requirements
  • Ashland is the principal city of the Huntington–Ashland “Tri-State” Metro, Home to Over 366,000 Residents
  • Lack of Options on Small Shop Space Creates Mark to Market Opportunity
  • Attractive Basis Relative to Replacement Cost | Offered at Approximately $171 Per Square Foot
  • Ashland Serves an Extended Trade Area of 30+ Miles | 1 of 2 locations within a 50 mile Trade Area for Dick’s and PetSmart
  • $4B Hyperscale Data Center Anchors Regional Growth –  TeraWulf Inc. Proceeding with Muskie Data Campus – $4 billion, 285-acre hyperscale data center at EastPark Industrial Park near Ashland.  Initial Delivery is Targeted for 2028, with full operating capacity by 2030
  • New Investment Expands Trade-Area Employment & Tax Base – Muskie Data Campus Projected to Generate Hundreds of Local Construction Jobs through 2030, 80–100 Permanent High-Skill Positions;  Estimated to Deliver $300–419 million in Tax Revenue over its first 15 Years
EXCLUSIVELY LISTED BY:

Erin Patton

Senior Managing Director