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Note
Former grocery store near downtown
Listing was updated at: 11/05/2018
Property Overview
Price/Rent PSF $ 1,070,000.00
Asset Type Retail
Trade Type Sale & Lease
SQ. FT. Available 34,375
Date Available 11/05/2018
Additional URL Link
Floors 1
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Description

Location
Located along the west side of Main Street 2 blocks north of the Lloyd Expressway.

Sale
For Sale or Lease. Former tenant is paying $9,950/month through 11/30/19. It may be possible to offer the former tenant a discount to pay the remaining rent ($149,250 as of 7/22/18) up front, which will reduce the purchase price by that amount.

The majority of this building is leased to Houchen's for the operation of an IGA Grocery. Houchens closed this store in early 2018 as part of a market repositioning effort. 25k SF of this building is finished out as a grocery and the remainder of the 34k SF building is semi-finished space created when the tenant remodeled and consolidated their footprint in 2012.

This presents a unique opportunity for a developer or user to acquire a vacant building with cash flow in place and the possibility of negotiating a buyout of the existing lease with the former tenants. The building is located in the Jacobsville area of Evansville, just north of Downtown, in an area that is the current focus of a revitalization initiative and a $16.7M capital improvement project (completed late 2017) to its streets and infrastructure that is expected to increase property values, attract new businesses and additional private development in one of the most culturally significant parts of the City.


Lease
25,000 SF built out as a grocery store. Expandable up to 34,375 SF.

The building has a drop ceiling installed at 12', is completely sprinkled, has two front-facing roll-up doors, a side dock, and a second floor with an approximate 8k SF of mezz space with 8' ceiling and concrete floors not included in the SF total.

Location

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