Northmarq, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of the Washington Square neighborhood center located at 1002 Lexington Road in Georgetown, Kentucky. The 122,554-square-foot shopping center is anchored by LifePoint Health and was fully leased at the time of sale. Ryan Roedersheimer of Northmarq represented the seller, a Lexington, Kentucky-based investor. A private buyer based in Austin, Texas acquired the asset for approximately $15.0 million.
“Washington Square was a fun assignment. We were able to bring a repeat seller and buyer to the table and both were thrilled with the outcome. For the seller, we achieved the first part of his goal, and I am actively working on finding his exchange property,” said Roedersheimer, Director in Northmarq’s Cincinnati, Ohio office. “For the buyer, we successfully added another trophy asset to his portfolio. As is our goal, this was truly a winning outcome for all involved!”
Located just 10 miles north of Lexington, the shopping center features 23 tenants across four buildings. Built in 1972, the property sits on 13.93 acres. The retail center benefits from a signalized intersection, monument signage and the highly trafficked U.S. Route 25.