Retail Redevelopment in High-Traffic Retail Corridor just north of Dixie Crossings Shopping Center

Property Overview

I represented my buyer clients in acquiring a 5,400 SF retail property on approximately 0.95 acres of commercially zoned land at 4821 Dixie Hwy, Louisville, KY 40216. My clients, owners of a successful Panaderia (bakery) and Latin grocery store, sought to expand to a second location along Dixie Hwy.

Strategic Insights

The property, located just north of Dixie Crossings Shopping Center, was formerly a flower shop that had been vacant for over a decade and fallen into disrepair. Despite this, my clients were attracted to its commercial zoning, high traffic count (+40,000 cars per day), and favorable demographics. They were open to a renovation project, making this site an appealing opportunity.

Negotiation

Since the property had been on the market for several years, we made a compelling all-cash offer at a much-reduced purchase price with a compressed closing timeline. The owner accepted our terms, and we quickly moved to finalize the transaction.

Challenges Encountered

During the transaction, we faced several hurdles:

  1. Survey Issues: We struggled to secure a surveyor due to high demand, and the contracted surveyor fell ill shortly before our contingency expiration. We requested an extension, which the seller granted, and eventually completed the survey.
  2. Language Barrier: My clients spoke very little English, requiring me to act as the intermediary between them and the vendors. Being fluent in Spanish, I was able to facilitate these interactions seamlessly.

 Outcome

With the survey complete and boundaries confirmed, we closed the deal, allowing my clients to move forward with their plans to build a new grocery and bakery on the site.

Conclusion

If you’re considering selling, buying, or leasing commercial property in Kentucky or Indiana, let’s connect! You can reach me at raphael@grisantigroup.com or call/text 502-536-7315.

 

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