Property Overview
I represented the buyer in acquiring approximately 1.7 acres of commercially zoned land at 6102-6110 New Cut Rd, Fairdale, KY 40118, located less than 0.5 miles north of the Gene Snyder Freeway. My client, a large Domino’s franchisee with over 120 locations across three states, recently acquired the rights to all stores in Jefferson County, Kentucky, and aimed to add six new stores within 24 months.
Strategic Insights
This parcel was ideal due to its location in an underserved area for Domino’s and its proximity to the Gene Snyder Freeway. In addition to opening a Domino’s store, my client intended to develop a multi-tenant retail center, leasing remaining spaces to generate additional income. Despite the property’s elevated asking price, it had been on the market for over a year, enabling us to negotiate a significantly reduced purchase price.
Challenges Encountered
During due diligence, we faced several unexpected hurdles:
- Lender Withdrawal: The original lender for this and other planned transactions backed out, citing overexposure to commercial real estate. Fortunately, we had multiple lender contacts, and one stepped up to fund both the land acquisition and future retail development.
- Curb Cut Concerns: Our engineers were concerned that two out of three curb cuts might be lost due to proximity to a nearby road. After discussions with the state, we confirmed that only one curb cut would be lost, preserving access for the retail development.
Outcome
We overcame these challenges and successfully closed on the property. My client plans to begin ground-up construction of the retail development in 2025 or early 2026.
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.