Property Overview
I represented the buyer in acquiring a multi-tenant retail property at 2208 Hikes Ln, Louisville, KY 40218. My clients, local entrepreneurs, and retail investors sought to house one of their businesses while also making a long-term investment.
Strategic Insights
The property’s appeal lay in its location, ample parking, and flexible commercial zoning that allowed for various business uses. However, it had been on the market for several years, sitting vacant with visible vandalism and significant deferred maintenance. These factors gave us leverage to negotiate a highly favorable contract price.
Challenges Encountered
Several issues arose during the due diligence phase:
- Securing Financing: Due to the vacancy and condition of the property, finding a willing lender was challenging. I utilized my banking network to connect my clients with five potential lenders, eventually securing favorable financing.
- Finding Contractors: The extensive repairs needed made it difficult to find contractors within budget and on a reasonable timeline. I provided several contacts, and my clients selected a suitable contractor.
Outcome
After securing financing, we closed on the property. My clients have since upgraded it to support their business operations, turning it into a valuable asset.
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.