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:
- 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.
- 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!
Reach me at raphael@grisantigroup.com or call/text 502-536-7315.