Cold Spring Crossing Sells for $26 Million
Cold Spring Crossing, the large shopping center along U.S. 27 in the Campbell County city, sold for $26 million.
Institutional Property Advisors, which represented the property's previous owner in the real estate transaction, announced the sale on Thursday.
According to that announcement, Cold Spring Crossing's sale price was more than 98 percent of the listing price.
The 325,000-sq. ft. center is anchored by Kroger, Home Depot, and Kohl's.
It was purchased by a private investor, the announcement said, through a 1031 exchange (explained by the IRS here).
“Cold Spring Crossing is anchored by best-in-class retailers Kroger, Home Depot, and Kohl’s, which together comprise 87 percent of the gross leasable area and are responsible for 72 percent of the gross rental revenue,” said Craig Fuller, IPA executive director. “All three anchors are bound by original 20-year leases that extend into 2024 or longer.”
“The trade area has a strong demographic profile and is growing rapidly,” said Erin Patton, also an executive director at IPA. “Average household income within a five-mile radius is well above the national average at nearly $88,000 and the population within a three-mile radius is projected to increase 7 percent by 2022.
Constructed in 2003 and 2004, Cold Spring Crossing was 99 percent occupied at the time of the sale.