SOMERSET, Ky., May 4, 2020 /PRNewswire/ -- Thompson Thrift Retail Group (TTRG), a wholly owned company of Indianapolis-based Thompson Thrift, announced today that it sold a multi-tenant retail building in Somerset, Ky for $2.625 million to an undisclosed private buyer.
Located at 2007 S. Highway 27, the approximately 7,000-square-foot building is fully leased to GNC, Kay Jewelers and Visionworks and is shadow-anchored by Lowe's Home Improvement and a Wal-Mart Supercenter. Thompson Thrift acquired the land in 2015 and completed construction in 2016.
"We think our ability to close deals in a challenging environment highlights that there is always a market for well-located, high-quality assets with national credit tenants," said Brad Bisser, senior vice president property management with Thompson Thrift.
TTRG is a full-service real estate development company focused on ground-up commercial and mixed-use development across the Midwest, Southeast and Southwest. During the past 30+ years, Thompson Thrift has invested more than $2.2 billion into local communities and has become known as a trusted partner committed to developing high-quality, attractive retail and multifamily projects.
"We pursued this opportunity thanks to our broker partners Kevin Mayhugh and Kevin Schreiber at the Shopping Center Group who had retail clients interested in the Somerset area," stated Chris Hake, senior vice president, director of the Southwest region for Thompson Thrift. "Their desire to expand into the Somerset market became the impetus to pursue our second development in the market."
Dylan Mallory with Hanley Investment Group represented TTRG on the sale.
About Thompson Thrift Real Estate Company
Thompson Thrift is an integrated full-service real estate company with offices in Indianapolis and Terre Haute, Ind., Houston, Phoenix and Charlotte, N.C. Three service pillars drive Thompson Thrift's success—Thompson Thrift Retail Group which is focused on ground-up commercial development, Watermark Residential which is focused on upscale multifamily communities and Thompson Thrift Construction, a full-service construction company. Through these business units, Thompson Thrift is engaged in all aspects of acquisition, development, construction, leasing, and management of quality multifamily, mixed-use, retail and office projects across the country. We are passionate about our customer's success and strive to ensure our projects not only meet the needs of our customers but also the communities we serve. For more information, please visit www.thompsonthrift.com.
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SOURCE Thompson Thrift