Retail space going fast along Frankfort Avenue
LOUISVILLE, Ky. (WDRB) -- Retail property on Frankfort Avenue is going fast.
On Tuesday, the former Bailey TV and Electronics store sold in less than 14 hours.
Listing agent Scott Howe of Gant Hill & Associates said the 2,500 square foot space was listed at 8 a.m., and was in contract by 10 p.m that night.
"We had ten to 15 phone calls in the first two hours. We started showing the building. I had a showing scheduled for 12 p.m., 3 p.m., 5 p.m. Eventually I just started inviting other showings to those showings," said Howe. "It was a little busy to say the least."
The building has been vacant since November. It's situated next to popular Mexican restaurant El Mundo and the soon-to-open Con Huevos restaurant.
Howe said the starting price was $185,000, but the buyers paid well above that.
"We had about five or six offers in front of the seller by 6 p.m. or 7 p.m. and we had an accepted offer by 9:30 p.m. or 10 p.m."
That quick movement of commercial real estate is something agents are seeing more and more of in the Clifton and Crescent Hill neighborhoods.
"The sign was barely in the window when it was bought," said owner of Bourbon Barrel Foods Matt Jamie.
Bourbon Barrel Foods opened its storefront in retail space that never even had a chance to hit the market.
"My landlord knew I was looking and he said, I found the perfect space for you," Jamie recalls. "He said that in October, he closed first week of November, and we started the renovation even before anything had been inked."
It's a boom that Howe says isn't about shifting neighborhood trends, but a growing city.
"I think it speaks to the growth of the city. The economic growth as well as the population growth," he said. "The highlands and St. Matthews are great, but there's other areas too."
The growth, he said, is sending more and more investors to Frankfort Avenue.
"In the next five to ten years, prices will be much different than what they are now," Howe said. "But for the next year or two years, its a great investment."
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