Carriage Gate Shopping Center
Retail | 149,079 SqFt
Marketing description
Berkeley Capital Advisors is pleased to exclusively present the opportunity to acquire Carriage Gate in Richmond — a dominant retail destination in Madison County located just 45 minutes south of Lexington. The 149,079 SF, 100%-leased center is anchored by Hobby Lobby, Bealls, Five Below, Dollar Tree and Pieratt's. Positioned at the convergence of Richmond's two highest-traffic corridors, the Property benefits from frontage along the Eastern Bypass (31,700 VPD) and proximity to I-75 (70,000 VPD). The surrounding trade area is driven by Eastern Kentucky University, Baptist Health Richmond, the Blue Grass Army Depot, and the upcoming $52M Richmond Regional Sports Complex opening Fall 2026. Carriage Gate also presents investors with an attractive long-term growth profile, featuring an estimated 3.68% 10-Year CAGR.
Investment highlights
- The center fronts the Eastern Bypass (31,700 VPD) and sits 2.5 miles from Interstate 75 (70,000 VPD), placing it on the dominant retail corridor in Madison County. Surrounding retail includes Walmart Supercenter, Richmond Centre, and Richmond Mall — all of which drive crossover trips that benefit Carriage Gate's national-brand tenant lineup.
- The center benefits from heavy foot traffic generated by its nationally credited outparcels. Within the last five years, Chipotle, Starbucks, Dutch Bros, and Freddy's have all been built adjacent to the center, driving consistent customer flow.
- Richmond, KY is the second fastest growing city in Kentucky and serves as a bedroom community to Lexington and is projected to experience 5.5% population growth within a 5-mile radius by 2030, with Madison County totaling approximately 96,700 residents. With 1,200+ new housing units planned within a 3-mile radius, the corridor continues to see increased customer spending.
- Carriage Gate has captured significant leasing momentum, executing nine leases with term commencements in 2024 or later — including three brand-new anchor tenants (Bealls, Five Below, and Pieratt's) backfilling approximately 49,400 SF of upgraded space, plus six incumbent tenant renewals/extensions over the same period.
- The center sits half a mile from Eastern Kentucky University (16,700 students) and benefits from the Baptist Health Richmond, the Blue Grass Army Depot (1,800 employees) and the new $52M Richmond Regional Sports Complex opens Fall 2026 and is projected to generate $7.1M in annual local economic impact.
- The Property offers a clear path to an estimated 3.68% 10-Year CAGR through mark-to-market rent growth, contractual renewal options, and the implementation of NNN recoveries. Ownership's new leases and lease renewals demonstrate the future upside in rents.
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