The former Walgreens building on KY 54 has been sold to a group of local investors for $1.6 million, according to local realtor and broker Jim Estes.
Located at the intersection of KY 54 and Fairview Drive, the 12,700-square-foot building, which closed earlier this year after Walgreens announced it would permanently shut its doors, had been listed for nearly $2 million.
Estes said the new owners are working through the final steps of securing a tenant for the property.
While he could not yet disclose who it is, he described the incoming business as more of a “destination tenant” than a service tenant like Walgreens.
“We have a tenant identified, and we’re working through the build-out stages with them, so they know exactly where they’re going to be financially,” Estes said. “It’s looking very positive. It’ll be something that really services the area or fills a need in the area that’s not there now.”
The building sits on just over an acre and features 65 parking spaces, as well as a drive-through window.
Estes noted the property’s location has long been attractive but presented challenges with access compared to other nearby retail sites.
The investors intend to preserve the existing structure with some modifications to accommodate the new tenant. Estes said final confirmation on the deal could come as soon as next week.
Roadwork along the KY 54 corridor was a consideration during the purchase, but Estes said any issues were resolved with state officials before closing. That included negotiations on a small easement and adjustments for signage.
Estes added that the purchase price was a strong value compared to the property’s assessed value.
“It was a great deal,” he said. “You certainly couldn’t put up the bricks and sticks for $1.6 million for a 12,700-square-foot building sitting on a corner on Highway 54.”
