Lexington, KY - Chevy Chase Plaza, located at the corner of East High Street and Euclid Avenue, is for sale, according to Bret Caller, a partner with Caller Properties, which owns the mixed-use building.
Jeff Stidham, with Stidham Commercial Properties, is the broker for the 48,5000-square-foot property. The asking price is around $6.5 million, according to Caller.
Caller Properties purchased the property three years ago from an out-of-town investment group. During that time the company consolidated and relocated the Fox 56 offices on the first floor to the second, among other building improvements.
"We're retail shopping center guys," Caller said. "Our plan was to acquire the building and create more retail, street-side spaces - that's really good for Chevy Chase and the neighborhood."
Caller said a Graeter's ice cream store and a McAlister's Deli have signed leases to open locations at Chevy Chase Plaza later this year, and the sale of the building does not affect those companies' plans. They will become tenants of the building's new owner. Caller said the building is currently at 98 percent capacity.
Whoever purchases the property will own the first floor, for retail, and the second and third floors, for offices. The condominiums located on the fourth and fifth floors are owned individually and will not be included in the real estate transaction.
Along with Chevy Chase Plaza, Caller Properties owns several shopping centers throughout central Kentucky, as well as the property across the street from Chevy Chase Plaza that is the former location of Buddy's restaurant.