Schrader Commercial Properties is pleased to announce that it has successfully represented Parkway Developers and Springs Motel of Lexington in the sale of a 1.56 acre site at the corner of Harrodsburg Road and Lane Allen Road. The property closed in February with the Zaremba Group, a preferred developer of CVS Stores from Cleveland, OH, for a whopping $1.8 million or $1,153,846 per acre. Jamie Schrader, principal of Schrader Commercial Properties, LLC, stated that this is an indication of the tremendous development opportunity for probably the best parcel of B3 zoned property in a major corridor in Lexington today.
In its role as the listing agent for the Springs Motel group, Schrader Commercial Properties sourced Zaremba Group as a qualified purchaser, worked through the approval of the development plan with city officials, organized neighborhood meetings regarding the development, and coordinated efforts with the attorneys and engineers engaged on the project.
We are receiving numerous inquiries on the remaining 5.11 acres of property we have listed for$3,500,000.
See this article in the Lexington Herald-Leader concerning CVS recent purchase. **Note: Cheri McMullin is not a daughter of Cynthia Mulvihill as noted in the article.