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Kentucky

AcquisitionsKentuckyRetailSoutheast

Marcus & Millichap Brokers $5.9M Sale of Shopping Center in Monticello, Kentucky

by John Nelson

MONTICELLO, KY. — Marcus & Millichap has brokered the $5.9 million sale of Cumberland Crossing, a 94,366-square-foot shopping center located in Monticello. Situated on roughly 16 acres, Cumberland Crossing was 86 percent leased to tenants including Marshalls, Five Below, Farmers Home Furniture, Dollar Tree and Great Clips at the time of sale. Walmart, which has operated at the site since 2001, shadow-anchors the property. Zach Taylor and Eric Abbott of Marcus & Millichap represented the seller in the transaction. Grant Fitzgerald was the firm’s broker of record in Kentucky.

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AcquisitionsColoradoFloridaKentuckyMontanaRetailSoutheastTop StoriesWestern

CBL Properties Acquires Four Enclosed Malls from Washington Prime Group for $178.9M

by Kristin Harlow

CHATTANOOGA, TENN. — Chattanooga-based CBL Properties (NYSE: CBL) has acquired four enclosed regional malls from Washington Prime Group for $178.9 million. The properties include Ashland Town Center in Ashland, Ky.; Mesa Mall in Grand Junction, Colo.; Paddock Mall in Ocala, Fla.; and Southgate Mall in Missoula, Mont. CBL says it is focused on owning and managing successful enclosed malls in dynamic and growing middle markets. The deal suggests mall recovery extends beyond luxury properties, driven by limited retail construction since 2008, according to The Wall Street Journal. Ashland Town Center is a single-level mall that opened in 1989. Totaling more than 420,000 square feet, the property features more than 70 retailers and restaurants, including anchors JCPenney, Belk, T.J. Maxx, Ulta Beauty and Five Below. The center has undergone several renovations over the years, including a major redevelopment in the late 2000s that added a new JCPenney prototype store and updated amenities. The largest indoor shopping center in western Colorado, Mesa Mall spans roughly 733,000 square feet and is home to more than 120 stores and services. Anchor tenants include Cabela’s, Dillard’s, JCPenney, Target, HomeGoods and Dick’s Sporting Goods. Originally developed in 1980, the property has undergone several redevelopments to modernize …

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KentuckyLoansSeniors HousingSoutheast

MonticelloAM Provides $218M Financing for Skilled Nursing Portfolio in Kentucky

by John Nelson

NEW YORK CITY — MonticelloAM has provided $218 million in financing for a skilled nursing portfolio in Kentucky. Comprising 18 facilities, the portfolio totals 1,500 beds across the commonwealth. In addition to a $179.3 million senior bridge loan and a $29 million mezzanine loan, which the undisclosed borrower plans to use to restructure and upsize existing debt, the financing includes a $10 million working capital line of credit that will be used to cover the day-to-day operational needs of the facilities. New York City-based MonticelloAM originally financed the portfolio in May 2024.

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MXWL
DevelopmentKentuckySoutheastStudent Housing

Gilbane Breaks Ground on 655-Bed Student Housing Development Near University of Kentucky

by Abby Cox

LEXINGTON, KY. — Gilbane Development has broken ground on MXWL, a 655-bed student housing development near the University of Kentucky campus. Located at 201 E. Maxwell St. in Lexington, the property will offer 277 fully furnished units with bed-to-bath parity. Amenities will include a rooftop deck, game-day courtyards, fire pits, grilling stations, outdoor lounges, coworking spaces and a fitness center with a sauna. The property will also offer a 140-space underground parking garage, as well as covered bike storage. Construction began in June, while completion is scheduled for fall 2027. Humphreys & Partners Architects designed MXWL.

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AcquisitionsKentuckyRetailSoutheast

Boulder Group Arranges $3.7M Sale of Single-Tenant Retail Property in Louisville Leased to Chase Bank

by John Nelson

LOUISVILLE, KY. — The Boulder Group has arranged the $3.7 million sale of a single-tenant retail property located at 3600 Bardstown Road in Louisville. Chase Bank occupies the 3,176-square-foot property on a triple-net lease, which has more than 11 years remaining on the term and two five-year renewal options with built-in 10 percent rental escalations. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a Midwest-based institution, and the seller, a private family from the Midwest, in the transaction. Both parties requested anonymity. The Chase Bank property serves as an outparcel to a Lowe’s Home Improvement store and is situated within one mile of I-264.

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HealthcareKentuckyLeasing ActivitySoutheast

NAI Isaac Arranges 30,000 SF Lease with Baptist Health at Facility in London, Kentucky

by Abby Cox

LONDON, KY. — Lexington-based NAI Isaac has arranged a lease with Baptist Health, a not-for-profit healthcare system, at a 30,000-square-foot medical facility in London in southeast Kentucky. Adjacent to the London Women’s Care Medical Plaza, the three-story building was built in 1992 and is located at 1406 W. Fifth St. Paul Ray Smith Jr. and Zach Smith of NAI Isaac represented the landlord in the lease negotiations.

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DevelopmentIndustrialKentuckySoutheast

CRG, STAG Industrial Break Ground on 500,240 SF Facility in Shepherdsville, Kentucky

by John Nelson

SHEPHERDSVILLE, KY. — CRG and STAG Industrial have broken ground on Park Loop @ I-65, a 500,240-square-foot speculative industrial facility located at 650 Park Loop Road in Shepherdsville. The project is situated on a 42.5-acre site one mile east of I-65 and 20 miles south of Louisville, Ky. Park Loop @ I-65 will feature 40-foot clear heights, 96 dock doors, four drive-in doors, 185-foot-deep truck courts, ESFR sprinklers, LED lighting, trailer storage and parking for 310 vehicles. CRG and STAG Industrial plan to deliver the facility in early 2026. The developers have tapped Alex Grove and Doug Butcher of CBRE to market and lease the project. The design-build team includes Clayco (CRG’s parent company) and Lamar Johnson Collaborative.

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DevelopmentIndustrialKentuckySoutheast

Hunt Midwest Breaks Ground on 775,000 SF Industrial Development in Simpsonville, Kentucky

by John Nelson

SIMPSONVILLE, KY. — Kansas City-based Hunt Midwest has broken ground on the first two buildings at Simpsonville 64 Logistics Park, a 275-acre development near I-64 in metro Louisville. The first two buildings will be situated on 69 acres and feature a 270,400-square-foot, rear-load building (Building I) and a 504,440-square-foot, cross-dock facility (Building II). Building I will feature 32-foot clear heights, 27 dock-high doors (expandable up to 64), two drive-in doors, 210 car parking spaces and 80 tractor trailer parking spaces. Building II will offer 36-foot clear heights, 48 dock-high doors (expandable up to 117), four drive-in doors, 310 car parking spaces and 140 tractor trailer parking spaces. Both are tilt-up concrete panel construction with a minimum of 135-foot truck courts, 60-foot speed bays at docks, ESFR fire suppression, LED lighting and speculative office space. Both facilities will be delivered in first-quarter 2026 within 30 days of each other. The design-build team includes H2B Architects, Mindel Scott and Evans General Contractors. At full build-out, Simpsonville 64 Logistics will support up to 3.3 million square feet of industrial and commercial space. Kevin Grove, Doug Butcher and Alex Grove of CBRE are handling industrial leasing at Simpsonville 64 Logistics Park. Jody Zimmerman and …

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AcquisitionsKentuckyMixed-UseRestaurantRetailSoutheastTop Stories

Hendricks Commercial Properties Acquires Summit at Fritz Farm Mixed-Use Development in Lexington, Kentucky

by John Nelson

LEXINGTON, KY. — Hendricks Commercial Properties, a Wisconsin-based development and investment firm, has acquired The Summit at Fritz Farm, a mixed-use development in Lexington that opened in 2017. The development features a collection of more than 60 shops and restaurants that sit below modern offices and The Henry apartments. Some components of the development that were not included in the sale include the Origin Lexington hotel and a 192-unit seniors housing community, Legacy Reserve at Fritz Farm. Hendricks did not disclose the sales price or specific aspects of the acquisition beyond the commercial space. Hendricks acquired the development from a partnership between Swift Creek Real Estate Partners and Centennial Real Estate Management LLC, which has owned The Summit at Fritz Farm since acquiring the original developer, Birmingham, Ala.-based Bayer Properties, in 2022. “We are excited to add Fritz Farm to our portfolio,” says Rob Gerbitz, CEO of Hendricks Commercial Properties. “This acquisition aligns with our strategic vision of investing in high-quality, experiential mixed-use properties that serve as community hubs. We look forward to building upon the strong foundation established at Fritz Farm and continuing to enhance the experience for tenants and guests alike.” Whole Foods Market, Pottery Barn and Arhaus anchor …

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AcquisitionsKentuckySeniors HousingSoutheast

Blueprint Brokers Sale of 49-Unit Assisted Living Community in Richmond, Kentucky

by John Nelson

RICHMOND, KY. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 49-unit assisted living community located in Richmond, roughly 35 miles southeast of Lexington, Ky. A Midwest-based private equity group acquired the property, which was built in 2009, for an undisclosed price. Kyle Hallion, Connor Doherty and Ryan Kelly of Blueprint represented the seller, a New York-based owner-operator, in the transaction. Both parties requested anonymity.

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