SHELBYVILLE, KY. — Northmarq has arranged a $45 million loan for The Blending House, a bourbon storage, bottling and blending facility located on a 108-acre site at 1917 Vigo Road in Shelbyville, about 39 miles east of Louisville. Randall Waddell of Northmarq’s Louisville office arranged the five-year loan through a regional bank on behalf of the borrowers, a partnership between Floyds Knobs, Ind.-based The Koetter Group and Louisville-based The Spirits Group. The borrowers will use the loan proceeds to pay off existing debt from the Phase I of development and to fund the second and final phase of construction. The loan features two years of interest-only payments and a 25-year amortization schedule. Upon completion, The Blending House will feature seven rickhouses and a 30,000-square-foot blending and bottling facility that will serve as a home base for clients of The Spirit Group. The development is the first speculative whiskey barrel storage facility in Kentucky, according to the borrowers.
NEWPORT, KY. — Cronheim Hotel Capital has arranged an $18.2 million acquisition loan for Aloft Newport, a hotel in the Cincinnati suburb of Newport. Built in 2017, the hotel is a component of Newport on the Levee, a mixed-use development built by North American Properties that is now owned by Atlanta-based Jamestown. The Aloft Newport is situated directly across the Ohio River from downtown Cincinnati via a pedestrian bridge. Cronheim Hotel Capital arranged the loan through a regional bank on behalf of the locally based borrower, Rolling Hills Hospitality. The new owner plans to invest in capital improvements to improve hotel room interiors after the acquisition closes.
LOUISVILLE, KY. — Morgan Properties has purchased Blankenbaker Crossings, a 236-unit, garden-style apartment community in Louisville, for $39 million. The acquisition represents the Pennsylvania-based investor’s first purchase in Kentucky. Craig Collins of Cushman & Wakefield | Commercial Kentucky, along with Mike Kemether of Cushman & Wakefield, brokered the transaction. The seller was not disclosed. Built between 2005 and 2006, Blankenbaker Crossings was 96 percent occupied at the time of sale. Morgan Properties plans to invest $2.1 million in upgrades at the community, including renovating unit interiors, installing smart appliances and adding new amenities, including a pickleball court, dog parks and Amazon package hubs.
LOUISVILLE, KY. — The Kirkland Co. has brokered the sale of The Flats at Hurstbourne, an 88-unit apartment community located at 3280 Silver Springs Drive in Louisville’s Jefferstown neighborhood. Brian Devlin, Brandon Wilson and John Seale of Kirkland Co. brokered the transaction between the buyer, an investor doing business as FHA202 LLC, and the seller, an entity doing business as Silver Springs Partners LLC. Built in 1992, The Flats at Hurstbourne features all two-bedroom apartments. According to Apartments.com, the community’s units range in size from 900 to 1,025 square feet and its amenities include a fitness center, pool, dog park and a picnic area.
LOUISVILLE, KY. — Co-developers Woda Cooper Cos., Wellspring Inc. and Smith Solutions have started construction on Bridlewood Crossing, a new, 76-unit affordable housing community in Louisville for residents age 55 and older. Apartments at the property will be reserved for residents at a mix of incomes up to 70 percent of area median income (AMI). The apartment complex, located at 7945 3rd Street Road, will offer a mix of one- and two-bedroom units, where 23 units will be prioritized for seniors who are disabled, homeless or at risk of homelessness. Several more units will offer features for residents with mobility, sight or hearing disabilities. Capital partners involved with this development include the Louisville Metro Government, Louisville Affordable Housing Trust Fund, Kentucky Housing Corp. (KHC), Ohio Capital Corp. for Housing, Stock Yards Bank & Trust and Cedar Rapids Bank & Trust. The project team consists of Blomquist Design Group (civil engineer), Grimm Architecture and Woda Construction (general contractor). Woda Management & Real Estate will lease and manage Bridlewood Crossing.
ELSMERE, KY. — Chick-fil-A Supply, a wholly owned subsidiary of Chick-fil-A Inc. that handles the restaurant chain’s logistics and warehousing, has announced plans for a new, $100 million distribution facility in Elsmere, roughly 10 miles outside Cincinnati in Northern Kentucky. Upon completion, the 270,000-square-foot development will be situated on a 28-acre site within 10 miles of Cincinnati/Northern Kentucky International Airport. Construction of the facility is currently underway, with the distribution center expected to be operational in 2026. According to a press release issued by the office of Kentucky Gov. Andy Beshear, the facility is expected to create more than 178 new permanent, full-time jobs over the next five years. The new Chick-fil-A Supply facility will be located within the C5 Airport East Logistics Center, according to Link NKY. The newspaper also reported that Niagra Bottling will move into the same complex in 2026. Atlanta-based Core5 Industrial Partners is the owner of the industrial park, according to the company’s property page. Chick-fil-A Supply currently operates nine distribution centers located in Georgia, North Carolina, Tennessee, Missouri, Ohio, Kansas and Texas. The centers support Chick-fil-A restaurants logistically and deliver ingredients and supplies. The Elsmere facility will support roughly 150 restaurants within the region. Originally …
NICHOLASVILLE, KY. — Michigan-based Schostak Brothers Co. has acquired a 125,000-square-foot industrial facility located at 101 Etter Drive in Nicholasville, roughly 14 miles south of Lexington, Ky. The seller and sales price were not disclosed. The warehouse and manufacturing facility marks the second Kentucky acquisition for Schostak Brothers.
ALBANY, KY. — Marcus & Millichap has arranged the sale of Westview Shopping Center, a 39,161-square-foot retail center located at 700 Burkesville Road in Albany, a city in southern Kentucky near the border of Tennessee. The property was 97 percent leased at the time of sale to tenants including IGA Hometown Grocery, Dragon Garden, Majors Pizza and Albany Nail Salon. IGA Hometown has anchored Westview since the center was built in 1988. Zach Taylor and Eric Abbot of Marcus & Millichap’s Atlanta office represented the seller, a developer based in Tennessee, in the $1.7 million transaction. The buyer is an undisclosed private investor. Grant Fitzgerald of Marcus & Millichap served as the broker of record in Kentucky for the deal.
LOUISVILLE, KY. — Stellar Snacks, a snack manufacturer based in Carson City, Nev., has officially opened its new $137 million pretzel bakery in west Louisville. The company held a ribbon cutting ceremony attended by various dignitaries, including Kentucky Gov. Andy Beshear and Louisville Mayor Craig Greenberg. The new Stellar Snacks factory is located within an existing 434,000-square-foot industrial building at 1391 Dixie Highway. The factory will create 350 full-time jobs over the next 10 years, which makes it the largest economic development project in west Louisville over the past 20 years. Stellar Snacks currently operates its original 101,000-square-foot facility in Carson City, where it employs more than 170 people. The company was founded in 2019 by mother-daughter duo Elisabeth and Gina Galvin, making Stellar Snacks the first woman-owned pretzel manufacturer in the United States. The pretzel maker distributes products to more than 5,000 grocery and retail stores nationwide.
Canadian Solar’s e-Storage to Develop $712M Battery Manufacturing Facility Near Louisville, Kentucky
SHELBYVILLE, KY. — Shelbyville Battery Manufacturing, a subsidiary of e-Storage, has announced plans to develop a $712 million project in Kentucky, establishing a 6-gigawatt hour battery cell, module and packaging manufacturing facility. Based in Canada, e-Storage is a subsidiary of Canadian Solar — a battery energy storage systems design, manufacturing and integration company. Upon completion, the development will comprise a 1 million-square-foot building located on Logistics Drive in Shelbyville, roughly 35 miles east of Louisville. Shelbyville Battery Manufacturing will produce self-contained energy storage systems at the facility that will be packaged into modular, containerized utility-scale batteries. “The new plant will allow us to provide our U.S. customers with cutting-edge, American-made battery energy storage products,” says Colin Parkin, president of e-Storage. According to a press release issued by the office of Kentucky Gov. Andy Beshear, the project will create 1,572 permanent jobs and marks the third-largest project for job creation during Beshear’s administration, which began in 2019. In August, the Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved a 15-year incentive agreement with Shelbyville Battery Manufacturing to provide up to $35 million in tax incentives. The authority also approved the manufacturer for up to $5 million in tax incentives through the …
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