REBusinessOnline

Papa John’s Sales Up 12.5 Percent in Fourth-Quarter 2020

LOUISVILLE, KY. — Louisville-based Papa John’s International Inc. (NASDAQ: PZZA) reported that net sales for the company’s fiscal fourth-quarter 2020 totaled $469.8 million, a 12.5 percent increase from its fourth-quarter 2019 revenue and better than what Wall Street experts predicted, according to CNBC. Total revenue in fiscal 2020 exceeded $1.8 billion, a 12 percent improvement from 2019 amid what president and CEO Rob Lynch dubbed “one of the most challenging years in history.” …

Herschend Family Entertainment Purchases Kentucky Kingdom, Hurricane Bay in Louisville

LOUISVILLE, KY. — Herschend Enterprises has become the majority owner and main operator of Kentucky Kingdom and Hurricane Bay, an amusement and water park located at 937 Phillips Lane in Louisville. Georgia-based Herschend is a family-owned theme attractions and entertainment company whose operations include Dollywood, Silver Dollar City and Newport Aquarium. Craig Ross, Dollywood’s president for the past 10 years, will serve as Kentucky Kingdom’s interim general manager. The acquisition …

JLL Income Property Trust Acquires 1 MSF Distribution Center in Metro Louisville for $95M

SHEPHERDSVILLE, KY. — JLL Income Property Trust has acquired a 1 million-square-foot, Class A industrial property known as Louisville Distribution Center in Shepherdsville. Core5 Industrial Partners sold the property for $95 million. The tenant roster was not named.Built in 2020, Louisville Distribution Center is located at 170 Clermont Road, within 20 miles of major distribution hubs including UPS Worldport (Air Distribution Hub), UPS Centennial Hub (Ground Distribution Hub) and the …

Lauth Communities Acquires Three Multifamily Properties in Bowling Green and Lexington, Kentucky

BOWLING GREEN AND LEXINGTON, K.Y. — Lauth Communities, a subsidiary of Carmel, Ind.-based Lauth Group Inc., has acquired three multifamily properties located in Bowling Green and Lexington. The three properties, known as The Drake, The Stables at Waveland Farm and The Woods at 1850, will add 360 additional units to Lauth’s portfolio. The sales price was not disclosed.The Drake, located at 726 Cumberland Trace Road in Bowling Green, is a 288-unit complex completed in 2019. The property …

Ball to Develop $305M Aluminum Manufacturing Facility in Bowling Green, Kentucky

BOWLING GREEN, KY. — Ball Corp. plans to open a new 500,000-square-foot building in Bowling Green that will serve as a manufacturing facility for aluminum can tops. According to the Kentucky Economic Development Finance Authority, Ball will invest $305 million to develop the facility. The Westminster, Colo.-based company expects to create 200 jobs at the property, which is scheduled to open in early 2022. The project’s construction is also expected to support 391 jobs. The facility will be …

Core5 Industrial Partners Breaks Ground on 1 MSF Spec Logistics Facility in Metro Louisville

SHEPHERDSVILLE, KY. — Atlanta-based Core5 Industrial Partners has broken ground on Bourbon Logistics Center 3, a 1 million-square-foot industrial facility in Shepherdsville. The property is being built on a speculative basis and will feature 40-foot clear heights, 750 parking spaces, 336 trailer spaces and the potential for three-sided dock loading. The facility will be the largest spec development in the history of the Louisville MSA, according to JLL. The previous record was held by another …

Newmark Arranges Sale of 649-Bed Student Housing Community Near University of Kentucky

LEXINGTON, KY. — Newmark has arranged the sale of The Lex, a 649-bed student housing community near the University of Kentucky in Lexington. The property is the closest student housing community to Rupp Arena, the home court of the university’s men’s basketball team. Communal amenities at The Lex include a business center, game room, 24-hour fitness center, pool and grilling areas. The property offers studio to four-bedroom floor plans. Debbie Corson, Ryan Lang and Jack Brett of Newmark …

Georgia-Pacific Opens Expansion of $100M Dixie Manufacturing Facility in Kentucky

BOWLING GREEN, KY. — Georgia-Pacific, a manufacturer of paper and wood products, has opened a $100 million Dixie manufacturing facility in Bowling Green. Georgia-Pacific began the expansion in 2019. The project included adding an 80,000-square-foot operations building, a new industrial printer and additional plate-forming presses. More than 70 full-time jobs were added due to the expansion, bringing the number of employees at the plant to more than 200. The plant was originally built in 1991. …

Louisville’s Central Location, UPS Presence Make it a Lock for Industrial Users

Louisville is best known for the Kentucky Derby, the premier thoroughbred horse race that has occurred every year in the city since 1875. However, there is another continuous streak that is happening in Louisville, and that is 21 straight quarters of positive net absorption for industrial real estate as of second-quarter 2020. Louisville’s central location within the Southeast and Midwest, which gives area users the ability to reach two-thirds of the U.S. population within a one-day drive, …

Real Estate’s Holding Pattern is No Match for Louisville’s Top-Tier Potential

Much like the rest of the nation, both Louisville-area landlords and tenants are stalling while waiting for the ripple effects of the COVID-19 pandemic to become clear. The office market in Louisville has entered a holding pattern of sorts, while tenants evaluate their workspace needs in light of the major shift to remote work. Many are opting to wait and see what the market holds, a stark contrast to the steady development and leasing activity we saw in 2019. Now with investors taking a more …

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