REBusinessOnline

Viking Unveils Redevelopment Plans for $100M Mixed-Use Project Near Louisville

HURSTBOURNE, KY. — Viking Partners Fund III LLC has unveiled plans for the redevelopment of Hurstbourne Business Park, a 27-acre property located at the intersection of Shelbyville Road and Hurstbourne Parkway in Hurstbourne, roughly 13 miles east of Louisville. Viking originally acquired the site in 2016. The property currently includes 350,000 square feet of office space in two separate buildings; P.F Chang’s and Z’s Oyster Bar & Steakhouse; and Hurstbourne Plaza, an existing …

Kroger to Invest $17M to Expand Distribution Facility in Northern Kentucky

FLORENCE, KY. — The Kroger Co. plans to invest $17 million to expand its newly built distribution center on Mt. Zion Road in Florence, a city in northern Kentucky’s Boone County. The 674,000-square-foot facility, which opened in fall 2017 after Kroger’s $60 million investment, currently employs 80 associates. The expansion project will ramp up production at the facility and create 250 new jobs, the majority of which will be full-time positions. The project is supported by a Kentucky …

SRS Arranges $8.9M Sale of Shopping Center Near Lexington

NICHOLASVILLE, KY. — SRS’ Investment Properties Group has arranged the $8.9 million sale of Brannon Crossing Centre, a 63,707-square-foot retail center located at 230 E. Brannon Road in Nicholasville, roughly 12 miles south of Lexington. Kyle Stonis and Pierce Mayson of SRS arranged the transaction on behalf of the seller, Viking Partners. Jason Taylor of Equity Management Group Inc. represented the buyer, Brannon 230 LLC. Brannon Crossing Centre was 97 percent leased at the time of sale to …

Rainier Realty Acquires Two Office Buildings Totaling 178,300 SF in Frankfort, Kentucky

FRANKFORT, KY. — Rainier Realty Investments has acquired two office buildings totaling 178,300 square feet in Frankfort, roughly 25 miles northwest of Lexington. The adjacent buildings are located at 1024 and 1025 Capital Center Drive, five miles from the Kentucky State Capitol. The buildings are fully leased to agencies of the State of Kentucky. The seller and sales price were not

Brown-Forman Opens $45M Distillery on Louisville’s Whiskey Row

LOUISVILLE, KY. — Louisville-based Brown-Forman Corp. has opened Old Forester Distilling Co. at 119 W. Main St. on Louisville’s famed Whiskey Row. The 70,000-square-foot distillery represents a $45 million investment and is housed in the same building that the brand called home in the early 1900s. The distillery features a 44-foot-tall copper column still, designed and constructed by Vendome Copper & Brass Works. The new distillery will add production capacity of approximately 100,000 …

Berkadia Closes $20.3M Freddie Mac Refinancing for Multifamily Community in Louisville

LOUISVILLE, KY. — Berkadia has closed a $20.3 million loan for the refinancing of Southgate Landing, a 256-unit apartment community in Louisville. Charles Foschini and Christopher Apone of Berkadia arranged the seven-year, floating rate loan through Freddie Mac on behalf of the borrower, CAPREIT. Southgate Landing, constructed in 2001, features a fitness center, swimming pool, detached garages and storage

FM Capital Originates $10M Acquisition Loan for Office Building in Florence, Kentucky

FLORENCE, KY. — An affiliate of FM Capital LLC has originated a $10 million acquisition loan for Turfway Ridge Office Park, a 217,000-square-foot office building in Florence, located roughly six miles from Cincinnati/Northern Kentucky International Airport, home to Amazon’s $1.5 billion Prime Air cargo hub. The borrower, a Los Angeles-based real estate investor, acquired the asset from a special servicer via an auction process. Other terms of the bridge financing were not disclosed. The …

CBL Properties Inks Lease with Entertainment Retailer to Backfill Former Macy’s in Louisville Mall

LOUISVILLE, KY. — CBL Properties has signed a lease with Round1 Bowling & Amusement at Jefferson Mall, a 904,967-square-foot regional mall in Louisville. The announcement is part of the first phase of the property’s redevelopment plans. The new-to-market entertainment concept will backfill the space formerly occupied by Macy’s. Construction on the new space is currently underway. Round1 offers bowling, an arcade, karaoke, billiards, food and beverages. As of May 2018, the …

Phoenix Investors Buys Eight-Property Industrial Portfolio in Kentucky for $9.3M

MILWAUKEE — Affiliates of Milwaukee-based Phoenix Investors have acquired an eight-property industrial portfolio located throughout Kentucky for $9.3 million. The properties total 831,000 square feet and are located in Morehead, Carrollton, Danville, Maysville and Mount Sterling. Affiliates of Pope Cos. sold the properties, which were constructed between 1989 and 2004. The new owners plan to renovate the portfolio, which was 63 percent leased at the time of sale, and find new tenants for the …

Providence Sells Interest in 14-Property Multifamily Portfolio Located Throughout Southeast

GLENVIEW, ILL. — Glenview-based Providence, the parent company of Providence Management Co. LLC, has sold its interest in a 14-property, 3,451-unit multifamily joint venture portfolio located throughout the Carolinas, Alabama, Georgia and Kentucky. In North Carolina, the portfolio included three properties in Charlotte and three properties in Greensboro. In South Carolina, the portfolio included three properties in Greenville and a property in Spartanburg. In addition, the portfolio included …

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