PRINCETON, KY. — Capital Cove Investments has acquired a 72,013-square-foot, grocery-anchored shopping center located at 55 U.S. Highway 62 in Princeton, a city in Western Kentucky’s Caldwell County. Anchored by Kroger subsidiary Ruler Foods, the center was fully leased at the time of sale to national credit tenants including Marshall’s and Tractor Supply Co. Capital Cove Investments acquired the center via a Delaware Statutory Trust. The seller and sales price were not disclosed.
SHEPHERDSVILLE, KY. — JLL Income Property Trust has received a $49 million mortgage loan for Louisville Logistics Center, a 1 million-square-foot distribution facility located in Shepherdsville, a southern suburb of Louisville. The facility was fully leased at the time of financing to UPS Supply Chain Solutions. The loan features a five-year term with a 5.28 percent interest rate. The lender was not disclosed. JLL Income Property Trust acquired Louisville Logistics Center in 2023. The property features 40-foot clear heights and 110 dock-high doors.
NEWPORT, KY. — Newmark has brokered the sale of Newport Pavilion, a 332,309-square-foot shopping center in Newport, a Kentucky city situated across the Ohio River from downtown Cincinnati. Newport Pavilion is co-anchored by Kroger and Target and was fully leased at the time of sale to tenants including Dick’s Sporting Goods, T.J. Maxx, Michael’s, Ulta Beauty, Chipotle Mexican Grill and PetSmart. The property sits on 55 acres and benefits from a long-term PILOT agreement through 2037. Conor Lalor, Kyle Minter, Keely Polczynski, James Sharp V and Brian Schneiderman of Newmark represented the seller, The Ranier Cos., in the transaction. The buyer and sales price were not disclosed.
LEXINGTON, KY. — TSB Realty has arranged the sale of Campus Court, a 398-bed student housing property located near the University of Kentucky campus in Lexington. Coastal Ridge Real Estate purchased the community from an undisclosed seller. Terms of the transaction were not released. Originally constructed in 1988, Campus Court was updated in 2008 and offers 238 units in a mix of one-, two- and three-bedroom configurations. Amenities include a resort-style pool, fitness center, basketball court, dog park, tanning beds, private study rooms, a barbecue and picnic area and a TV lounge and game room. The community was 99 percent leased at the time of sale.
BOWLING GREEN, KY. — The Western Kentucky University (WKU) Board of Regents has approved the “Elevate WKU” development plan with Gilbane Development Co., a global real estate development firm, to launch the first phase of a multi-year student housing initiative on the WKU campus in Bowling Green. The Kentucky Capital Projects and Bond Oversight Committee also approved the partnership this week. The $350 million initiative is the largest residential investment in WKU’s history, according to Gilbane. Phase I of the development will replace Hugh Poland and Douglas Keen Halls with a new roughly 1,000-bed residential complex featuring suite-style options, community kitchens, collaborative lounges, expanded community spaces, tech-enabled learning environments and enhanced safety and accessibility features. The facility is expected to open in fall 2028. Gilbane is developing the Elevate WKU master plan in a public-private partnership with the university under a 50-year ground lease model. Under the structure, WKU will enter into a ground lease with the Collegiate Housing Foundation (CHF) — a national 501(c)(3) organization — which will serve as owner and borrower. Gilbane and WKU have selected Inwood Management to oversee the day-to-day operations and physical maintenance of the Elevate WKU portfolio alongside the university’s Residence Life team. Future phases will address renovations of existing …
LEXINGTON, KY. — Subtext is set to break ground on VERVE Lexington, a 784-bed student housing development located at 185 E. Maxwell St. near the University of Kentucky campus in Lexington. The community is being developed in partnership with Clarion Partners in a qualified opportunity zone and is scheduled for completion in summer 2028. VERVE Lexington will span 460,136 square feet and offer 275 units in one-, two-, three- and four-bedroom configurations. Shared amenities are set to include a ground floor coffee shop, dedicated study spaces, fitness and wellness spaces and a second-floor terrace with a pool and clubroom. The development team included Southern Building Group, KTGY, EA Partners and Pacific Life Insurance Co.
PADUCAH, KY. — An affiliate of Phoenix Investors has purchased a 334,772-square-foot industrial facility located at 7845 Carneal Road in West Paducah. The seller and sales price were not disclosed. Originally constructed in 1966, the facility sits on roughly 29 acres and includes 25-foot clear heights, seven dock doors, 13 drive-in doors and expansive yard and parking areas within a fully fenced property. The building can accommodate manufacturing, distribution and bulk logistics users and offers flexible warehouse space. The industrial facility is also located near the “Triple Rail” site, which is an 800-acre industrial park that features direct access to three major rail lines including Paducah & Louisville Railway (P&L), Canadian National (CN) and BNSF Railway. In addition to rail connectivity, West Paducah sits at the confluence of the Ohio, Tennessee, Cumberland, and Mississippi rivers, making it a major inland shipping gateway. Phoenix Investors plans to further modernize and reposition the property for modern industrial users with upgrades like LED lighting, new exterior paint, parking lot improvements, dock upgrades and white-boxing portions of the building, as well as additional site enhancements designed to improve operational efficiency.
LOUISVILLE, KY. — Vesper Holdings has acquired Yugo Louisville Nine, a 385-bed student housing community located near the University of Louisville campus. The property — now dubbed ‘The Nine’ — was developed in 2016 and offers units in two-, three, four- and five-bedroom configurations with bed-to-bath parity. Shared amenities at the six-story community include a 24-hour fitness center, study center, yoga and spin room, coffee bar, game room, resort-style pool, sun deck, fire pit, dog park and group study lounges. CBRE represented the undisclosed seller in the transaction. The sales price was also not disclosed. Aaron Moll of Berkadia arranged an undisclosed amount of acquisition financing on behalf of Vesper.
LEXINGTON, KY. — Beloit, Wis.-based Hendricks Commercial Properties (HCP) will invest $14.1 million to expand the retail offerings at Fritz Farm, a 52-acre mixed-use development located in Lexington. The expansion will add three new retail buildings and more than 30,000 square feet of retail and restaurant space at the property. Construction is expected to begin this month, while shell spaces are anticipated to be delivered to tenants in December. Originally developed as The Summit at Fritz Farm by Bayer Properties (now part of Centennial Real Estate), the center opened in 2017 and feature more than 60 shops and restaurants, luxury apartments and a hotel. Tenants include Anthropologie, Apple, Arhaus, Bath & Body Works, Brandy Melville, Free People, Kendra Scott, Lush, Nike and Pandora.
SHEPHERDSVILLE, KY. — JLL Capital Markets has arranged the $50 million sale of Bullitt II Logistics Center, a 437,000-square-foot industrial warehouse and distribution facility located at 251 Buffalo Run Road in Shepherdsville, a southern suburb of Louisville in Bullitt County. Ross Bratcher, Sean Devaney, Dennis Mitchell, Kurt Sarbaugh, Powell Spears and Matt Hartlage of JLL represented the seller, Atlanta-based Core5 Industrial Partners, in the transaction. Chicago-based LaSalle Investment Management was the buyer. Situated roughly 12 miles from the UPS Worldport, Bullitt II Logistics Center is fully leased to a subsidiary of Dorman Products, an American supplier and manufacturer of aftermarket automotive replacement parts. The cross-dock facility was delivered in 2022 and features 36-foot clear heights, fully circulating truck courts with up to 185-foot depths, 50 dock doors, 63 designated trailer parking spaces and more than 14,000 square feet of office space.
