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AcquisitionsHospitalityKentuckySoutheast

Huff, Niehaus Brokers Sale of 81-Room Comfort Suites Airport Louisville Hotel

by John Nelson

LOUISVILLE, KY. — Huff, Niehaus & Associates, Inc. has brokered the sale of the Comfort Suites Airport Louisville hotel in Louisville. The 81-room hotel is located at 6535 Paramount Park Drive, about 4.5 miles south of Louisville Muhammad Ali International Airport. Brandt Niehaus of Huff, Niehaus & Associates brokered the transaction. According to the property website, the hotel features an indoor heated pool, fitness center, laundry services, free airport transportation and a full buffet breakfast for guests. The undisclosed buyer has several Choice hotels in its portfolio and plans to use a third-party management company to operate the Comfort Suites Airport Louisville. The seller and sales price were not disclosed.

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AcquisitionsKentuckyOfficeSoutheast

Albany Road Acquires Two-Building Office Campus in Louisville for $42.5M

by John Nelson

LOUISVILLE, KY. — Albany Road Real Estate Partners, an investment firm based in Boston, has purchased Hurstbourne Park & Place, a two-building office campus located off Shelbyville Road in Louisville. The seller and sales price were not disclosed, but Louisville Business First reports that the 344,000-square-foot campus sold for $42.5 million. Hurstbourne Park & Place was 93 percent leased at the time of sale to tenants including Bank of America, Carewise Health, New York Life, Stantec, DMLO and Central Bancshares, which together boast an average tenure of over 17 years. Patterson Real Estate Advisory Group arranged acquisition financing through First Horizon on behalf of Albany Road. This is the firm’s first investment in the Louisville trade area.

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ArizonaFloridaGeorgiaIndustrialKentuckyMidwestMissouriNorth CarolinaSouth CarolinaSoutheastTennesseeTexasTop StoriesVirginiaWestern

MDH Partners Sells 58-Property Sunbelt Logistics Portfolio Located Across 10 States for $1.3B

by Katie Sloan

ATLANTA — MDH Partners has sold its 58-property Sunbelt Logistics Portfolio to an undisclosed global institutional investor for $1.3 billion. MDH will retain an ownership stake in the portfolio and will continue to operate the properties.  The portfolio spans 9.7 million square feet of industrial space across 10 states, including 11 properties in Georgia; 10 properties in Florida; eight properties in Texas; seven properties each in Arizona and Missouri; four properties each in Tennessee and North Carolina; two properties each in South Carolina and Virginia; and one property in Kentucky. The final two properties include nearly 675,000 square feet of newly constructed buildings in Nashville and Charlotte that were constructed with CarbonCure, a technology for the concrete industry that introduces recycled carbon dioxide into fresh concrete to reduce its carbon footprint. The portfolio consists of modern, state-of-the-art industrial and bulk distribution properties with an average size of 169,000 square feet. The properties feature average clear heights of 30 feet with 130-foot truck courts. The portfolio was 97 percent occupied at the time of sale by more than 100 regional, national and international tenants with an average remaining lease term of 5.7 years.  “This diversified portfolio provides immediate scale and operating …

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DevelopmentKentuckyRetailSoutheast

Skilken Gold Breaks Ground on First Kentucky Publix Grocery Store in Louisville

by John Nelson

LOUISVILLE, KY. — Skilken Gold has broken ground on Terra Crossing, a shopping center located on 10 acres at 2500 Terra Crossing Blvd. in Louisville. The grocery anchor, a 55,071-square-foot Publix, represents the first Publix location in Kentucky, the Lakeland, Fla.-based grocer’s eighth state of operation. The adjacent 3,200-square-foot Publix Liquors store at Terra Crossing is also the first location outside the state of Florida. Publix plans to open a second Publix grocery store and Publix Liquors store in Louisville in early 2024 at the northeast corner of Ballardsville and Brownsboro roads. In addition to the Terra Crossing groundbreaking, Publix announced it has signed a lease to anchor The Fountains at Palomar shopping center in Lexington, marking the third location announced in Kentucky for Publix. The 55,701-square-foot Publix store and 3,200-square-foot Publix Liquors store are set to open in late 2024.

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Bridle Creek Lexington Kentucky
AcquisitionsKentuckyMultifamilySoutheast

Rosewood Realty Brokers $75M Sale of Bridle Creek Apartments in Lexington, Kentucky

by John Nelson

LEXINGTON, KY. — Rosewood Realty Group has brokered the sale of Bridle Creek, a 384-unit apartment community located at 3800 Nicholasville Road in south Lexington. Missouri-based Maxus Realty Trust sold the property to Boston-based West-Shore Properties for $75 million. Aaron Jungreis and Ben Hammer of Rosewood Realty represented the seller in the transaction, and Jay Weiner, also with Rosewood Realty, represented the buyer. Built in 2002 near Shillito Park and about three miles south of the University of Kentucky, Bridle Creek features a clubhouse, pool, playground, fitness center, business center and a pet play area. West-Shore plans to make interior and exterior improvements at the community during its ownership.

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IndustrialKentuckySoutheast

Augusta Distillery Breaks Ground on $23M Bourbon Production Facility in Northeast Kentucky

by John Nelson

AUGUSTA, KY. — Augusta Distillery, a bourbon maker founded in 2018, has broken ground on a $23 million distillery in its hometown of Augusta in northeast Kentucky. Situated along the Ohio River in Bracken County, the new 40,000-square-foot facility is an adaptive reuse of a metal stamping facility that was in use from 1883 to 2007. The project will house Augusta Distillery’s first full-scale operation that will produce its signature drink, Buckner’s 13-year single barrel cask strength bourbon, which is distributed nationally and is available retail in Kentucky and Ohio. The company’s next bourbon product is expected to arrive later this year. Augusta Distillery expects to reach full production capacity by summer 2024 and employ 14 full-time staff. According to Kentucky Gov. Andy Beshear’s website, Kentucky’s bourbon sector is a nearly $9 billion industry, generating more than 22,500 jobs with an annual payroll exceeding $1.23 billion.

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AcquisitionsKentuckyLoansSoutheast

Colliers Mortgage Provides Acquisition Loan for Brookefield Apartments in Elizabethtown, Kentucky

by John Nelson

ELIZABETHTOWN, KY. — Colliers Mortgage has provided a Fannie Mae acquisition loan for Brookefield Apartment Homes, a 91-unit, market-rate multifamily community in Elizabethtown. Built in 2020, the property features attached garages, 24-hour emergency maintenance, a clubhouse, pool, fitness center, dog park and a pet wash station. Colliers Mortgage and partner Old Capital Lending provided the undisclosed amount of financing to the borrower, an entity doing business as BFA202 LLC. The 10-year loan features a 30-year amortization schedule.

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DevelopmentIndustrialKentuckySoutheastTop Stories

Heaven Hill Breaks Ground on $135M Bourbon Distillery in Bardstown, Kentucky

by John Nelson

BARDSTOWN, KY. — Heaven Hill, a family-owned spirits company overseeing brands such as Evan Williams and Deep Eddy Vodka, has broken ground on a $135 million distillery in Bardstown, approximately 40 miles south of Louisville. The project, known as Heaven Hill Springs Distillery, is located at 1015 Old Bloomfield Pike, which was the site of the former Old Heaven Hill Springs Distillery. The former distillery opened in 1935, but was destroyed in a fire in 1996 that engulfed the distillery, seven rickhouses for barrel aging and about 100,000 barrels of whiskey. After the fire, Heaven Hill moved its distillery operations to the historic Bernheim Distillery in downtown Louisville, where the company still operates today. “We’re honored to celebrate this homecoming with a return to distilling in Bardstown to augment our overall bourbon-making capacity, as well as continue to make an impact in the Bardstown community,” says Max Shapira, president of Heaven Hill. Heaven Hill Springs Distillery is scheduled to open by the end of 2024. Heaven Hill anticipates the distillery will handle 150,000 barrels of spirits annually at first and ramp up production to 450,000 barrels annually over time, which mirrors the production at its Louisville distillery. Bardstown, which has …

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AcquisitionsKentuckyMultifamilySoutheast

Middleburg Communities Sells 418-Unit Vesta Derby Oaks Apartments in Louisville

by John Nelson

LOUISVILLE, KY. — Middleburg Communities, a Vienna, Va.-based real estate investment, development, construction and management firm, has sold Vesta Derby Oaks, a 418-unit apartment community located at 3237 Utah Ave. in Louisville. Craig Collins and Austin English of Cushman & Wakefield | Commercial Kentucky, along with Travis Presnell and Mike Kemether of Cushman & Wakefield’s Multifamily Investment Sales Group, brokered the sale of the property. The buyer and sales price were not disclosed. Middleburg invested $17 million in an extensive renovation at Vesta Derby Oaks, including all new siding, windows, roofs, plumbing and HVAC and electrical systems, as well as improved sidewalks and landscaping. Interiors were also equipped with new Energy Star-rated appliances, LED lighting, cabinets, countertops, flooring, fixtures and finishes. Additionally, the property previously was 100 percent two-bedroom units, but Middleburg reconfigured the layouts for some units to now be one-bedroom apartments. At the time Middleburg acquired it, the property was approximately 15 percent occupied with most of the buildings in shell or uninhabitable condition. At the time of sale, Vesta Derby Oaks was 95 percent occupied.

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AcquisitionsKentuckyMultifamilySoutheast

Marcus & Millichap Arranges $32.5M Sale of Regal Park Apartments in Louisville

by John Nelson

LOUISVILLE, KY. — Marcus & Millichap has arranged the $32.5 million sale of Regal Park Apartments, a 228-unit apartment property in Louisville. David Badgett Jr. of Marcus & Millichap represented the seller and buyer, both undisclosed limited liability companies, in the transaction. Colby Haugness, Marcus & Millichap’s broker of record in Kentucky, assisted Badgett in the transaction. Regal Park is located at 9400 Hurstbourne Park Blvd. and offers a variety of floor plans: 30 one-bed/one-bath, 150 are two-bed /two-bath and 48 are three-bed/two-bath. The property has consistently held a 92 percent occupancy rate, according to Marcus & Millichap. Regal Park was built in 1972 and has seen several renovations since its construction. In recent years, Regal Park underwent upgrades, including a complete renovation to the clubhouse. The property features amenities including a swimming pool, grilling area, sundeck and a spacious courtyard.

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