Kentucky

Dermody Properties Signs Healthcare Manufacturer to 208,320 SF Industrial Lease in Louisville

by Julia Sanders February 24, 2022

LOUISVILLE, KY. — Reno, Nev.-based Dermody Properties has signed a lease for a 208,320-square-foot space in LogistiCenterSM at Louisville Airport Building 3. Leasing the space is Fisher & Paykel Healthcare, a designer, manufacturer and marketer of products and systems for use in acute and chronic respiratory care, surgery and the treatment of obstructive sleep apnea. Kevin Grove of CBRE represented Fisher & Paykel Healthcare in the lease transaction, and Tom Sims of CBRE represented Dermody Properties. Beginning this summer, Fisher & Paykel will occupy the entire building to use as a distribution hub. The firm will be relocating jobs from within the region to this new location. The building is situated on 41 acres within the Louisville Renaissance Zone, which is home to many logistics and manufacturing companies including UPS Worldport and Ford Motor Co. The property is located within two miles of Louisville Muhammad Ali International Airport. Across from the property is Dermody’s LogistiCenter at Louisville Airport Building 2, which offers 203,840 square feet of logistics space.

February 24, 2022

Development Industrial Kentucky Southeast

Kroger, Ocado to Open 50,000 SF Fulfillment Center in Louisville

by Julia Sanders January 31, 2022

LOUISVILLE, KY. — The Kroger Co. has plans to open a 50,000-square-foot delivery spoke facility in Louisville. The Cincinnati-based grocer has partnered with Ocado Group, a UK-based technology company, to operate the facility. The property will collaborate with Kroger’s Customer Fulfillment Center in Monroe, Ohio. Additionally, the Louisville property will serve as a cross-dock to connect customers with fresh food by using a combination of vertical integration, machine learning and robotics. The project is expected to become operational later this year and will employ up to 161 full-time associates.

January 31, 2022

Acquisitions Kentucky Multifamily Southeast

Marcus & Millichap Brokers Sale of 30-Unit Apartment Property in Henderson, Kentucky

by Julia Sanders January 27, 2022

HENDERSON, KY. — Marcus & Millichap has brokered the sale of Elmwood Apartments, a 30-unit multifamily property located in Henderson. The property sold for $1.3 million. Aaron Kuroiwa, Jack Friskney and Austin Meeker of Marcus & Millichap represented the buyer and seller, which were both undisclosed limited liability companies. Colby Haugness, Marcus & Millichap’s Kentucky broker of record, assisted in closing the transaction. Elmwood Apartments includes 16 one-bedroom and 14 two-bedroom units across four buildings on 1.2 acres. The property was fully occupied at the time of sale. Located at 1818 N Elm St., the property is situated across the Ohio River from Evansville.

January 27, 2022

Kentucky Loans Multifamily Southeast

Greystone Funds $30.9M Refinancing Loan for Multifamily Property in Louisville

by Julia Sanders January 21, 2022

LOUISVILLE, KY. — Greystone has provided a $30.9 million Fannie Mae Green Rewards loan to refinance Germantown Mill Lofts, a 189-unit multifamily property in Louisville. Michael Zukerman at Greystone originated the financing on behalf of the borrower, Dearborn Capital Partners LLC. The loan carries a 10-year term and 30-year amortization schedule, along with a low fixed interest rate. Built in 1889, Germantown Mill Lofts originally operated as a fabric mill through the mid-20th century. After subsequent use as a retail facility, the property was eventually converted into residential units in 2017. The rehabilitation included significant environmental remediation, qualifying the project for Green Rewards incentives. Now, the property offers studio, one- and two-bedroom floorplans. Unit features include open concept kitchens with designer countertops, shelving and cabinetry, as well as stainless steel appliances. Units also feature washers and dryers and hardwood flooring. Community amenities include a fitness center, community pool, outdoor grilling area, bocce ball court, pet park and spa and a clubhouse. Located at 946 Goss Ave., the property is situated 2.6 miles from downtown Louisville and two miles from the University of Louisville. The property is also 4.3 miles from Louisville Muhammad Ali International Airport.

January 21, 2022

Acquisitions Industrial Kentucky Southeast

A&G, Murray Wise Secure Stalking Horse Bidder for 1.9 MSF Greenhouse Property in Paris, Kentucky

by Julia Sanders January 14, 2022

PARIS, KY. — A&G Real Estate Partners and Murray Wise Associates LLC have secured a stalking horse bidder for the sale of AgTech Scientific Greenhouse, a 1.9 million-square-foot greenhouse and agricultural warehouse complex in Paris. Aurora Management Partners is the receiver seller for original owners AgTech Scientific Group LLC, Color Point LLC and undisclosed affiliates. The stalking horse bidder, an undisclosed agricultural company, has entered into an asset purchase agreement for $22.5 million. Competing bids, which must meet or exceed $22.9 million, are due by Monday, Jan. 31. Previously, the property was fully occupied by AgTech as the company’s hemp-growing and CBD-production operations facility. Located at 1077 Cane Ridge Road, the vacant complex is situated 26.1 miles from Lexington and 32.5 miles from Blue Grass Airport. The 151-acre property includes multiple greenhouse ranges, along with 155,000 square feet of warehouse and office space and 150,000 square feet of polytunnels. The irrigation system is sourced by a lake on the property. The complex includes a main office and production barn, a shipping building, two storage buildings and six greenhouse ranges, each of which totals approximately 270,000 to 280,000 square feet. The east side of the greenhouse range features two separate water …

January 14, 2022

Acquisitions Industrial Kentucky Southeast

JLL Income Property Trust Acquires Industrial Facility in Louisville for $39.5M

by Julia Sanders January 12, 2022

LOUISVILLE, KY. — JLL Income Property Trust has acquired South Louisville Distribution Center, a 327,000-square-foot, newly constructed industrial property in Louisville. The sales price was $39.5 million. The seller was not disclosed. The South Louisville Distribution Center is fully leased to Rivian, an electric vehicle automaker and automotive technology company. The seven-year lease includes annual rent increases of 2.8 percent. Completed in August 2021, the property includes Class A features such as cross docking, 36-foot clear heights and LED lighting. The industrial property is located close to major distribution hubs including UPS Worldport (Air Distribution Hub), UPS Centennial Hub (Ground Distribution Hub) and Louisville Muhammad Ali International Airport.

January 12, 2022

Acquisitions Kentucky Multifamily Southeast

Stoneweg US Acquires Two Multifamily Communities in Louisville for $230M

by Julia Sanders January 5, 2022

LOUISVILLE, KY. — Stoneweg US has acquired Middletown Landing and Mallard Crossing at St. Matthews, two multifamily properties in metro Louisville, for $230 million. The deal added 1,246 units to the company’s portfolio. Jay Weiner of Rosewood Realty Group represented the buyer and the seller, Columbus, Ohio-based Lifestyles Communities. Middletown Landing comprises 646 units in mostly townhome-style floorplans with an average unit size of nearly 1,100 square feet. Unit features include granite countertops, nine-foot ceilings, subway tile backsplashes and wood-style plank flooring. Community amenities include a two-story fitness center, pool, volleyball courts, and The Goat, an onsite restaurant. Built in 2014 and 2016, Middletown Landing is located near employers including UPS, Amazon and Ford Motor Co., as well as retailers such as Target and Kroger. Mallard Crossing at St. Matthews contains 600 units. Built in 1988, Lifestyles Communities previously completed renovations on 20 percent of the units, including installing quartz countertops, walk-in showers, upgraded cabinetry and new lighting fixtures. Community amenities include a pool, gym and storage. Located at 400 Mallard Creek Road, the property is situated 10.9 miles from downtown Louisville and 8.7 miles from Louisville Muhammad Ali International Airport. As a new owner, Stoneweg US will make capital …

January 5, 2022

Kentucky Market Reports Office Southeast Southeast Market Reports

Derby City Office Market Now Entering Full-On Recovery Mode

by John Nelson December 20, 2021

Louisville’s office market is certainly a representative example of a typical office market in a mid-sized city. As expected, Louisville experienced the impact of COVID-19 and the remote work trend. Downtown had to endure the social unrest during summer 2020 that created a perception of a lack of safety. Our community has work to do to get things back to “normal,” but things are slowly starting to move in the right direction. As has always been the case, the downtown and suburban markets face different trends. Typically, the suburban market has outperformed the central business district (CBD) with higher average rents and lower vacancy. Presently, the downtown Class A market has average rents in the $19.11 per square foot range and vacancy around 22 percent. The suburbs are seeing $22.16 per square foot in rent and 14.6 percent vacancy. Recently, the CBD posted 480 square feet of negative net absorption for the second quarter. After taking large hits throughout most of the pandemic, this looks to be a sign that downtown may finally be turning the corner. The suburban market took a big hit this past quarter due to vacancies and downsizing of two large companies. Even so, suburban markets …

December 20, 2021

Kentucky Market Reports Multifamily Southeast Southeast Market Reports

Booming Employment Continues to Drive Louisville’s Impressive Multifamily Market

by John Nelson December 13, 2021

Louisville’s multifamily market has long benefited from the city’s highly diversified employment base. With strongholds in distribution (boosted by the recent surge of e-commerce sales), manufacturing, healthcare and professional services, Louisville has rebounded from the pandemic-induced recession more quickly than much of the rest of the country. As of July 2021, the local unemployment rate was 4.5 percent, while the national rate was 5.4 percent. In addition to increased job growth, local employers are raising wages to attract top talent needed for expansion requirements. This wage growth, coupled with employment demand, has created a considerable advantage for multifamily property owners that have been able to push rental rates on an annual basis. Integra Realty Resources (IRR) reports that overall market vacancy is hovering at a low 4 percent. The combination of low vacancy rates and wage growth has allowed multifamily owners to increase rent structures. Landlords have seen high single-digit annual rent increases for the last four years in the Louisville MSA. Class A properties have been achieving rents approaching $2 per square foot for some unit types in luxury developments. IRR also reports that there are currently over 4,000 multifamily units planned or under construction in the Louisville MSA. …

December 13, 2021

Kentucky Loans Multifamily Southeast

Ready Capital Closes $7.1M Loan for Three-Property Multifamily Portfolio in Metro Louisville

by Julia Sanders December 2, 2021

LOUISVILLE, KY. — Ready Capital has closed on a $7.1 million loan for the acquisition, renovation and stabilization of a 120-unit, three-property multifamily portfolio in the Jefferson County submarket of metro Louisville. The properties’ names were not disclosed. Upon acquisition, the sponsor will implement a capital improvement plan to renovate the properties, including renovations to the unit interiors, building exteriors and common areas, as well as amenity upgrades. The loan was a non-recourse, interest-only, floating-rate loan that features a 36-month term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures.

December 2, 2021

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