Kentucky

Marcus & Millichap Brokers Sale of 165,759 SF Office Building in Lexington

by Julia Sanders November 24, 2021

LEXINGTON, KY. — Marcus & Millichap has arranged the sale of 101 Yorkshire Blvd., a 165,759-square-foot office property located in Lexington. The sales price was $11.5 million. Joseph DiSalvo, Alexander Nulf and Gus Poulos of Marcus & Millichap represented the seller, an undisclosed private investor, in the deal. John Mundell of Marcus & Millichap represented the buyer, an undisclosed private investor. Colby Haugness of Marcus & Millichap also assisted in closing this transaction. 101 Yorkshire is a four-story office property located on 15.3 acres with 350 parking spaces. The building has a mixture of executive offices, conference rooms and cubicle spaces. The property is located just off the intersection of US Route 25 and Man O War Boulevard, which is the outer loop bypass for State Road 68 and Interstate 75. Previously, 101 Yorkshire operated as a single-tenant call center for Xerox prior to its recent separation of operations from Conduent. As a result of the separation, Conduent absorbed and redistributed all call center operations from this facility effective June 2020 to predominately East Coast locations. The office property has since been completely vacant.

November 24, 2021

Acquisitions Kentucky Multifamily Southeast

Vision & Beyond Acquires 146-Unit Creekside North Apartments in Lexington, Kentucky

by Julia Sanders October 28, 2021

LEXINGTON, KY. — Vision & Beyond Capital Investments has acquired Creekside North Apartments, a 146-unit, two-story multifamily community in Lexington. The seller and sales price were not disclosed. Creekside North Apartments offers one-bedroom/one-bath, two-bedroom/two-bath and two-bedroom/one-bath floorplans. Community amenities include laundry facilities, property manager onsite and public transportation. Located at 2223 Devonport Drive, Creekside North Apartments is situated about 3.7 miles from Blue Grass Airport, 3.2 miles from University of Kentucky and about 24.3 miles from Frankfort. Vision & Beyond plans to invest more than $30 million on property acquisitions and related improvements to its properties. Improvements at Creekside North Apartments will include foundation repair and renovations to HVAC, electric and plumbing systems. The construction team will also make updates to amenities in units. The firm says no tenants will be displaced while renovations are underway.

October 28, 2021

Georgia Kentucky Loans Multifamily Southeast

Cushman & Wakefield Secures $75M Refinancing for Three Multifamily Communities in Atlanta, Louisville

by Julia Sanders October 27, 2021

ATLANTA AND LOUISVILLE, KY. — Cushman & Wakefield has secured a $75 million loan on behalf of Middleburg Communities for the refinancing of a three-property, 1,154-unit apartment portfolio in Atlanta and Louisville. Blake Cohen, Mike Ryan and JP Cordeiro of Cushman & Wakefield secured the two-year loan through Synovus Bank. The portfolio includes Vesta Adams Park, a 298-unit apartment community located at 1991 Delowe Dr. SW in Atlanta. The apartment property offers one-, two- and three-bedroom units with an average unit size of 1,035 square feet. Units include updated kitchens, hard-surface flooring in common areas and air conditioning. Community amenities include a laundry facility, onsite management, onsite maintenance and a sports court. The property was 96 percent occupied at the time of sale. The portfolio also includes Vesta Bouldercrest, a 438-unit apartment community in Atlanta that offers one- and two-bedroom floorplans with an average unit size of 808 square feet. Units include updated kitchens and hard-surface flooring in common areas. Community amenities include a laundry facility onsite, onsite management, sports court and onsite maintenance. Located at 26 Bouldercrest Lane SE in Atlanta, the property is situated 9.9 miles from Hartsfield-Jackson Atlanta International Airport. The community was 95 percent occupied at …

October 27, 2021

Development Industrial Kentucky Southeast Tennessee Top Stories

Ford Plans $11.4B in Electrical Vehicle Manufacturing Developments in Tennessee, Kentucky

by Jeff Shaw September 28, 2021

STANTON, TENN., AND GLENDALE, KY. — Ford (NYSE: F) has unveiled plans to build Blue Oval City, a massive manufacturing campus for its electric vehicles in the tiny town of Stanton, approximately 50 miles northeast of Memphis and with a population of fewer than 500 people. In addition, the car builder is planning the BlueOvalSK Battery Park manufacturing campus in Glendale, approximately 50 miles south of Louisville, to produce the lithium-ion batteries that power those electric vehicles. Ford estimates development costs for Blue Oval City at $5.6 billion and BlueOvalSK Battery Park, which will comprise two separate manufacturing facilities, at $5.8 billion. Both plants are scheduled to begin production in 2025. The auto maker predicts the Stanton location will create 6,000 jobs, while the Glendale location will create 5,000 jobs. Blue Oval City will span 3,600 acres — nearly six square miles — and focus on producing F-Series electric pickup trucks. The company noted that it will work with Redwood Materials on domestic battery recycling and that the facility will be carbon neutral, producing zero landfill waste once fully operational. In addition to the new plant, Ford said it will make a new investment to increase production of the F-150 …

September 28, 2021

Acquisitions Kentucky Multifamily Southeast

Kirkland Negotiates Sale of 105-Unit Apartment Community in Bowling Green, Kentucky

by Julia Sanders September 20, 2021

BOWLING GREEN, KY. — The Kirkland Co. has negotiated the sale of The Enclave, a 105-unit multifamily complex located in Bowling Green. Brian Devlin, Brandon Wilson and John Seale of Kirkland brokered the transaction between the buyer, JBT Partners LLC, and the seller, Village Green Apartment Partners LLC. The sales price was $8 million. Built in 1964, The Enclave includes studios, one- and two-bedroom floorplans with a monthly rent range of $739 to $929, according to Apartments.com. The units include walk-in closets, granite countertops, stainless steel appliances and a patio. Community amenities include a pool, laundry facilities, grill, storage space and a property manager onsite. Located at 1132 Fairview Ave., the property is close to retailers including Burger & Bowl, Hibachi Grill & Supreme Buffet, China Express and Shell. The property is also about 0.3 mile from the Fairview Plaza Shopping Center.

September 20, 2021

Kentucky Leasing Activity Retail Southeast

Publix Enters Kentucky With 55,702 SF Lease at Terra Crossing Development in Louisville

by Julia Sanders September 9, 2021

LOUISVILLE, KY. — Publix Super Markets Inc., a Florida-based grocery store chain, has signed a 55,702-square-foot lease at the Terra Crossing development located at the northwest corner of Terra Crossing Boulevard and Old Henry Road in Louisville. This location will be Publix’s first store in Kentucky. With the new Louisville location, Publix has over 1,280 stores now in eight states across the Southeast and Mid-Atlantic. The Terra Crossing shopping center will soon be under construction. The 10-acre retail project will include the Publix and an additional 4,800 square feet of in-line retail space, as well as two outparcels. Skiken Gold is the developer for the project and expects to break ground in the spring of 2022. Terra Crossing will feature a Publix supermarket and an adjacent Publix Liquors store that will offer beer, wine and spirits. The Publix Liquors store will be the first location outside the state of Florida. The grand opening date has yet to be determined, however the store is anticipated to open during the fourth quarter of 2023.

September 9, 2021

Acquisitions Kentucky Multifamily Seniors Housing Southeast Tennessee

Strawberry Fields REIT Acquires Six Nursing Facilities in Kentucky, Tennessee for $81M

by Julia Sanders September 7, 2021

SOUTH BEND, IND. — Strawberry Fields, a South Bend-based owner of long-term acute care hospitals, skilled nursing and assisted living facilities, has acquired six skilled nursing facilities located in Kentucky and Tennessee for $81 million. The properties include: • Landmark of Kuttawa, a 65-bed skilled nursing facility located at 1253 Lake Barkley Drive in Kuttawa, Ky., that was built in 1968. • Agape Rehabilitation & Nursing Center, an 84-bed skilled nursing facility located at 505 North Roan St. in Johnson City, Tenn., that was built in 2005. • Waters of Sweetwater, a 90-bed rehabilitation and nursing center located at 978 Highway 11S in Sweetwater, Tenn., that was built in 1966. • Waters of McKenzie, a 72-bed rehabilitation and nursing center located at 14510 Highway 79 in McKenzie, Tenn. • Waters of Memphis, a 90-bed rehabilitation and nursing center located at 6500 Kirby Gate Blvd. in Memphis, was built in 2015. • Waters of Bristol, a 120-bed rehabilitation and nursing center located at 2830 Highway 394 in Bristol, Tenn., was constructed in 2017. Some of the facilities offers physical, speech and occupational therapies for short-term rehab clients as well as long-term care residents. These facilities also feature a Department of Nursing, …

September 7, 2021

Acquisitions Kentucky Multifamily Southeast

Marcus & Millichap Brokers $10.6M Sale of Two-Property Apartment Portfolio in Louisville, Kentucky

by Julia Sanders August 30, 2021

LOUISVILLE, KY. — Marcus & Millichap has brokered the sale of two adjacent apartment properties in Louisville: the 106-unit Preston Commons Apartments II and the 80-unit Dunwoody Court Apartments. An entity doing business as Maples LLC bought the portfolio for $10.6 million, according to the Louisville Business First. The buyer plans on combining the two adjacent properties into a 186-unit community called Valore at the Maples. Preston Commons Apartments II is located at 1409 Huntington Lane and Dunwoody Court Apartments is located at 7510 Dunwoody Court. Both properties have had updates over the last few years and were more than 90 percent occupied at the time of sale. Preston Commons Apartments II offers two-bedroom units with community amenities including onsite laundry services, 24-hour emergency maintenance and off-street parking. Dunwoody Court Apartments offers one- and two-bedroom apartments with community amenities including a clubhouse, laundry facility and fitness center. Aaron Johnson and David Badgett Jr. of Marcus & Millichap represented the undisclosed seller, a limited liability company. The duo also secured the buyer. Colby Haugness of Marcus & Millichap assisted in closing this transaction.

August 30, 2021

Acquisitions Kentucky Retail Southeast

SVN | Stone Secures $17.4M Sale of Mist Lake Plaza Shopping Center in Lexington, Kentucky

by Julia Sanders July 28, 2021

LEXINGTON, KY. — SVN | Stone Commercial Real Estate has brokered the $17.4 million sale of Mist Lake Plaza, a 217,292-square-foot shopping center in Lexington. Matt Stone, Justin Ryder and Nathan Dilly of SVN | Stone represented the seller, DF Lexington Properties LLC. Jim Powell of The Gibson Co. represented the buyer, S & P Holdings LLC. The center will be the future home of Lexington Motorsports, a motorcycle dealer in Kentucky. Mist Lake Plaza is located near Man O’ War Boulevard, Saint Joseph East Hospital and Hamburg Pavilion. The City Council of Lexington approved the lifting of a deed restriction that would allow Lexington Motorsports to operate on the site. Lexington Motorsports will occupy about 125,442 square feet of the facility. Built in 1992, Mist Lake Plaza is 89 percent occupied. The other tenants at the property include Nay’s Hair Braiding, Gabe’s, Hibbett Sports, Texas Roadhouse, Check Advance, H&R Block, Pro Nail Salon and Rent-A-Center.

July 28, 2021

Acquisitions Kentucky Retail Southeast

Marcus & Millichap Arranges $9.4M Sale of Store in Nicholasville, Kentucky Leased to Kohl’s

by Julia Sanders July 26, 2021

NICHOLASVILLE, KY. — Marcus & Millichap has arranged the sale of an 82,982-square-foot retail property located at 150 Kohls Drive in Nicholasville, about 12 miles away from Lexington. The freestanding store is net-leased to department store retailer Kohl’s, which has nearly nine years remaining on the lease. The transaction, which includes the Kohl’s and an outparcel, was totaled $9.4 million. Jesse Limon of Marcus & Millichap’s Manhattan office represented the seller, an entity doing business as Man O’War Development LLC No 3. Limon also secured and represented the buyer, InCommercial Inc., a private real estate brokerage based in Chicago. Colby Haugness of Marcus & Millichap’s Kentucky office assisted in closing this transaction.

July 26, 2021

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