Kentucky

Hunt Midwest Completes 322,831 SF Blankenbaker Logistics Center in Louisville

by Julia Sanders July 14, 2021

LOUISVILLE, KY. — Hunt Midwest has completed Blankenbaker Logistics Center, a 322,831-square-foot industrial development in northeast Louisville. The facility is located close to Interstates 64, 265 and 71 and the two Ford plants. Piston Automotive, a Redford, Mich.-based automotive supplier, signed a lease for the entire facility before buildout was complete. The cross-dock warehouse features 36-foot clear heights, 60-foot speed bays, a 140-foot-deep truck court, four drive-in doors, 44 trailer parking spots and 187 parking stalls. This facility is expandable to 88 doors as the need arises. H2B Architects designed Blankenbaker Logistics Center, and Mindel Scott, JSC Engineers and Willett Engineering were the engineers on the project. Kevin Grove of CBRE served as the leasing broker. Hunt Midwest is a Kansas City-based real estate development company with over 50 years of experience in the industrial sector and currently has more than 2.5 million square feet of buildings under development in Kansas City, Kentucky and South Carolina.

July 14, 2021

Acquisitions Industrial Kentucky Southeast

JLL Income Property Trust Acquires Louisville Airport Distribution Center for $32.1M

by Julia Sanders July 6, 2021

LOUISVILLE, KY. — JLL Income Property Trust has acquired Louisville Airport Distribution Center, a newly constructed industrial property located in the Southside/Airport industrial submarket in Louisville. The facility totals approximately 284,000 square feet. The property is within five miles from distribution hubs including UPS Worldport (Air Distribution Hub), UPS Centennial Hub (Ground Distribution Hub) and the Louisville Muhammad Ali International Airport. The Chicago-based REIT purchased the property for $32.1 million from an undisclosed buyer. This acquisition is JLL Income Property Trust’s second in Louisville after purchasing Louisville Distribution Center earlier this year. Louisville Airport Distribution Center is located close to several interstates, including Interstates 24, 64, 65, 71 and 75. The center is 2.5 miles from GE Appliance Park. Built in 2020, the center is fully leased to Haier US Appliance Solutions, which is an affiliate of local heavyweight GE Appliances, and Derby Industries. The leases carry a weighted average term of 5.1 years. The property includes modern features such as 36-foot clear heights, LED lighting and HVAC throughout.

July 6, 2021

Kentucky Loans Multifamily Southeast

NorthMarq Provides $10.8M HUD-Insured Loan for Hurstbourne Heights Apartments in Louisville

by Julia Sanders June 11, 2021

LOUISVILLE, KY. — NorthMarq has provided a $10.8 million HUD-insured loan for the refinancing of Hurstbourne Heights Apartments, an 84-unit multifamily property located at 7603 Downs Farm Place in Louisville. The transaction was structured with a fully-amortizing 35-year term. Randall Waddell of NorthMarq originated the non-recourse, fixed-rate loan on behalf of the undisclosed borrower. Hurstbourne Heights is located in the Highview area of Jefferson County, and situated close to GE’s Appliance Park, Ford’s SUV assembly plant and the Louisville Muhammad Ali International Airport. Constructed in 2019, the property is managed by PMR Cos. NorthMarq Finance LLC, a fully licensed Federal Housing Administration (FHA) lender and approved Ginnie Mae seller/servicer through HUD’s 223(f) program, funded the loan. The borrower received benefits from the program including the highest loan-to-value ratio available in the market, low fixed interest rates based on Ginnie Mae securities, greater cash flow due to the 35-year amortization schedule and a borrower-friendly prepayment provision.

June 11, 2021

Acquisitions Kentucky Retail Southeast

Marcus & Millichap Arranges $5.6M Sale of Four-Property Dollar General Portfolio in Kentucky

by Julia Sanders June 7, 2021

PAINTSVILLE, DANVILLE, EASTERN AND GIRDLER, KY. — Marcus & Millichap has arranged the $5.6 million sale of a four-property Dollar General portfolio in Kentucky totaling 36,400 square feet. Darpan Patel, Dan Yozwiak and Matthew Johnson of Marcus & Millichap represented the seller, James Myers of Kentucky Lodging and Development, and secured the buyer, Harrimack Holdings Acquisitions LLC, in the transaction. Colby Haugness of Marcus & Millichap assisted in closing the transaction. The four Dollar General stores are located at 1370 Euclid Ave. in Paintsville; 6595 Alum Springs Road in Danville; 5451 N. KY Highway 11 in Girdler; and 39 Kentucky-680 in Eastern.

June 7, 2021

Acquisitions Kentucky Retail Southeast

NAI Isaac Brokers Sale of 16,300 SF Retail Center in Lexington, Kentucky

by Julia Sanders May 28, 2021

LEXINGTON, KY. — NAI Isaac has brokered the sale of a 16,300-square-foot retail center located at 268-278 Southland Drive in Lexington. An unnamed, locally based investor purchased the property for an undisclosed price. The buyer retained NAI Isaac as property manager. The center spans two buildings and is occupied by Planned Parenthood, Gold & Diamond Apparel, GDA Jewelers, Lexington Healing Arts Academy, Associates in Rehab and Providence Community Church. Jamie Adams and J. L. Cannady of NAI Isaac represented the buyer in the transaction. John Bunch of SVN Stone Commercial Real Estate represented the seller.

May 28, 2021

Acquisitions Kentucky Retail Southeast

Bay Country Estates Purchases Burger King-Leased Property in Shepherdsville, Kentucky for $1.6M

by Julia Sanders May 21, 2021

SHEPHERDSVILLE, KY. — Bay Country Estates has purchased a 34,484-square-foot retail property in Shepherdsville that is ground-leased to Burger King. An entity doing business as Dixie Hwy Development #3 LLC sold the property for $1.6 million. Carrols Corp. operates the Burger King location, which has 18.5 years remaining on its lease. The property is located at 315 Keystone Crossing Drive, about 20 miles south of Louisville. Jesse Limon of Marcus & Millichap’s Manhattan office represented the seller in the transaction. Jesse Limon and Colby Haugness of Marcus & Millichap’s Kentucky office represented the buyer.

May 21, 2021

Acquisitions Kentucky Loans Retail Southeast

NorthMarq Secures $10.5M Acquisition Financing for Freys Hill Retail Center in Louisville

by Julia Sanders May 11, 2021

LOUISVILLE, KY. — NorthMarq has secured $10.5 million in acquisition financing for Freys Hill Retail Center, a 58,726-square-foot retail property located at 10220 Westport Road in Louisville. The fully occupied center is anchored by PetSmart and home to tenants including Half Price Books, Party City and Starbucks. The fixed-rate loan was structured with a 10-year term and a 25-year amortization schedule with two years of interest-only payments. Randall Waddell of NorthMarq arranged financing for the buyer, Lexington, Ky.-based Compass Capital LLC, through its relationship with a local bank.

May 11, 2021

Acquisitions Kentucky Retail Southeast

NAI Isaac Brokers Sale of 17,649 SF Ruccio Pavilion Shopping Center in Lexington, Kentucky

by Julia Sanders April 19, 2021

LEXINGTON, KY. — NAI Isaac has brokered the sale of Ruccio Pavilion, a 17,649-square-foot shopping center located at 220 Ruccio Way in Lexington. Al Isaac and Jim Holbrook of NAI Isaac represented the seller, Legacy Investments LLC in the transaction. John Bunch of SVN Stone represented the buyer, an entity doing business as Ruccio Shoppes LLC. The sales price was not disclosed. Ruccio Pavilion is situated close to Fayette Mall, Target, The Mall at Lexington Green and Embassy Suites Hotel. The center’s tenants include Mr. Brews Taphouse, Commonwealth Dentistry, Aqua-Tots Swim School, Thomas Sewing Center and Cuts & Paste Craft Studio. Meijer shadow-anchors Ruccio Pavilion.

April 19, 2021

Acquisitions Kentucky Multifamily Southeast

Kirkland Co. Negotiates $7.6M Sale of Griffin Gate Apartments in Hopkinsville, Kentucky

by Julia Sanders April 7, 2021

HOPKINSVILLE, KY. — Brian Devlin, Brandon Wilson and John Seale of The Kirkland Co. have brokered the $7.6 million sale of Griffin Gate, an 80-unit multifamily complex located in Hopkinsville. The buyer was Fisher Bay LLC and the seller was Drury-McCoy LLC. Griffin Gate includes one-, two- and three-bedroom floorplans. The property is located at 302 Griffin Gate Drive, close to the Nashville MSA and about 18 miles from Fort Campbell. The community amenities and features include a pool with restrooms and gathering areas, nine-foot and vaulted ceilings, Energy Star appliances, water heaters, windows and HVAC, patio/balcony area, storage room, lighted carports, stainless steel or black appliances, cherry cabinets, quarry tile-kitchen and bathrooms and washer/dryer connections.

April 7, 2021

Acquisitions Industrial Kentucky Loans Southeast

NorthMarq Arranges $4.7M Refinancing of Fortune Plaza Industrial Center in Lexington, Kentucky

by Julia Sanders March 30, 2021

LEXINGTON, KY. — Randall Waddell of NorthMarq has arranged the $4.7 million refinancing of Fortune Plaza Industrial Center, a 50,000-square-foot industrial property located at 2473 Fortune Drive in Lexington. The transaction was structured with a five-year term and a 25-year amortization schedule. NorthMarq arranged financing for the borrower, an entity doing business as Fortune Plaza LLC, through its relationship with an unnamed regional bank. The loan includes a period of interest-only payments and future funding capabilities.

March 30, 2021

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