Kentucky

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

by John Nelson May 23, 2022

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.

May 23, 2022

Acquisitions Kentucky Multifamily Southeast

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

by John Nelson May 13, 2022

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.

May 13, 2022

Development Kentucky Leasing Activity Mixed-Use Office Southeast

Corporex Signs Logistics Firm to Office Lease at Ovation Office Building in Newport, Kentucky

by John Nelson May 12, 2022

NEWPORT, KY. — Corporex has signed MegaCorp Logistics, a transportation freight and logistics firm based in Wilmington, N.C., to an office lease at Ovation, a 25-acre mixed-use development located at 200 W. Third St. in Newport. Situated near Cincinnati where the Ohio and Licking rivers meet, the new office building will span 100,000 square feet across five floors. MegaCorp will serve as the anchor tenant of the building and occupy two full floors. The firm’s new regional headquarters will bring 250 to 300 jobs to the market when the firm begins to move into the space in early 2023. Corporex recently kicked off construction on the 132-room Hilton Homewood Suites Hotel at Ovation that will feature a plaza-level restaurant with a bar and a rooftop bar. The hotel and office building comprise Phase II of Ovation, and Phase III will include a riverfront mixed-use building that will include a 1,600-space parking structure with for-sale and rental residential units, shops, restaurants, entertainment and a membership-based fitness and social club.

May 12, 2022

Acquisitions Georgia Kentucky Southeast Student Housing Virginia

Vesper Holdings Acquires Student Housing Portfolio for $240M

by John Nelson April 29, 2022

NEW YORK CITY — New York City-based Vesper Holdings has acquired a four-property, 2,761-bed student housing portfolio for approximately $240 million. The properties are located in Georgia, Virginia, Kentucky and Indiana. Jaclyn Fitts of CBRE negotiated the transaction on behalf of the undisclosed seller. The properties in the portfolio include a 635-bed community located near Indiana University in Bloomington, Ind.; a 699-bed community located near the University of Kentucky in Lexington, Ky.; a 736-bed community located near Kennesaw State University in Kennesaw, Ga.; and a 691-bed community located near Virginia Commonwealth University in Richmond, Va. The portfolio had an average occupancy of 97 percent at the time of sale. This transaction brings Vesper’s portfolio to a total of 23,544 beds. Vesper’s portfolio is managed by Vesper’s subsidiary property management company, Campus Life & Style.

April 29, 2022

Development Industrial Kentucky Southeast

Core5 Breaks Ground on 886,480 SF Spec Industrial Development in Northern Kentucky

by Julia Sanders March 9, 2022

RICHWOOD, KY. — Atlanta-based Core5 Industrial Partners has broken ground on C5 75 Logistics Center South, an 886,480-square-foot project which will be located off Ky. 338 and Interstate 75 in Richwood. Core5 expects to deliver in the first half of 2023. Located near Cincinnati, C5 75 Logistics Center South will feature a 9,200-square-foot office pod, 40-foot clear heights and a cross-dock configuration. The development will also include 485 parking spaces and 235 trailer parking spaces, with the potential for an additional 618 parking spaces and 110 trailer parking spaces. The property will also be equipped with 83 dock doors and the ability to double that, as well as two drive-in doors, 8-inch conventional concrete floor slab and an ESFR fire suppression system. Mark Volkman and Brian Leonard of JLL will lead marketing efforts along with Lydia Chase of Core5’s Midwest Region. Christian Greenwell and Ben Chrin will lead the construction execution for Core5 internally.

March 9, 2022

Acquisitions Industrial Kentucky Southeast

Hunt Midwest Sells Industrial Development in Louisville for $43M

by Julia Sanders March 4, 2022

LOUISVILLE, KY. — Kansas City-based Hunt Midwest has sold Blankenbaker Logistics Center, a 322,831-square-foot, cross-dock industrial facility, for $43 million. Newport Beach, Calif.-based Bixby Land Co. purchased the property. Piston Automotive signed a lease for the whole building prior to construction completion. Chris Riley and Kevin Grove of CBRE represented Hunt Midwest, and Bixby Land Co. was unrepresented in the transaction. Blankenbaker Logistics Center is located within Blankenbaker Station, a Class A, mixed-use business park in eastern Jefferson County. The property offers access to Interstates 64 and 265, UPS Worldport, Ford’s Kentucky Truck Plant, GE Appliance Park, Ford’s Kentucky Assembly Plant and an adjacent 300,000-square-foot FedEx Ground terminal.

March 4, 2022

Industrial Kentucky Leasing Activity Southeast

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

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