Kentucky

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

Acquisitions Kentucky NAI Office Southeast

NAI Isaac Brokers Sale of 120,000 SF Corporate Plaza Office Building in Lexington, Kentucky

by Julia Sanders March 26, 2021

LEXINGTON, KY. — NAI Isaac has brokered the sale of 771 Corporate Drive, a 120,000-square-foot office building in Lexington. An entity doing business as Corporate Drive LLC sold the 10-story property was sold to a private, undisclosed buyer. Al Isaac of NAI Isaac represented the seller in the transaction. The price was not disclosed. The Corporate Plaza is located about four miles from Bluegrass Airport. The new property owner has retained NAI Isaac as the exclusive leasing agent and property manager for the building, marking over two decades of the local firm managing Corporate Plaza.

March 26, 2021

Kentucky Leasing Activity NAI Restaurant Southeast

NAI Isaac Facilitates Retail Lease with Buzzed Bull Creamery in Lexington, Kentucky

by Julia Sanders March 23, 2021

LEXINGTON, KY. — NAI Isaac has facilitated a retail lease with Buzzed Bull Creamery at The Summit Fritz Farm in Lexington. Zach Smith and Paul Ray Smith of NAI Isaac represented the tenant alongside Sherry Sanchez with RESOLUT RE. Samantha Merrell of Bayer Properties represented the landlord on an internal basis. Buzzed Bull Creamery is an ice cream and milkshake purveyor offering made-to-order, alcohol and non-alcohol frozen desserts and coffee. The ice cream business has locations in 12 states. The company’s new Summit at Fritz Farm location will be situated at the main entrance of the development. The 940-square-foot shop is slated to open this summer. The Summit at Fritz Farm is a mixed-use development with more than 60 street-level retail shops, over 20 dining options, The Offices at Fritz Farm and The Henry apartments. Existing tenants include Apple, Whole Foods Market, Shake Shack, Pottery Barn, Arhaus, lululemon athletica, Kendra Scott, Marine Layer, Warby Parker, CRU Food & Wine Bar, Anthropologie, Ariat, Brooks Brothers and LUSH Cosmetics, among others.

March 23, 2021

Acquisitions Kentucky Multifamily Southeast

DLP Real Estate Capital Acquires 560-Unit Multifamily Portfolio in Kentucky

by Julia Sanders March 17, 2021

OWENSBORO AND PADUCAH, KY. — DLP Real Estate Capital has acquired the Chandler Park multifamily property portfolio, which consists of two Kentucky communities in Owensboro and Paducah. The 560-unit portfolio includes one-, two- and three-bedroom units and marks DLP’s first expansion in Kentucky. The seller, Chandler Apartment Homes, sold Owensboro for $35.4 million and Paducah for $25.7 million. Built in 2014, the 320-unit Chandler Park, Owensboro is located at 3750 Ralph Ave. The property sits on over 17 acres with 17 residential buildings and includes a swimming pool, fitness center and green space with grills. The apartments have open floor plans, patios and balconies, stainless steel appliances, granite countertops and are pet-friendly. Built in 2016, the 240-unit Chandler Park, Paducah is located at 2651 Perkins Creek Drive. The property sits on almost 12 acres with seven apartment buildings and includes a swimming pool, fitness center, clubhouse and dog park. The apartments have open floor plans, stainless steel appliances with granite countertops, private patios and balconies and are pet-friendly. Brian Devlin, Brandon Wilson and John Seale of The Kirkland Co. brokered the portfolio sale. Kirkland Co., based in Nashville, is a brokerage firm that specializes in the sale of apartment communities …

March 17, 2021

Acquisitions Kentucky Retail Southeast

MAGNA Properties Acquires Florence Shops in Metro Cincinnati for $5.5M

by Julia Sanders March 16, 2021

FLORENCE, KY. — Ohio-based MAGNA Properties has acquired Florence Shops, a 50,068-square-foot, multi-tenant shopping center located at 7541-7565 Mall Road in Florence. The property was fully leased at the time of sale. Patrick Metz of Stan Johnson Co. represented MAGNA Properties in the $5.5 million acquisition. The seller was an undisclosed local developer. The Florence Shops is situated on 4.1 acres approximately 13 miles from Cincinnati. The acquisition includes additional development potential on an adjacent pad site. The center’s neighboring tenants include Kroger, Old Navy, Ulta Beauty and Barnes & Noble. The center was last renovated in 2015.

March 16, 2021

Acquisitions Kentucky Multifamily Southeast Student Housing

Capstone Brokers $10.1M Sale of Student Housing Portfolio Near Murray State University in Kentucky

by Julia Sanders March 11, 2021

MURRAY, KY. — Capstone Apartment Partners has brokered the sale of a 248 unit, 898-bed student housing portfolio in Murray for $10.1 million. The portfolio features two properties: CEV Murray North and CEV Murray South, which are situated less than a half mile north of Murray State University’s campus. Capstone’s Jonathan Hawks, Adam Klenk, Austin Heithcock and Tyler Mayo represented the seller, Timberline Real Estate, in the transaction. The buyer, Hillcrest Acquisitions, plans to do minor renovations to the assets and improve occupancy while keeping the current management company in place. CEV Murray North features 140-units and 490 beds. The property was built in 2008 and was 75 percent occupied at the time of closing. Less than one mile south from CEV Murray North is CEV Murray South, which has 108 units and 408 beds. The apartment property was constructed in 1999, and was 90 percent occupied at the time of sale. CEV Murray North and South each offer amenity packages such as swimming pools, fitness centers, clubhouses, grilling areas and volleyball courts.

March 11, 2021

Company News Kentucky Southeast

Papa John’s Sales Up 12.5 Percent in Fourth-Quarter 2020

by Julia Sanders February 26, 2021

LOUISVILLE, KY. — Louisville-based Papa John’s International Inc. (NASDAQ: PZZA) reported that net sales for the company’s fiscal fourth-quarter 2020 totaled $469.8 million, a 12.5 percent increase from its fourth-quarter 2019 revenue and better than what Wall Street experts predicted, according to CNBC. Total revenue in fiscal 2020 exceeded $1.8 billion, a 12 percent improvement from 2019 amid what president and CEO Rob Lynch dubbed “one of the most challenging years in history.” (Papa John’s fiscal 2020 ended on Dec. 27.) CNBC reports that the pizza chain’s quarterly earnings fell short of expectations based on a survey conducted by Refinitiv, a subsidiary of the London Stock Exchange Group. Papa John’s may have missed the mark for the quarterly estimates due to higher food production costs, a new corporate office and employee bonuses, according to the news outlet. Papa John’s opened a new Atlanta office in the fourth quarter, and also gave $2.7 million to its front-line team members as an end-of-the-year bonus. Refinitiv survey takers predicted Papa John’s should have made 46 cents per share instead of the actual 40 cents it earned in the fourth quarter. Worldwide, Papa John’s comparable store sales increased 15.5 percent in the fourth quarter. …

February 26, 2021

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