Kentucky

NorthMarq Arranges $4.2M Refinancing of Industrial Property in Northern Kentucky

by Alex Tostado October 9, 2020

ERLANGER, KY. — NorthMarq has arranged a $4.2 million refinancing loan for Donaldson Road Center I, a two-building, 121,000-square-foot industrial property in Erlanger. An undisclosed life insurance company provided the 10-year loan, which features a 25-year amortization schedule. The facility is located at 1360-1390 Donaldson Road, three miles southeast of Cincinnati/Northern Kentucky International Airport and 11 miles southwest of downtown Cincinnati. The facilities were leased to tenants including Fry Fastening Systems, Trane Supply and Sherwin-Williams Commercial Paint Store at the time of the loan closing. The borrower was not disclosed.

October 9, 2020

Acquisitions Kentucky Retail Southeast

PRG Commercial Arranges $9.3M Sale of Stonybrook South Shopping Center in Louisville

by Alex Tostado October 7, 2020

LOUISVILLE, KY. — PRG Commercial Property Advisors has arranged the $9.3 million sale of Stonybrook South Shopping Center, a 149,000-square-foot retail property in Louisville. At the time of sale, the 14.5-acre center was leased to Dick’s Sporting Goods, Planet Fitness, PetSmart, Rack Room Shoes and Burkes Outlet, which opened Sept. 21. Stonybrook South is situated at 3500 S. Hurstbourne Parkway, 13 miles east of downtown Louisville. Fred Sutterlin of PRG Commercial was the court-appointed receiver for the property, which was in foreclosure from February 2018 to Sept. 21, 2020. During that time, Taylor Thompson, Reed Weinberg and Parker Page, who are also with PRG, were engaged to lease, manage, market and sell the asset. Midland Loan Services serviced the foreclosed conduit loan and chose Sutterlin as receiver and PRG as the brokerage firm through a competitive process. A locally based private investor that was completing a 1031 exchange closed on the purchase of Stonybrook South on Oct. 2. According to Sutterlin, the previous ownership was a tenancy in common (TIC) group of investors operating under the name TIC Stonybrook LLC.

October 7, 2020

Acquisitions Kentucky NAI Office Southeast

NAI Isaac Brokers Sale of 29,240 SF Office Building in Lexington, Kentucky

by Alex Tostado October 5, 2020

LEXINGTON, KY. — NAI Isaac has brokered the sale of a 29,240-square-foot office building formerly leased to American National University in Lexington. Quality Logistics LLC, a third-party logistics company specializing in shipping of fresh, frozen and dried goods, acquired the property for an undisclosed price. The buyer also expects to move into the space by early 2021. The office building is situated at 2376 Sir Barton Way, six miles east of downtown Lexington. Bruce Isaac, Al Isaac and Paul Ray Smith of NAI Isaac, along with Matt Smyth of Colliers International, represented the seller, Corolla Management Corp., in the transaction. David Allen of areaLex Real Estate represented the buyer.

October 5, 2020

Development Kentucky Retail Southeast

Clermont Distilling to Open New Bourbon Distillery Near Louisville

by Alex Tostado September 9, 2020

SHEPHERDSVILLE, KY. — Clermont Distillery Inc. will open a new bourbon distillery in Shepherdsville. The property will span 55 acres on both sides of Interstate 65, though the distillery will only occupy about 15 acres. The developers, cousins Lee Wilburn and William “Bill” LaRue Weller, are exploring joint venture opportunities to develop hotels and other attractions on the remaining 40 acres. The developers expect to break ground in spring 2021. Kentucky Business Investment (KBI) and Kentucky Enterprise Initiative Act (KEIA) approved tax incentives for the project, which is expected to house 22 full-time employees earning an average wage of $56 per hour. The site is situated near the Clermont/Bardstown exit off I-65, 25 miles south of downtown Louisville. The project will also feature a gift shop and tasting room.

September 9, 2020

Acquisitions Industrial Kentucky Southeast

JLL Arranges $6.2M Sale of New Industrial Facility in Northeast Kentucky

by Alex Tostado August 25, 2020

GRAYSON, KY. — JLL has arranged the $6.2 million sale of a new 25,000-square-foot industrial property double-net leased to Flowserve in Grayson. The seller, Houston-based Investment & Development Ventures LLC, delivered the asset as a build-to-suit for the company, which produces engineered and industrial pumps, seals and valves, as well as a range of related flow management services. The facility sits on three acres within EastPark, a 1,000-acre industrial park located approximately 25 miles from the Kentucky-Ohio-West Virginia border. Alex Sharrin, Trent Agnew, Brian Shanfeld, Jason DeWitt and Alex Geanakos of JLL represented the seller in the transaction. B.J. Feller, Isaiah Harf and Andy Gatchell of Stan Johnson Co. represented the buyer, an undisclosed family partnership based in Tulsa, Okla.

August 25, 2020

Development Industrial Kentucky Southeast

Ice Cream Maker Dippin’ Dots Opens $3.2M Industrial Facility in Paducah, Kentucky

by Alex Tostado August 10, 2020

PADUCAH, KY. — Dippin’ Dots, maker of flash-frozen beaded ice cream, has opened a $3.2 million, 6,000-square-foot industrial facility in Paducah. The property houses 45 employees and will support Dippin’ Dots Cryogenics LLC, a division of the company that was launched in 2018 and applies the patented flash-frozen technology to other industries. The building is situated at 3865 Industrial Drive, one mile from Interstate 24.

August 10, 2020

Acquisitions Kentucky Retail Southeast

Colliers Negotiates $4M Sale of CVS-Occupied Property in Paducah, Kentucky

by Alex Tostado August 6, 2020

PADUCAH, KY. — Colliers International has negotiated the $4 million sale of a 10,121-square-foot CVS/pharmacy-occupied property in Paducah. The building was originally developed in 1999 and is located at 3001 Lone Oak Road. There are 19 years remaining on CVS’ 20-year lease extension. Jon Busse of Colliers represented the buyer, Emerald Paducah LLC, in the transaction. The new ownership acquired the asset to partially complete a 1031 exchange. Matt Berres of Newmark Knight Frank (NKF) represented the seller, WEC 99J-32 LLC.

August 6, 2020

Development Industrial Kentucky Southeast Top Stories

Dollar General Plans $65M Distribution Center in Northern Kentucky, Expansion of Cold-Storage Footprint

by Kristin Harlow August 5, 2020

WALTON, KY. — Dollar General (NYSE: DG) has unveiled plans to open a 630,000-square-foot distribution facility in Walton, approximately 20 miles south of Cincinnati and the Ohio border. The $65 million investment is expected to bring 250 jobs to the city and support 800 stores. The Walton facility will serve as Dollar General’s 18th distribution center. Construction is scheduled to begin in September with operations to begin in January. Dollar General has also announced plans to build three additional DG Fresh facilities to support a shift toward self-distribution of products that require cold storage such as dairy, deli meats and frozen products. Construction is scheduled to begin this fall on a 160,000-square-foot cold storage facility in Ardmore, Oklahoma, with completion slated for spring 2021. Similarly, construction is scheduled to begin this fall on a 160,000-square-foot cold storage property in Bowling Green, Kentucky, with completion slated for summer 2021. Dollar General is currently finalizing construction of a 200,000-square-foot cold storage facility in West Sacramento, California, to complement its West Coast distribution operations. The property is scheduled to open this fall. At full capacity, each of the DG Fresh facilities are expected to create approximately 65 new jobs and support roughly 1,500 …

August 5, 2020

Acquisitions Kentucky Multifamily Southeast

Capstone Arranges Sale of 126-Unit Apartment Complex in Paducah, Kentucky

by Alex Tostado July 21, 2020

PADUCAH, KY. — Capstone Apartments Partners has arranged the $3 million sale of Fernwood Homes, a 126-unit apartment complex in Paducah. The property offers two- and three-bedroom floor plans. The asset is situated at 710 Lone Oak Road, three miles southwest of downtown Paducah. New York-based Hillcrest Acquisitions acquired the asset, which was originally built in 1950. Jonathan Hawks, Adam Klenk and Tyler Mayo of Capstone represented the seller, Fernwood Homes LP, which owned the property for more than 30 years.

July 21, 2020

Acquisitions Kentucky Multifamily Southeast

Capstone Arranges $61.4M Sale of Multifamily Portfolio in Metro Louisville, Lexington

by Alex Tostado July 13, 2020

LOUISVILLE, KY. — Capstone Apartment Partners has arranged the $61.4 million sale of a six-property, 1,185-unit multifamily portfolio in Kentucky and southern Indiana. The portfolio’s Kentucky properties comprise Iroquois Gardens, King George Apartments and Victoria Gardens in Louisville and Abigail Gardens in Lexington. The two Indiana properties, King Solomon Apartments in Jeffersonville and King David Apartments in New Albany, are situated across the Ohio River from Louisville. Alex McDermott, Adam Klenk, and Tyler Mayo of Capstone represented the buyer, Nashville-based Clear Blue Co., in the transaction. Nashville-based Elmington Property Management will manage the six properties. Battle Williford and Jon Van Hoozer of Financial Federal Bank originated the $60.2 million acquisition loan on behalf of the buyer. The non-recourse loan features a three-year term with a full interest-only payment period. The seller(s) was not disclosed.

July 13, 2020

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