Thursday, November 21, 2024
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AcquisitionsKentuckyMultifamilySoutheast

Marcus & Millichap Brokers $6.9M Sale of Germantown Village Apartments in Louisville

by John Nelson

LOUISVILLE, KY. — Marcus & Millichap has brokered the $6.9 million sale of Germantown Village Apartments, a multifamily community in Louisville. Located on 2.7 acres at 630 E. Kentucky St., Germantown Village spans 66,300 rentable square feet across 100 one-bedroom units. Aaron Kuroiwa and Sam Kramer of Marcus & Millichap represented the seller, Strategic Advisors LLC, in the transaction and procured the buyer, BlackOak Equity Management. Grant Fitzgerald assisted in closing the sale as Marcus & Millichap’s broker of record in Kentucky. The seller recently completed comprehensive upgrades to the community, which was originally built in 1960.

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AcquisitionsKentuckyMultifamilySoutheast

Kirkland Co. Arranges Sale of New 216-Unit Reserve at Cool Springs Apartment Community in Elizabethtown, Kentucky

by John Nelson

ELIZABETHTOWN, KY. — The Kirkland Co.  has arranged the sale of The Reserve at Cool Springs, a 216-unit apartment community located in Elizabethtown, roughly 45 miles south of Louisville. Amenities at the property, which features a mix of two- and three-bedroom units, include a clubhouse, swimming pool, fitness center, grilling and outdoor entertainment areas and garage parking. The Reserve at Cool Springs was completed in 2023. Brandon Wilson, Brian Devlin and John Seale of Kirkland Co. brokered the transaction. An entity doing business as The Reserve at Cool Springs Property LLC acquired the community from an entity doing business as Reserve at Cool Springs LLC for an undisclosed price. Monthly rental rates at Reserve at Cool Springs range from $1,275 to $1,975, according to Apartments.com. The Elizabethtown-Fort Knox market in Kentucky has seen a 5.8 percent growth in multifamily rents over the past year, according to Kirkland Co.

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KentuckyMarket ReportsRestaurantRetailSoutheastSoutheast Market Reports

Louisville’s Retail Scene Remains a Bright Spot Despite Economic Headwinds

by John Nelson

Louisville’s economy remains resilient, and regional economic growth is creating a strong foundation for the retail market. Greater Louisville Inc. recently announced that 72 businesses are considering relocating or expanding to the region, with the potential of 8,200 new jobs and $3.8 billion in economic investment. Louisville is well-positioned for growth and the retail outlook remains strong with historically low vacancy rates. The market’s expanding consumer base and resilient economy have mostly overcome headwinds such as interest rate fluctuations, volatility in capital markets and signs of a slowing economy. This resilience has put Louisville in a strong position moving into the last quarter of 2024.  At the end of the second quarter, Louisville’s vacancy rate stood at a strong 3.4 percent, outperforming the national benchmark of 4.1 percent, according to CoStar Group. The limited amount of new retail construction over the past 18 months has played a significant role in keeping the vacancy rate low. In fact, only roughly 322,000 square feet of retail space has been delivered over the past 12 months. Grocers are pushing leasing activity, making up 36 percent of the leasing volume that past 12 months. These retailers are executing most of the activity in spaces …

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AcquisitionsIndustrialKentuckyLeasing ActivitySoutheast

NAI Isaac Facilitates $6M Sale-Leaseback of Industrial Facility in Corbin, Kentucky

by John Nelson

CORBIN, KY. — NAI Isaac has facilitated the sale-leaseback of a 127,373-square-foot industrial facility located at 1401 N. Kentucky Route 3041 in Corbin, a city in south Kentucky situated along I-75. Bruce Isaac of NAI Isaac represented the buyer, an entity doing business as MISCKY Industrial 24 LLC, in the transaction. Kevin Grove and Alex Grove of CBRE represented the seller/tenant, Minnesota-based cabinet manufacturer Northern Contours. Terms of the transaction were also not disclosed.

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AcquisitionsKentuckySeniors HousingSoutheast

SLIB Arranges Sale of Four-Property Seniors Housing Portfolio in Henderson, Kentucky

by John Nelson

HENDERSON, KY. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a four-property portfolio in Henderson, located in western Kentucky along the Ohio River and approximately 11 miles south of Evansville, Ind. Known as the Colonial Portfolio, the properties in the transaction included Colonial Assisted Living (69 units), Colonial Court Independent Living (22 units), Colonial Senior Living (51 assisted living units) and Colonial Cottages (16 independent living units). The seller was a local owner that developed and operated the assets since their inception. The buyer was a Kentucky-based owner and operator looking to grow its portfolio strategically in western Kentucky. Ryan Saul and Daniel Geraghty led the transaction for SLIB.

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IndustrialKentuckyMarket ReportsSoutheastSoutheast Market Reports

Louisville’s Industrial Market Is Entering ‘Slow-Paced Cooldown’ Period of Market Cycle

by John Nelson

The Louisville industrial market has simmered at a slow and steady pace during 2024. Continued uncertainty with debt markets, inflation and the upcoming elections have placed developers on the sidelines, and occupiers in a holding pattern.  Despite how the market feels today, Louisville remains poised for a comeback. A brief overview shows how and why the Louisville market is in the position it is today, and what to expect beyond 2024.  The past five years reveal a compelling story, one that developers, occupiers and investors alike have come to understand as they seek to develop, lease or own real estate in the Derby City. Driving much of this development and occupier activity in Louisville is the presence of the UPS Worldport, two Ford manufacturing plants, Haier’s GE Appliance Park and other manufacturers that keep suppliers, third-party logistics firms and e-commerce companies jockeying for space.  Louisville’s central location on the I-65 corridor and proximity to two-thirds of the U.S. population are also key reasons the market continues to grow as a hub for logistics, e-commerce and manufacturing. The market saw tremendous growth over the past five years, assisted by the space grab during COVID.  Since 2019 bulk inventory experienced growth of …

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AcquisitionsIndustrialKentuckySoutheast

NAI Isaac Arranges Sale of 100,000 SF Industrial Facility in Cynthiana, Kentucky

by John Nelson

CYNTHIANA, KY. — NAI Isaac has arranged the sale of a 100,000-square-foot industrial facility located at 736 US Highway 27 in Cynthiana, roughly 30 miles northeast of Lexington. Grand Rapids, Mich.-based Herdegen Commercial Equipment LLC, a liquidator of corporate equipment and other fixed assets, purchased the facility for an undisclosed price. Bruce Isaac of NAI Isaac represented the undisclosed seller in the transaction. According to LoopNet Inc., the facility is a single-tenant building that was delivered on a 7.5-acre site in 1964. The property features 19-foot clear heights, two dock doors and four drive-in doors. The acquisition also includes a separate 7,000-square-foot facility at the site.

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DevelopmentIndustrialKentuckySoutheast

Philip Morris to Invest $232M to Expand Zyn Manufacturing Facility in Western Kentucky

by John Nelson

OWENSBORO, KY. — Philip Morris International plans to invest $232 million via one of its Swedish Match affiliates for the expansion of its Owensboro manufacturing facility in western Kentucky. The direct investment into this facility, which produces Zyn nicotine pouches, will increase production capacity by 40 percent (around 900 million cans of capacity for 2025). The expansion is currently underway and is expected to create an additional 450 direct jobs with an ongoing annual economic impact of $277 million, as well as an additional 410 indirect jobs. The Swedish Match Owensboro facility currently has about 1,100 employees. Philip Morris expects to complete the expansion by second-quarter 2025. In July, Philip Morris announced plans to invest $600 million to open a Zyn manufacturing plant in Aurora, Colo.

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DevelopmentKentuckySoutheastStudent Housing

Public-Private Partnership to Develop 649-Bed Residence Hall at University of Kentucky

by John Nelson

LEXINGTON, KY. — A public-private partnership between Harrison Street, Greystar Real Estate Partners and the University of Kentucky is set to break ground on a 649-bed residence hall project on the university’s campus in Lexington. The community will replace the university’s former Kirwan-Blanding Complex and offer 344 units. The project is being developed to support the institution’s enrollment growth, as a record number of first-year students were admitted to the university at the start of the past academic year. Further details on the community, which is expected for completion in 2026, were not disclosed. This development is the latest by this partnership, joining 14 existing residence halls consisting of 6,850 beds on the university’s campus.

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AcquisitionsHealthcareKentuckyLoansSoutheast

Cushman & Wakefield Arranges $15M Acquisition Financing for Two Medical Office Buildings in Paducah, Kentucky

by John Nelson

PADUCAH, KY. — Cushman & Wakefield has arranged $15 million in acquisition financing for a pair of medical office buildings in Paducah, a Western Kentucky city situated along the Ohio River. The properties are located at 100 and 200 Clint Hill Blvd. and total nearly 62,000 square feet. Mercy Health-Lourdes Hospital LLC, an orthopedics affiliate of Bon Secours Mercy Health, fully occupy both properties. Tyler Morss of Cushman & Wakefield’s Healthcare Capital Market Team arranged the financing on behalf of the borrower, Montecito Medical Real Estate. The direct lender and seller were not disclosed, though Cushman & Wakefield stated the lender was a bank.

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