REBusinessOnline

Marcus & Millichap Negotiates Sale of 452-Unit Self-Storage Facility in Glasgow, Kentucky

GLASGOW, KY. — Marcus & Millichap has negotiated the sale of Glasgow Self Storage, a 66,075-square-foot, 452-unit self-storage facility in Glasgow. The facility was built in 2010 at 908 Happy Valley Road. Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller and procured the buyer in the transaction. The buyer and seller were both undisclosed limited liability companies. Colby Haugness of Marcus & Millichap, the broker of record, assisted the team in the …

Thrash Group Opens 120-Room Hotel Within Summit at Fritz Farm in Lexington

LEXINGTON, KY. — The Thrash Group has opened Origin Lexington, a 120-room, 76,000-square-foot hotel situated within The Summit at Fritz Farm in Lexington. Origin Lexington includes 2,100 square feet of meeting space as well as 33 Staves, a restaurant named after the number of wooden stave pieces needed to form a full-sized oak barrel used to age bourbon. Amenities at the hotel include a fitness center, in-room yoga kits and in-room tents and sleeping bags. Birmingham, Ala.-based Bayer …

Hendon, Harbert Complete $30.3M Disposition of Shopping Center in Louisville

LOUISVILLE, KY. — A joint venture between Hendon Properties and Harbert United States Real Estate Fund VI LP (HUSREF VI) has sold Westport Village, a 169,515-square-foot shopping center in Louisville, for $30.3 million. Westport Village is situated at 1315 Herr Lane, 10 miles east of downtown Louisville. Since acquiring the site in May 2016, Hendon Properties has signed 13 new leases totaling 56,000 square feet and renewed 32 leases totaling 102,000 square feet. Birmingham, Ala.-based Wicker …

Marcus & Millichap Negotiates $17.7M Sale of Multifamily Complex in Downtown Louisville

LOUISVILLE, KY. — Marcus & Millichap has arranged the $17.7 million sale of Kentucky Towers, a 276-unit multifamily complex in downtown Louisville. The property is located at 430 W. Muhammad Ali Blvd. The buyer was not disclosed, however, multiple media outlets report TEG The Flats on Fifth LLC acquired the property and will rebrand the 94-year-old building as The Flats on Fifth. Kentucky Towers offers studio through three-bedroom floor plans and communal amenities such as a fitness …

Greystone Provides $125.2M Fannie Mae Loan for Multifamily Portfolio in Kentucky, Pennsylvania

NEW YORK CITY — New York City-based Greystone has provided a $125.2 million refinancing loan for a four-property multifamily portfolio in Kentucky and Pennsylvania. The Fannie Mae financing features a 12-year term, 30-year amortization and six years of interest-only payments. The loan also includes a new ownership structure, with Nick Kozul of Bayshore Properties taking a 50 percent stake in the portfolio from current owner, Angie Djurin of North Street Properties. The four properties are the …

Dermody Properties Breaks Ground on 352,800 SF Industrial Building Near Louisville Airport

LOUISVILLE, KY. — Dermody Properties has acquired 17.1 acres within Renaissance South Business Park from the Louisville Renaissance Zone Corp. (LRZC) and has broken ground on a 352,800-square-foot warehouse and distribution building called LogistiCenter Louisville Airport. The building will be situated at 2825 Transglobal Drive, two miles from Louisville Muhammad Ali International Airport. The building will feature 32-foot clear heights, 60-foot-by-56-foot speed bay, 7-inch concrete floor …

Inland Private Capital Sells Apartment Community in Louisville for $45.5M

LOUISVILLE, KY. — Inland Private Capital Corp. (IPC) has sold Hurstbourne Estates Apartments, a 270-unit complex in Louisville, for $45.5 million. IPC sold the property on behalf of its institutional investors through its subsidiary on behalf of Louisville Multifamily DST, the company’s 1031 tax exchange investment program. At the time of sale, Hurstbourne Estates was 95.2 percent occupied. Communal amenities include a fitness center, clubhouse, yoga room, game room, business center, …

Cushman & Wakefield Arranges Sale of 697-Unit Multifamily Portfolio in Kentucky, Mississippi

SOUTHAVEN AND HORN LAKE, MISS. AND BOWLING GREEN, KY. — Cushman & Wakefield has arranged the sale of a three-property, 697-unit multifamily portfolio in Kentucky and Mississippi. The properties are the 240-unit Fairways at Hartland in Bowling Green, the 204-unit Savannah Creek in Southaven and the 253-unit The DeSoto in Horn Lake. Jimmy Adams, Robbie O’Bryan and Craig Collins of Cushman & Wakefield represented the seller, McDowell Properties, in the transaction. Covenant Capital …

KeyBank Provides $38.9M Refinancing Loan for Five-Property Skilled Nursing Portfolio in Kentucky

BOWLING GREEN, KY. — KeyBank Real Estate Capital has provided a $38.9 million refinancing loan for a five-property skilled nursing portfolio in Kentucky. KeyBank provided the loan through the FHA 232/223(f) mortgage insurance program on behalf of GMF Capital. The new FHA loans will be used to refinance an existing KeyBank loan that funded GMF Capital’s acquisition of the properties. The non-recourse, first mortgage financing was arranged with fully amortizing loan terms ranging from 30 to …

Georgia-Pacific Plans $100M Expansion of Dixie Manufacturing Facility in Kentucky

BOWLING GREEN, KY. — Georgia-Pacific’s Consumer Products Group has unveiled plans to invest $100 million to expand its manufacturing facility in Bowling Green, a town in southern Kentucky. The investment will expand operations for the production of Dixie-branded plates and bowls. Construction has commenced and the project is slated for completion in the first half of 2020. “This expansion will help us continue meeting the needs of our customers, as demand continues to grow for …

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