FLORENCE, KY. — Churchill Downs Inc. has approved the $38.4 million, 46,500-square-foot development of Turfway Park at Newport Plaza Shopping Center in Florence. The property is meant to offer a racing alternative while Turfway Park is under renovation. Completion is slated for fourth-quarter 2020. The new facility will offer a simulcast area including a separate VIP simulcast room, a 17,000-square-foot gaming floor with 500 historical racing machines and a bar. The facility will provide approximately 70 full-time jobs. The property is situated three miles southeast of downtown Cincinnati at 14 miles east of Turfway Park.
FLORENCE, KY. — Cushman & Wakefield has negotiated the $28.2 million sale of Paddock Club, a 200-unit multifamily community in Florence. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, indoor basketball court, fitness center and a dog park. The community was originally built in 1995 and was renovated in 2019. Paddock Club is situated at 8000 Preakness Drive, 13 miles southwest of downtown Cincinnati. Mike Kemether, Craig Collins and Don Murphy of Cushman & Wakefield represented the seller, Spyglass Capital Partners LLC, in the transaction. PLK Communities acquired the property.
LOUISVILLE, KY. — Dermody Properties has fully leased LogistiCenter at Louisville Airport, a 352,800-square-foot industrial building in Louisville. The property, situated at 2825 Transglobal Drive, is located within Renaissance South Business Park adjacent to Louisville Muhammad Ali International Airport. The newly delivered building offers 32-foot clear height, 46 dock-high doors, four drive-in doors, 73 trailer parking stalls, 256 auto parking spaces and LED warehouse lighting. Dermody broke ground on the 17.1-acre site in June after acquiring the land from Renaissance South Business Park developer Louisville Renaissance Zone Corporation (LRZC). The tenant was not disclosed.
LOUISVILLE, KY. — Molto Properties has broken ground on a 324,012-square-foot industrial building within Renaissance South Business Park in Louisville. The new speculative building will be situated on 22.4 acres and will feature 36-foot clear heights, ESFR sprinklers, LED lighting, 2,760 square feet of speculative office space, 234 car parking spaces, 98 trailer park spaces, a loading area with 42 dock-high doors and four drive-in doors. Molto expects to deliver the facility by December. Kevin Grove and Doug Butcher with CBRE will be leading the leasing/selling efforts of this project. Paul Hemmer Co. is serving as the general contractor. Louisville Renaissance Zone Corp. is the main developer of Renaissance South Business Park, a 680-acre business park situated two miles from Louisville Muhammad Ali International Airport.
LEXINGTON, KY. — Bellwether Enterprise Real Estate Capital LLC has provided a $36.3 million permanent loan through Fannie Mae’s seniors housing program for the refinancing of Legacy Reserve at Fritz Farm. The community opened in Lexington in summer 2017, featuring 144 independent living, 33 assisted living and 15 memory care units. The borrower is owner-operator Atlas Senior Living. John Powell of Bellwether’s Chicago office originated the 12-year, fixed-rate loan on behalf of Atlas. The property is situated across the street from Bayer Properties’ Summit at Fritz Farm mixed-use development.
FLORENCE, KY. — The Cotsworld Group has acquired Turfway Plaza, a 134,000-square-foot retail center in Florence. At the time of sale, the property was 96 percent leased to tenants including Big Lots, Party Town, Office Depot, Rent-A-Center, Family Dollar, Cosmo Prof, Check ’n Go and H&R Block. The property is situated at 167 Lloyd Ave., 12 miles south of downtown Cincinnati. Jeff Johnston and Chris Prosser of Colliers International represented the undisclosed seller in the transaction. The Harrison, N.Y.-based buyer purchased the property for an undisclosed amount.
LOUISVILLE, KY. — Hilton Hotels has broken ground on Tempo by Hilton Louisville NuLu, a 130-room, six-story hotel in Louisville’s NuLu neighborhood. The property is situated at 710 E. Jefferson St., two miles east of downtown Louisville and six miles north of Churchill Downs, site of the annual Kentucky Derby. Hilton, and co-owners First Hospitality and Weyland Ventures, expect the hotel to open in time for the 2021 Kentucky Derby. Tempo by Hilton will offer a rooftop bar, fitness center, meeting space, complimentary coffee service and public greenspaces. Hilton has more than 30 confirmed deals for the Tempo brand in cities including New York City, Maui, Boston and Washington, D.C.
PROSPECT, KY. — Civitas Senior Living has opened the doors at The Grand Senior Living in Prospect, a suburb of Louisville. The property totals 191,832 square feet near Norton Commons, a massive mixed-use development with restaurants, retail services, annual festivals and single-family homes. The development was completed approximately 10 years ago on 600 acres of vacant farmland. The Grand features 91 independent living, 62 personal care and 24 memory care residences. Guttman Properties, based in nearby Cincinnati, developed The Grand, which Civitas is operating.
LEXINGTON, KY. — Monument Capital Management has purchased Triple Crown at Tates Creek, a 228-unit multifamily community in Lexington. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a swimming pool, fitness center, playground, barbecues with outdoor dining and a dog walk area. The complex was built in 1974 and is situated at 3501 Pimlico Parkway, five miles south of downtown Lexington. The buyer, an affiliate of the Alex Rodriguez-led A-Rod Corp., plans to upgrade each unit. Brad Williamson and Wesley Moczul of Berkadia arranged a three-year, floating-rate, interest-only acquisition loan through an undisclosed life insurance company. The sales price and seller were not disclosed.
NEW YORK CITY — Monticello has provided $117 million in first lien debt financing for the acquisition of 12 skilled nursing properties and the refinance of one other in North Carolina and Kentucky. The skilled nursing portfolio totals 1,357 beds. The names and specific locations of the properties were not disclosed. The transaction also includes a $10 million working capital loan to the operators of the properties provided by Monticello’s asset-based lending group, Monticello Commercial Capital LLC. The borrower is an experienced owner and operator with a current portfolio of 8,752 licensed beds and has an established relationship with New York City-based Monticello. Prior to this deal, Monticello financed the acquisition of a number of facilities during 2018 and 2019 for the borrower.