LEXINGTON, KY. — Cushman & Wakefield has arranged the $31 million sale of The Fountains at Andover, a 318-unit apartment community in Lexington. The Wilkinson Group acquired the property, rebranded it as Reserve at Hamburg and plans to upgrade individual units. Amenities include a car care center, fitness center, sports court, swimming pool, tennis court and two lakes with fountains. Mike Kemether and Craig Collins of Cushman & Wakefield represented the undisclosed seller in the transaction.
HEBRON, KY. — Aeroterm, a developer and owner of airport cargo facilities, has broken ground on a 50,400-square-foot industrial facility at Cincinnati/Northern Kentucky International Airport (CVG) in Hebron. FedEx will be the anchor tenant for the asset, and there is 12,000 square feet of available space for one or two additional tenants. The LEED-certified building offers insulated, pre-cast concrete panels and will be used for airside cargo operations. The facility can accommodate cargo, government users and other terminal support users such as flight kitchens or commissaries. Aeroterm expects to deliver the facility in November.
DANVILLE AND RUSSELL, KY. — PGIM Real Estate Finance has provided two refinancing loans for seniors housing communities in Kentucky totaling $15.3 million. The first property, Morning Pointe Danville, is a 60-unit assisted living and memory care facility that was built in 2017. PGIM provided a $7.5 million, 10-year, fixed-rate loan for the 90 percent-occupied asset, which is located in Danville near a regional medical center and 35 miles south of downtown Lexington. Amenities include a fitness center, library, beauty salon, lounges and numerous common areas. The second property is The Lantern at Morning Pointe Russell, a 44-unit memory care facility constructed in 2017 in Russell. PGIM provided a $7.8 million, 10-year, fixed-rate loan for The Lantern, which was built in 2017 and is 97.7 percent occupied. Amenities include a fitness center and security. The borrower was Tennessee-based Independent Healthcare Properties LLC, which develops, owns and operates senior care facilities under the Morning Pointe and Lantern brands.
LOUISVILLE, KY. — Marcus & Millichap has negotiated the $5.5 million sale of Precision Metal Works, a 157,520-square-foot industrial facility in Louisville. The asset is situated at 6901 Preston Highway, about 10 miles southeast of downtown Louisville. Darpan Patel, Sal Ramundo and Aaron Johnson of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was also not disclosed.
WINCHESTER, KY. — NexCore Group has broken ground on the 24,693-square-foot Catholic Health Initiatives Saint Joseph Health Winchester Medical Office Building in Winchester. The Denver-based developer expects the building to be delivered in February 2020. The facility will offer a full complement of healthcare services including primary care, cardiology, orthopedics, imaging, lab, specialist timeshare space, family practice, radiology, CT, ultrasound, blood draw, a physical therapy gym and nuclear medicine, a branch of medical imaging that uses small amounts of radioactive material to diagnose and determine the severity of or treat a variety of diseases. The facility is located about 25 miles east of Lexington.
LEXINGTON, KY. — Passco Cos. has acquired The Henry at Fritz Farm, a 306-unit multifamily community in Lexington, for $62.4 million. The apartment complex is situated about five miles south of downtown Lexington within The Summit at Fritz Farm, a mixed-use development offering a 120-room hotel, 44,000 square feet of office space and 285,610 square feet of retail space. Retail tenants at the Bayer Properties-developed development include Whole Foods Market, Shake Shack, Pottery Barn, Arhaus, Babalu and Lululemon. Amenities at The Henry include a saltwater swimming pool, sundeck, 24-hour fitness center, business center, fire pits, clubroom and a pet spa. Mike Kemether and Craig Collins of Cushman & Wakefield represented the seller, the Dobbins Group, in the transaction. Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing on behalf of the buyer.
DALLAS — Affiliates of Dallas-based Colony Capital have purchased a national portfolio of 54 light and bulk industrial buildings for $1.2 billion. The value-add portfolio is located across 10 U.S. markets, totaling 11.9 million square feet, and is 71 percent leased. A portion (48) of the buildings are last-mile light industrial assets and were acquired through Colony’s existing light industrial platform. The remaining six buildings are bulk industrial and were purchased through a newly formed joint venture, in which Colony Capital has 51 percent interest and a third-party institutional investor has 49 percent interest. Located in Northern and Southern California, Washington, Oregon, Nevada, Illinois and Pennsylvania, the light industrial portfolio totaling 7.7 million square feet and was 73 percent leased at the time of sale. The bulk portfolio totals 4.2 million square feet, with an average of 700,000 square feet per building, and was 67 percent leased to blue chip, international companies. CBRE National Partners represented the undisclosed seller in the deal.
LEXINGTON, KY. — Marcus & Millichap has arranged the $16.8 million sale of a 152,000-square-foot office building in Lexington. The building was constructed in 2009 at 1648 McGrathiana Parkway on the University of Kentucky’s 735-acre Coldstream Research Campus. The asset was 90 percent leased at the time of the sale to tenants such as The American Family Board of Medicine, the University of Kentucky, FBI, the Secret Service, Komatsu Mining and A&W Restaurants. Chris Vitori and James McHale of Marcus & Millichap represented the seller, Starwood Capital Group, in the transaction. The buyer was a private family investment office.
FLORENCE, KY. — GE Aviation is expanding its footprint in northern Kentucky with a planned 68,000-square-foot facility near the Cincinnati/Northern Kentucky International Airport (CVG). The new facility in Florence, which is situated just south of the airport and about 11 miles southwest of downtown Cincinnati, will provide engine repair services. VanTrust Real Estate and Paul Hemmer Co. are developing the center, which is more than twice the size of GE’s current facility in nearby Hebron, Ky. The company is expecting to move to the new site at the end of this summer.
BARDSTOWN, MANCHESTER AND ELKHORN CITY, KY. — Strawberry Fields REIT has acquired three skilled nursing facilities in Kentucky for $21 million. Landmark Group will operate the properties, which total 312 beds. Average occupancy in the portfolio is 73 percent, of which 21 percent are Medicare residents, 60 percent are Medicaid and 19 percent are private-pay and insurance. The acquired communities include Landmark of Bardstown Rehabilitation and Nursing Center in Bardstown (100 beds); Landmark of Laurel Creek Rehabilitation and Nursing Center in Manchester (106 beds); and Landmark of Elkhorn City Rehabilitation and Nursing Center in Elkhorn City (106 beds). Oxford Finance LLC provided financing for the acquisition. The seller was not disclosed.
