Kentucky

Kimco Sells 216,235 SF Shopping Center in Lexington to Kaden Cos.

by Alex Tostado December 19, 2018

LEXINGTON, KY. — An affiliate of Kimco Realty Corp. has sold South Park Shopping Center, a 216,235-square-foot retail center in Lexington, to Kaden T LLC, an affiliate of Louisville, Ky.-based Kaden Cos. South Park Shopping Center is anchored by Best Buy, Office Depot and Bed Bath & Beyond. Other tenants include Ulta Beauty and Value City Furniture. Bruce Isaac and Jamie Adams of NAI Isaac assisted Kevin James of Black Gate Partners in representing the seller, Kimco Lexington 140 LLC, in the transaction. The sales price was not disclosed.

December 19, 2018

Acquisitions Kentucky Multifamily Southeast

Waypoint Residential Acquires 264-Unit Apartment Complex in Lexington, Kentucky

by Alex Tostado December 18, 2018

LEXINGTON, KY. — Waypoint Residential LLC has acquired Waterstone at Hamburg, a 264-unit apartment complex in Lexington. The community was built in 2017 and consists of three mid-rise buildings. The property is situated near the intersection of Interstate 75 and Man o’War Boulevard and within a mile of Hamburg Pavilion. Amenities include a clubhouse, pool, outdoor firepit, fitness center, garages, 24-hour fitness center, dog park and an outdoor bar and lounge. Monthly rental rates at Waterstone at Hamburg range from $1,039 to $1,641.

December 18, 2018

Industrial Kentucky Market Reports Southeast Southeast Market Reports

Steady Demand, Available Labor Prepare Louisville’s Industrial Market for Success

by John Nelson December 2, 2018

Strong market performance has allowed the Louisville industrial market to recently post the highest quarter of positive net absorption in market history during the second quarter of 2018, which occurred on the heels of the second-highest quarter of positive net absorption recorded just one quarter earlier. This outcome has been the result of recent build-to-suit projects, the availability of quality product and growing demand by new and prospective tenants in the Louisville market. Beyond healthy supply and demand fundamentals, Louisville is achieving great balance with access to available labor along with low utility costs. Tenant Demand Picks Up There are currently over 20 active prospects considering 200,000 square feet or larger in the metro Louisville market. Much of this demand is attributed to the high level of activity at the two local Ford Motor Co. plants, as well as the proximity of the UPS Worldport, the 5.2 million-square-foot-core of UPS’s global air network located in the heart of metro Louisville. Along with the natural interest from companies in the automotive supply chain and e-commerce companies benefiting from the proximity to UPS, we have recently seen an increase in pharmaceutical and food-related companies considering Louisville for a location. Strong Labor Force …

December 2, 2018

Hospitality Kentucky Market Reports Southeast Southeast Market Reports

Make it a Double: Entertainment, Hospitality Firms Invest Heavily in Louisville

by John Nelson November 26, 2018

The face of Louisville is changing rapidly, but it has leveraged what the state of Kentucky is historically known for best, bourbon. Louisville is a short drive from most of the legendary distilleries in the Commonwealth. However, the downtown Urban Bourbon Trail is booming with tourism and many brands actually distilling their spirits onsite. Jim Beam’s Urban Stillhouse, the Evan Williams Bourbon Experience, Copper & Kings, Angel’s Envy Distillery and Rabbit Hole Distillery are locations where patrons can sample and buy their drink of choice and learn about the history of these companies and the evolution of the industry as a whole. Most recently in June, Brown-Forman Corp. opened its Old Forester Distilling Co. experience at the newly restored Whiskey Row on Main Street. The company is not only distilling and sharing its history at the site, but like others on the Urban Bourbon Trail there are areas to host receptions and parties. Duluth Trading opened next door on Whiskey Row late last year to begin to fill a growing need for retail space downtown. Convention Center, Hotels After two years being closed, earlier this month Louisville celebrated the reopening of the $207 million renovation and reconstruction of the Kentucky …

November 26, 2018

Development Indiana Kentucky Midwest Office Southeast Top Stories

Hollenbach-Oakley to Develop 600-Acre Office Campus Near Louisville

by David Cohen November 21, 2018

JEFFERSONVILLE, IND. — Commercial real estate developer Hollenbach-Oakley LLC has unveiled plans for a 600-acre office campus at the River Ridge Commerce Center in Jeffersonville, located just across the Ohio River from Louisville, Ky. The project will be completed in two phases, the first 300 acres being developed as the River Ridge Gateway Office Campus. The remaining 300 acres will be developed as the River Ridge Research Campus. The River Ridge Development Authority recently approved the master development agreement. “This is a real game-changer for River Ridge,” says Jerry Acy, executive director of the River Ridge Development Authority. “To date, most of the development at the center has been logistics, manufacturing and warehousing jobs. We love the firms that are here, but the office and research park will be the perfect complement and draw a different type of employer to River Ridge.” The office campus will remain part of River Ridge Commerce Center and the River Ridge Development Authority will continue to develop significant infrastructure, such as roads, sidewalks and gutters. Hollenbach-Oakley will develop the office buildings and handle the sales and leasing efforts, as well as maintaining the campus infrastructure. Of the 6,000 acres in the River Ridge Commerce …

November 21, 2018

Acquisitions Kentucky Multifamily Southeast

Kirkland Brokers $8.4M Sale of Apartment Community in Louisville, Kentucky

by Alex Tostado November 19, 2018

LOUISVILLE, KY. — The Kirkland Co. (TKC) has brokered the sale of Amherst Place, an 84-unit apartment complex in Louisville, for $8.4 million. TKC’s Brian Devlin and Brandon Wilson brokered the deal between the undisclosed seller and buyer. Amherst Place was built in 1984 and features two-bedroom townhomes.

November 19, 2018

Kentucky Market Reports Multifamily Southeast Southeast Market Reports

Louisville Renters Absorb Cycle-High Development, Pushing Vacancy Rate Down

by John Nelson November 19, 2018

For the remainder of 2018, positive demand drivers will alter new apartment supply’s impact on operations in Louisville. The metro has had a large volume of new apartments to open this business cycle. Since 2013, an annual average of 1,500 units has been completed, totaling approximately 7,400 apartment units. As this new supply entered the market, initially strong leasing helped push vacancy down 100 basis points to 4.6 percent at the end of 2016. However, absorption of apartments softened last year as new units continued to open, lifting vacancy back up 90 basis points to 5.6 percent. This year, approximately 2,800 apartment units will be completed, further testing demand for luxury rentals in Louisville. A team of factors should fuel positive absorption, preventing an alarming uptick and keeping the vacancy rate in the mid-5 percent range. Payroll expansions by tech firms, manufacturing companies and hospitals will support consistent year-over-year hiring and income growth this year. Sub-4 percent unemployment suggests employers will recruit from outside the market to fill open positions or hire recent graduates from the University of Louisville and other local colleges. These job gains should increase the rate of household formations and bolster the market’s millennial base, an …

November 19, 2018

Acquisitions Kentucky Multifamily Southeast

Kirkland Arranges Sale of New Multifamily Community in Elizabethtown, Kentucky

by Amy Works November 12, 2018

ELIZABETHTOWN, KY. — The Kirkland Co. has arranged the sale of Crossfield Townhomes, a multifamily property located at 2201 Crossfield Drive in Elizabethtown. Mark Harris Construction sold the property to Bob and Deborah Hart for an undisclosed price. Built in 2017, the property features 28 two-bedroom apartments. Brandon Wilson and Brian Devlin of The Kirkland Co. handled the transaction.

November 12, 2018

Kentucky Market Reports Office Southeast Southeast Market Reports

Louisville’s CBD, Suburbs Offer Good Landing Spots for Office Tenants

by John Nelson November 12, 2018

Louisville’s office landscape can be described as a tale of two distinct submarkets woven together by a common thread of consistency. In the central business district (CBD), Class A vacancy rate stands at approximately 13 percent while the suburban Class A vacancy rate hovers around 8.5 percent. As can be noted, there is a substantial gap in occupancy between the two submarkets — 450 basis points. The thread of consistency in the Louisville office market lies in the fact that both are within 100 basis points of those vacancy rates for the same quarter of last year. The suburban office market continues to see healthy rental rate increases driven by the low rate of delivery for new product, coupled with consistently lower vacancy rates. Newer projects are advertising rates in the range of $24 to $28 per square foot, while second-generation, Class A product has quoted rates in the high teens and low 20s. Many companies such as Thornton Oil, BrightSpring Health Services (formerly ResCare) and V-Soft have chosen to grow their headquarters presence in Louisville, which is helping maintain stability in the suburban market. As in most markets, Class B and C product continues to struggle as functional obsolescence, …

November 12, 2018

Hopkinsville-Town-Center-Hopkinsville-KY

Kentucky Loans Retail Southeast

Cohen Financial Secures $18.2M Acquisition Loan for New Retail Center in Hopkinsville, Kentucky

by Amy Works November 6, 2018

HOPKINSVILLE, KY. — Cohen Financial has arranged $18.2 million for the acquisition of the newly constructed Hopkinsville Town Center, a neighborhood retail center in Hopkinsville near the Kentucky-Tennessee border. Hobby Lobby, T.J. Maxx, Ross Dress for Less and Five Below are tenants at the 184,761-square-foot retail center. Dan Rosenberg and Matt Terpstra of Cohen Financial’s Chicago office secured the loan for the undisclosed borrower.

November 6, 2018

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