Kentucky

PGIM Provides $15.3M Financing for Two New Seniors Housing Communities in Kentucky

by Alex Tostado April 12, 2019

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.

April 12, 2019

Acquisitions Industrial Kentucky Southeast

Marcus & Millichap Negotiates $5.5M Sale of Industrial Building in Louisville

by Alex Tostado March 14, 2019

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.

March 14, 2019

Development Healthcare Kentucky Southeast

NexCore Group Breaks Ground on 24,693 SF Healthcare Center Near Lexington

by Alex Tostado March 8, 2019

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.

March 8, 2019

Acquisitions Kentucky Multifamily Southeast

Passco Acquires Multifamily Community in Lexington for $62.4M

by Alex Tostado March 7, 2019

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.

March 7, 2019

Acquisitions California Illinois Industrial Kentucky Nevada Oregon Pennsylvania Washington Western

Colony Capital Acquires National Industrial Real Estate Portfolio for $1.2B

by Amy Works March 6, 2019

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.

March 6, 2019

Acquisitions Kentucky Office Southeast

Marcus & Millichap Arranges $16.8M Sale of Office Building in Lexington

by Alex Tostado March 1, 2019

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.

March 1, 2019

Development Industrial Kentucky Southeast

GE Aviation Expanding Footprint in Metro Cincinnati with New 68,000 SF Facility Near CVG Airport

by Alex Tostado February 28, 2019

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.

February 28, 2019

Acquisitions Healthcare Kentucky Southeast

Strawberry Fields REIT Acquires Three Skilled Nursing Facilities in Kentucky for $21M

by Alex Tostado February 25, 2019

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.

February 25, 2019

Development Industrial Kentucky Southeast

Crossdock Development Breaks Ground on 572,000 SF Spec Industrial Facility Near Louisville

by Alex Tostado February 7, 2019

SHEPHERDSVILLE, KY. — Louisville, Ky.-based Crossdock Development has broken ground on a 572,000-square-foot speculative industrial facility situated within the Salt River Business Park in Shepherdsville. The Class A facility will be located on a 43-acre site off Interstate 65 about 14 miles south of the UPS Worldport in Louisville. The project, which will be shell-ready in June, will feature 36-foot clear heights and expandable parking. This facility marks the eighth industrial project in the Louisville market for Crossdock Development.

February 7, 2019

Acquisitions Kentucky Multifamily Southeast

Middleburg Buys Apartment Complex in Louisville, Plans $16M Renovation

by Alex Tostado February 4, 2019

LOUISVILLE, KY. — Middleburg has acquired Arcadia Park, a 418-unit apartment complex in Louisville that is mostly abandoned. The sales price was not disclosed, though Middleburg is planning a $16 million renovation for the asset, which will be rebranded as Vesta Derby Oaks. The property currently offers two-bedroom floor plans. Middleburg plans to renovate all 418 units to offer a mix of one-, two- and three-bedroom floor plans. Further renovations include new siding, windows, roofs, interiors, plumbing, HVAC and electrical systems, new Energy Star-rated appliances, LED lighting and improved sidewalks and landscaping. The name Vesta Derby Oaks is a tribute to Churchill Downs, which is situated less than one mile from the apartment complex.

February 4, 2019

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