Kentucky

Aptitude Development to Break Ground on Student Housing Community Near University of Louisville

by Camren Skelton July 26, 2018

LOUISVILLE, KY. — Aptitude Development is set to break ground on The Marshall Louisville, a 591-bed student housing community located near the University of Louisville. The 10-story property will offer fully furnished units with shared amenities including a 2,500-square-foot, outdoor terrace on the top floor; a gym; study lounges; and game rooms with views of Churchill Downs, the home of the Kentucky Derby. Aptitude Development is working with Prescient to virtually plan, design and construct the building. BSB Design has also been tapped to assist with design, and Whittenberg Construction will build the project. Aptitude Development expects to wrap up construction on the community in fall 2020.

July 26, 2018

Development Kentucky Mixed-Use Southeast

Viking Unveils Redevelopment Plans for $100M Mixed-Use Project Near Louisville

by Camren Skelton July 17, 2018

HURSTBOURNE, KY. — Viking Partners Fund III LLC has unveiled plans for the redevelopment of Hurstbourne Business Park, a 27-acre property located at the intersection of Shelbyville Road and Hurstbourne Parkway in Hurstbourne, roughly 13 miles east of Louisville. Viking originally acquired the site in 2016. The property currently includes 350,000 square feet of office space in two separate buildings; P.F Chang’s and Z’s Oyster Bar & Steakhouse; and Hurstbourne Plaza, an existing shopping center. Hurstbourne Plaza will be demolished to make way for the new mixed-use development. Plans for the project include a 266-unit multifamily community, 149-room hotel, two freestanding restaurant/retail buildings and a 9,500-square-foot retail building that will accommodate three to four users. Hills Properties is developing the multifamily portion, which is scheduled for completion in the fall, with the first residents moving in mid-2019. The community will feature a park, resort-style pool, and social plaza with fire pits and a bocce ball court. Construction on the hotel portion of the project is expected to begin in early 2019.

July 17, 2018

Development Industrial Kentucky Southeast

Kroger to Invest $17M to Expand Distribution Facility in Northern Kentucky

by Camren Skelton July 13, 2018

FLORENCE, KY. — The Kroger Co. plans to invest $17 million to expand its newly built distribution center on Mt. Zion Road in Florence, a city in northern Kentucky’s Boone County. The 674,000-square-foot facility, which opened in fall 2017 after Kroger’s $60 million investment, currently employs 80 associates. The expansion project will ramp up production at the facility and create 250 new jobs, the majority of which will be full-time positions. The project is supported by a Kentucky Business Investment incentive of up to $1 million over 10 years. The company’s annual eligibility for the performance-based tax credit is linked to investment, job creation and retention and average hourly wage targets. Kroger will start to expand its team for the distribution facility in September. The grocer currently employs more than 21,000 people in Kentucky.

July 13, 2018

Acquisitions Kentucky Retail Southeast

SRS Arranges $8.9M Sale of Shopping Center Near Lexington

by Camren Skelton July 13, 2018

NICHOLASVILLE, KY. — SRS’ Investment Properties Group has arranged the $8.9 million sale of Brannon Crossing Centre, a 63,707-square-foot retail center located at 230 E. Brannon Road in Nicholasville, roughly 12 miles south of Lexington. Kyle Stonis and Pierce Mayson of SRS arranged the transaction on behalf of the seller, Viking Partners. Jason Taylor of Equity Management Group Inc. represented the buyer, Brannon 230 LLC. Brannon Crossing Centre was 97 percent leased at the time of sale to tenants such as Marshalls, HomeGoods, Subway, Great Clips, Sally Beauty Supply and Sun Tan City.

July 13, 2018

Acquisitions Kentucky Office Southeast

Rainier Realty Acquires Two Office Buildings Totaling 178,300 SF in Frankfort, Kentucky

by Camren Skelton June 29, 2018

FRANKFORT, KY. — Rainier Realty Investments has acquired two office buildings totaling 178,300 square feet in Frankfort, roughly 25 miles northwest of Lexington. The adjacent buildings are located at 1024 and 1025 Capital Center Drive, five miles from the Kentucky State Capitol. The buildings are fully leased to agencies of the State of Kentucky. The seller and sales price were not disclosed.

June 29, 2018

Development Kentucky Retail Southeast

Brown-Forman Opens $45M Distillery on Louisville’s Whiskey Row

by Camren Skelton June 15, 2018

LOUISVILLE, KY. — Louisville-based Brown-Forman Corp. has opened Old Forester Distilling Co. at 119 W. Main St. on Louisville’s famed Whiskey Row. The 70,000-square-foot distillery represents a $45 million investment and is housed in the same building that the brand called home in the early 1900s. The distillery features a 44-foot-tall copper column still, designed and constructed by Vendome Copper & Brass Works. The new distillery will add production capacity of approximately 100,000 gallons annually and will be open for tours seven days a week, with tastings available in the Old Forester Tasting Room. Old Forester Distilling joins 10 other distilleries as an official member of the Kentucky Bourbon Trails tour. In addition to Old Forester, Brown-Forman Corp. produces Jack Daniel’s Tennessee Whiskey, el Jimador and Woodford Reserve.

June 15, 2018

Kentucky Loans Multifamily Southeast

Berkadia Closes $20.3M Freddie Mac Refinancing for Multifamily Community in Louisville

by Camren Skelton June 11, 2018

LOUISVILLE, KY. — Berkadia has closed a $20.3 million loan for the refinancing of Southgate Landing, a 256-unit apartment community in Louisville. Charles Foschini and Christopher Apone of Berkadia arranged the seven-year, floating rate loan through Freddie Mac on behalf of the borrower, CAPREIT. Southgate Landing, constructed in 2001, features a fitness center, swimming pool, detached garages and storage units.

June 11, 2018

Kentucky Loans Office Southeast

FM Capital Originates $10M Acquisition Loan for Office Building in Florence, Kentucky

by Camren Skelton May 29, 2018

FLORENCE, KY. — An affiliate of FM Capital LLC has originated a $10 million acquisition loan for Turfway Ridge Office Park, a 217,000-square-foot office building in Florence, located roughly six miles from Cincinnati/Northern Kentucky International Airport, home to Amazon’s $1.5 billion Prime Air cargo hub. The borrower, a Los Angeles-based real estate investor, acquired the asset from a special servicer via an auction process. Other terms of the bridge financing were not disclosed. The five-story Turfway Ridge Office Park was originally constructed in 1988 and renovated in 2006. The building was 81 percent leased at the time of sale to tenants such as ADP, Central Bank and the U.S. Department of Veterans Affairs.

May 29, 2018

Kentucky Leasing Activity Retail Southeast

CBL Properties Inks Lease with Entertainment Retailer to Backfill Former Macy’s in Louisville Mall

by Camren Skelton May 17, 2018

LOUISVILLE, KY. — CBL Properties has signed a lease with Round1 Bowling & Amusement at Jefferson Mall, a 904,967-square-foot regional mall in Louisville. The announcement is part of the first phase of the property’s redevelopment plans. The new-to-market entertainment concept will backfill the space formerly occupied by Macy’s. Construction on the new space is currently underway. Round1 offers bowling, an arcade, karaoke, billiards, food and beverages. As of May 2018, the Japanese-based company had 21 locations in the United States. The new location at Jefferson Mall will be the retailer’s first in Kentucky. Chattanooga, Tenn.-based CBL Properties is also in the planning stages for the redevelopment of the Sears building at Jefferson Mall, which will include a mix of dining, entertainment and retail.

May 17, 2018

Acquisitions Industrial Kentucky Southeast

Phoenix Investors Buys Eight-Property Industrial Portfolio in Kentucky for $9.3M

by Camren Skelton April 12, 2018

MILWAUKEE — Affiliates of Milwaukee-based Phoenix Investors have acquired an eight-property industrial portfolio located throughout Kentucky for $9.3 million. The properties total 831,000 square feet and are located in Morehead, Carrollton, Danville, Maysville and Mount Sterling. Affiliates of Pope Cos. sold the properties, which were constructed between 1989 and 2004. The new owners plan to renovate the portfolio, which was 63 percent leased at the time of sale, and find new tenants for the vacant space. Bryan Flaherty of CBRE arranged the sale, and Walker & Dunlop Commercial Property Funding LLC provided financing.

April 12, 2018

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