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.
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.
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.
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.
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.
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.
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.
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.
GLENVIEW, ILL. — Glenview-based Providence, the parent company of Providence Management Co. LLC, has sold its interest in a 14-property, 3,451-unit multifamily joint venture portfolio located throughout the Carolinas, Alabama, Georgia and Kentucky. In North Carolina, the portfolio included three properties in Charlotte and three properties in Greensboro. In South Carolina, the portfolio included three properties in Greenville and a property in Spartanburg. In addition, the portfolio included a property in Huntsville, Ala., Savannah, Ga., and Lexington, Ky. The sales price and specific property names were not disclosed.
LOUISVILLE, KY. — Omni Hotels & Resorts has opened the 612-room Omni Louisville Hotel in downtown Louisville. The project created roughly 400 permanent jobs and represents a $300 million investment by Omni Hotels & Resorts and the metro Louisville government. The hotel features dining concepts including the Library Bar, The Water Co. and Texas-based Bob’s Steak & Chop House. The hotel is also home to Falls City Market, an urban market and food hall that offers food, beverages and grocery staples; Pin + Proof, a speakeasy with four professional bowling lanes; and Lewis + Louis, a bourbon retail and tasting room. Hotel amenities include a rooftop pool, fitness center, spa, local art gallery and 70,000 square feet of meeting and event space. Atop the hotel, 225 one- and two-bedroom apartment units are available for preleasing and are expected to open in May.