Kentucky

Louisville Industrial Market Benefits from its Interstate Connectivity

by John Nelson November 13, 2017

Louisville has a lot going for it when it comes to logistics. In addition to its prime location on the Ohio River, the city benefits from three major interstates running through it: Interstates 64, 65 and 71. I-65 is considered a Tier 1 Corridor due to the high volume of trucks that travel over this route, connecting Chicago and Indianapolis through Louisville to the Southern states. Louisville’s location also allows companies to reach 60 percent of the country’s population within a 12-hour drive. Perhaps most importantly, Louisville is home to UPS Worldport, the largest automated package handling facility in the world, and the center point of UPS’s worldwide air network. More than 300 flights arrive and depart daily, and the hub processes roughly two million packages a day and more than 4 million during peak holiday shipping season. E-commerce lives here and UPS offers customers the ability to drop shipments at Worldport much later in the day, compared to other cities, while still providing next morning/day delivery. Louisville is not only a great logistics hub, it has a strong manufacturing base. Louisville is home to GE Appliance Park and two Ford Plants: Louisville Assembly Plant and Kentucky Truck Plant. Louisville …

November 13, 2017

Kentucky Market Reports Multifamily Southeast Southeast Market Reports

Louisville’s Multifamily Market Proves It’s Better to Arrive Late than Never

by John Nelson November 6, 2017

Sometimes there are benefits to being late to the party. Louisville, having lagged behind larger surrounding cities in multifamily development post-recession, is now experiencing a boom in apartment construction, much of which is being supplied by out-of-state developers. For similar reasons, including Louisville’s sustained economic growth fueled by continued strength as an international distribution center alongside a stable manufacturing base, national investor demand for Louisville multifamily properties has intensified. Traditionally known for the Kentucky Derby and the bourbon industry, Louisville is now raising eyebrows with a growing population, robust job growth and balanced multifamily supply and demand. Big Business, Jobs At the heart of this burgeoning story is UPS Worldport, the primary global air hub for the world’s largest package delivery company. UPS, the largest private employer in Kentucky, continues to expand its presence in Louisville, having recently announced a $310 million expansion of its Centennial hub sorting facility. Ford Motor also recently announced that it is investing $900 million in its Kentucky Truck Plant, in addition to the $1.3 billion and 2,000 jobs created at that plant in late 2015 to build Ford Super Duty trucks. Additionally, Qingdao Haier Co., having acquired Louisville-based GE Appliances in June 2016, announced …

November 6, 2017

Kentucky Market Reports Retail Southeast Southeast Market Reports

Louisville Experiences New Retail Development Across the Metro Area

by John Nelson October 30, 2017

Louisville’s evolving retail market has presented a mix of new development and infill redevelopment opportunities that have created a substantial amount of activity in targeted areas. While rents and absorption activity have fluctuated, several of these new developments have proven that well-designed, experiential retail projects can still gain traction and create the buzz necessary for successful brick-and-mortar retail. No project in Louisville encapsulates this more than the Whiskey Row project that is taking place downtown in the central business district (CBD). It has been several years since retail development or retailers have ventured downtown, but this new project has created the level of excitement that has attracted national retailers. The driving force behind Whiskey Row is the tourism industry centered around Louisville’s well-known bourbon scene. The $30 million mixed-use project will be a redevelopment of former distilleries, with the developer preserving and restoring the historic facades, while building out world-class retail, restaurant and office space in the existing structures. The entire project will consist of 24,000 square feet of retail. With new distilleries and restaurants opening around the mixed-use development, retailers have been drawn by the foot traffic that will undoubtedly be delivered by tourists traveling to Louisville for the …

October 30, 2017

Kentucky Multifamily Southeast Student Housing

Campus First Acquires 649-Bed Student Housing Community Near University of Kentucky

by Camren Skelton October 13, 2017

LEXINGTON, KY. — Campus First Student Living, CF Real Estate Services’ student housing development and management division, has acquired The LEX, a 649-bed student housing project located near the University of Kentucky campus. The seller and sales price were not disclosed. The mid-rise property is walkable to campus and downtown Lexington. The property opened in 2009 with 266 units and contains 23,444 square feet of retail space. Atlanta-based Campus First is planning $2.5 million in renovations for the property, and estimates the work will begin prior to the 2018-19 academic year. The renovation will include the addition of VIP suites that will have granite countertops, stainless steel appliances, new kitchen hardware, subway-style tile backsplashes and new lighting. The clubhouse and office space will also be renovated, adding private study rooms, shared conference rooms and a new fitness studio and center.

October 13, 2017

Hospitality Kentucky Southeast

Huff, Niehaus & Associates Arranges $4.4M Sale of Hampton Inn in Horse Cave, Kentucky

by Camren Skelton October 2, 2017

HORSE CAVE, KY. — Huff, Niehaus & Associates, a member of Hotel Brokers International, has arranged the $4.4 million sale of a Hampton Inn in Horse Cave. The Louisville-based company arranged the transaction on behalf of the seller, Dhami, Sohal & Sehgal Properties LLC. The 101-room hotel was sold in conjunction with a Ten-X auction to an undisclosed buyer. The new owner will rebrand the property and operate it as a newly flagged Holiday Inn Express, after undergoing a “Formula Blue” renovation. The Holiday Inn Express design prototype was launched in 2014 as a standard for Holiday Inn Express hotels. The prototype conversion focuses on implementing open, linear common spaces, brightly colored accent pieces and smart, efficient furniture and other essentials.

October 2, 2017

Industrial Kentucky Southeast

Hillwood, Al. Neyer to Deliver 1.7 MSF Industrial Development in Northern Kentucky

by Camren Skelton September 20, 2017

ERLANGER, KY. — Hillwood, in partnership with Cincinnati-based developer Al. Neyer, has unveiled plans to develop Erlanger Commerce Center, a distribution center that will include two speculative buildings totaling more than 1.7 million square feet. Situated at the intersection of Interstates 75 and 275 in Erlanger, the property is located a few miles from the Cincinnati/Northern Kentucky International Airport. Construction on Building 1, totaling 779,922 square feet, will begin in 2018. The building will feature 36-foot clear heights, ESFR sprinkler systems, cross-dock configuration, 159 trailer storage spaces and 350 car parking spaces.

September 20, 2017

Kentucky Multifamily Seniors Housing Southeast

Strawberry Fields REIT Acquires 252-Bed Skilled Nursing Facility in Louisville for $21.8M

by Camren Skelton September 13, 2017

LOUISVILLE, KY. — Strawberry Fields REIT LLC has acquired Parkway Rehabilitation and Nursing Center, a 252-bed skilled nursing facility in Louisville, for $21.8 million. The acquisition was financed with a $15 million loan from Bank Leumi. Strawberry Fields will lease the property to The Landmark Group, with a first-year rent of $2.4 million. The property was 88.5 percent occupied at the time of sale. The seller was not disclosed. Strawberry Fields owns 59 facilities in Illinois, Indiana, Ohio, Texas, Michigan, Tennessee, Kentucky and Oklahoma.

September 13, 2017

Industrial Kentucky Southeast

Molto Properties, Verus Partners Break Ground on 677,685 SF Logistics Building in Louisville

by Camren Skelton August 28, 2017

LOUISVILLE, KY. — Molto Properties, in conjunction with Verus Partners, has acquired 30.4 acres of land to develop a 677,685-square-foot logistics building within the Air Commerce Business Park in Louisville. The project launches the third phase of construction for the industrial park. The new building will feature 36-foot clear heights, trailer parking and car parking. The development is located roughly eight miles from Louisville International Airport. CBRE will market the property and handle the development’s leasing assignment. Phase III is slated for completion in the second quarter of 2018.

August 28, 2017

Kentucky Multifamily Southeast

Cushman & Wakefield Brokers $25.5M Sale of Apartment Community in Louisville

by Camren Skelton August 23, 2017

LOUISVILLE, KY. — Cushman & Wakefield | Commercial Kentucky has arranged the $25.5 million sale of Breckenridge Square, a 294-unit apartment community in Louisville. Craig Collins of Cushman & Wakefield | Commercial Kentucky and Mike Kemether of Cushman & Wakefield’s Atlanta office represented the seller, Stratford Asset Management Co., in the sale to RealSource Properties. Breckenridge Square is situated within six miles of GE Appliance Park, UPS Worldport and Ford’s Louisville Assembly Plants. The property features a fitness center, swimming pool and a playground.

August 23, 2017

Kentucky Multifamily Seniors Housing Southeast

Kindred to Sell Entire Skilled Nursing Business to BM Eagle for $910M

by Camren Skelton July 5, 2017

LOUISVILLE, KY. — Kindred Healthcare Inc. (NYSE: KND) has announced plans to sell the entire skilled nursing portion of its business to BM Eagle Holdings for a total value of $910 million. Kindred is a Louisville-based owner-operator of transitional hospitals, skilled nursing centers, home care, hospice, assisted living and other medical services. The company has been working toward an exit of its skilled nursing business since it posted a $671.3 million loss during third-quarter 2016. The price includes the $700 million that will immediately go to Ventas as part of a previously announced deal. Ventas (NYSE: VTR), one of the largest healthcare REITs in the country, will turn over its ownership of 36 Kindred-operated facilities to BM Eagle Holdings, leaving Kindred with a total value of $210 million. BM Eagle Holdings is a joint venture led by affiliates of BlueMountain Capital Management. The Kindred portfolio spans 18 states and includes 89 nursing centers with 11,308 licensed beds and seven assisted living facilities with 380 licensed beds. The buyer did not disclose plans for the future operations of the portfolio. The deal will reduce Kindred’s annual rent expense by approximately $88 million, annual capital expenditures by approximately $30 million, and interest …

July 5, 2017

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