LOUISVILLE, KY. — The Kirkland Co. has arranged the sale of River Hill, a 273-unit apartment community in Louisville. Brandon Wilson and Brian Devlin of Kirkland brokered the transaction on behalf of the buyer, Covenant Capital, as well as the seller, Lafayette Cos. The sales price was not disclosed, but Louisville Business First reports the asset sold for $18.5 million. Constructed in 1972, River Hill includes a mix of one- to four-bedroom apartment units. Community amenities include a pool and laundry facilities.
LEXINGTON, KY. — RJ Thieneman, in partnership with Seay Properties and a group of private investors, has acquired Regency Centre, a 140,000-square-foot shopping center located at 2325 Nicholasville Road in Lexington. The sales price and name of the seller were not disclosed. Regency Centre is home to tenants such as Kroger, T.J. Maxx, Five Below, Pet Supermarket, Title Boxing Club, IHOP and BB&T. The acquisition marks the third purchase in Central Kentucky for RJ Thieneman, which also owns and manages Franklin Square in Frankfort and Kroger Plaza in Winchester.
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.
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.
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.