Kentucky

The Scharf Group, Besyata Investment Group Acquire Multifamily Portfolio in the Southeast for $74M

by Nellie Day March 22, 2017

LOUISVILLE, KY., AND LITHONIA, GA. — The Scharf Group and Besyata Investment Group have acquired a two-property multifamily portfolio in the Southeast for $74 million. The portfolio boasts a total of 1,033 units. Properties included in the portfolio include the 689-unit Park at Hurstbourne in Louisville and the 344-unit Woodcrest Village in Lithonia. Park at Hurstbourne is a garden-style apartment complex situated on 44 acres at 5555 Big Ben Drive. It was built in 1972. Community amenities include an indoor pool, basketball court, two clubhouses and a daycare. Park at Hurstbourne is situated near notable employers such as GE, Ford and UPS, which have been expanding operations within the area. Woodcrest Village is a garden-style apartment complex situated on 34 acres at 2325 Woodcrest Walk in the Atlanta suburb of Lithonia. The community is about 20 miles east of downtown Atlanta. It was built in 1990. Besyata and Scharf Group plan to modernize the amenities and undertake gradual unit renovations at both properties. The buyers invest in value-add, Class B multifamily communities in suburban markets near growing cities. BH Management, Besyata’s longstanding partner, will oversee the day-to-day property management and leasing for both assets. The groups also partnered with national real …

March 22, 2017

Kentucky North Carolina Retail South Carolina Southeast

Phillips Edison Sells Five Shopping Centers Totaling 583,000 SF in Southeast, Midwest

by John Nelson February 23, 2017

CINCINNATI — Cincinnati-based Phillips Edison & Co. has sold five shopping centers totaling 583,000 square feet to Albanese Cormier Holdings for an undisclosed price. The portfolio includes Quincy Plaza, a 141,816-square-foot, Hobby Lobby-anchored shopping center located in Ottumwa, Iowa; Kokomo Plaza, an 89,414-square-foot shopping center anchored by Ollie’s Bargain Outlet and Vendor City Antiques in Kokomo, Ind.; Catawba Village, a 59,463-square-foot, Goodwill-anchored shopping center located in Newton, N.C.; Lakeside Shopping Center, a 184,579-square-foot property anchored by Big Lots, Save-A-Lot, Citi Trends and Family Dollar in Anderson, S.C.; and Louisa Plaza, a 108,065-square-foot shopping center anchored by Goody’s and Family Dollar in Louisa, Ky. Eric Wohl of Hanley Investment Group served as an advisor for the transaction.

February 23, 2017

Kentucky Midwest Ohio Southeast Top Stories

Amazon to Open New $1.5B Air Cargo Hub at Cincinnati/Northern Kentucky Airport

by John Nelson February 2, 2017

HEBRON, KY. — Amazon (NASDAQ: AMZN) plans to build a centralized air hub at the Cincinnati/Northern Kentucky Airport (CVG) in Hebron to support its fleet of Prime Air cargo planes. The Seattle-based company expects to create more than 2,000 new jobs at the new $1.5 billion facility. “As we considered places for the long-term home for our air hub operations, Hebron quickly rose to the top of the list with a large, skilled workforce, centralized location with great connectivity to our nearby fulfillment locations and an excellent quality of living for employees,” says Dave Clark, Amazon’s senior vice president of worldwide operations. Last year, Amazon entered into agreements with Atlas Air Worldwide and Air Transport Services Inc. to lease 40 cargo airplanes to support members of its Prime program, which offers its members free two-day shipping. Sixteen of those cargo planes are currently in service, and the e-commerce giant plans to roll out more planes over time. Amazon’s Prime Air hub at CVG will support Amazon’s fleet of Prime Air cargo planes by loading, unloading and sorting packages. “We’ve worked hard to ensure CVG is a great place to do business, and we couldn’t be more pleased that Amazon recognized …

February 2, 2017

Kentucky Office Southeast

CBRE Arranges Sale-Leaseback for New Thorntons Headquarters in Louisville

by John Nelson January 30, 2017

LOUISVILLE, KY. — CBRE has assisted Thorntons, a Louisville-based gas station and convenience store chain, in the sale-leaseback of its corporate headquarters and store support center, which is currently under construction off Old Henry Road in Louisville’s East End. Thorntons will occupy nearly 90,000 square feet of space at the build-to-suit property starting in April. Andrew Sandquist, Anne Rahm, J.C. Asensio, Briggs Goldberg, David Tropp and David Hardy of CBRE represented Thorntons, which currently operates 185 stores in Kentucky, Indiana, Illinois, Ohio, Tennessee and Florida. The buyer and sales price were undisclosed.

January 30, 2017

Kentucky Market Reports Multifamily Southeast Southeast Market Reports

Louisville’s Multifamily Market Goes from Hot to Hotter as City Flourishes

by John Nelson December 12, 2016

Louisville is no longer simply a city known for horse races, bourbon and tobacco. It has become a city with a diverse and growing economy with heavy concentrations of medical employment, an international logistics hub and a stable manufacturing base. It has grown to become the dynamic northern edge of the Southeast, and investors from all over the nation are flocking to it. Louisville is an established riverfront city in the Southeast with a growing population, diversification of employment and an attractive multifamily supply/demand balance. The area is home to 12 Fortune 500 companies, three of which are headquartered in the city. The metro is a nationally recognized regional distribution and warehousing hub serving major operations such as Ford Motor Co., General Electric and many others. The city has seen steady job growth since the recession. In fact, the U.S. Bureau of Labor Statistics estimates that between July 2010 and July 2016, 80,000 new jobs were created. With a very successful series of major distribution facilities now open and future capital investments in distribution parks planned, Louisville continues to be a hotbed in the logistics industry. Leading this remarkable transformation to a logistics giant is the development and expansion of …

December 12, 2016

Kentucky Market Reports Office Southeast Southeast Market Reports

Expect Louisville’s CBD to Soften Despite Major Commercial Projects Underway

by John Nelson December 5, 2016

As one project finishes, another one is soon to begin. The $2.3 billion Ohio River Bridges Project its nearing its December 2016 completion, and Louisville commuters are yearning for a return to normalcy and enhanced transportation options. The East End Crossing will link Louisville’s fast-growing suburban markets to Southern Indiana’s burgeoning distribution hub at River Ridge. The new Abraham Lincoln Bridge parallels the John F. Kennedy Bridge downtown and carries I-65 across the Ohio River. After three years of disrupting traffic in metro Louisville, both projects are entering their final phase of construction. Just as the Bridges Project nears completion, two major projects in Louisville’s central business district (CBD) may have an impact on the office market. The Kentucky International Convention Center closed in August for a two-year, $200 million renovation project. Sections of 3rd and 4th streets will close during the construction, which could have a drag on downtown commuter traffic. In addition, Louisville will welcome a 600-room, $289 million Omni Hotel in 2018, but not before the major project squeezes Liberty Street and Muhammad Ali Street traffic. Both significant projects will bring dividends to Louisville’s CBD when completed, but the market will have to endure some disruption in …

December 5, 2016

Industrial Kentucky Market Reports Southeast Southeast Market Reports

Louisville Industrial Market Sparks National Investment Appetite

by John Nelson November 28, 2016

Industrial activity in Louisville is growing at an exponential clip and doesn’t appear to be slowing anytime soon. As famously quoted in Field of Dreams, “If you build it, they will come.” And indeed they have. In Louisville and extending into southern Indiana, more than 3 million square feet of new construction has already been delivered this year. What’s more, the current pipeline of projects under construction — coupled with proposed construction — could deliver as much as 3 million square feet or more in the next nine to 12 months. The real estate landscape in Louisville is forever changed. Historically, institutional investors expressed interest in the region but were reluctant to take action. Now, with robust projects on the horizon, the pool of institutional owners making large-scale investments continues to grow. New players like The Opus Group, Dermody Properties Inc., Browning Investments LLC, Molto Properties LLC and VanTrust Real Estate LLC have all established projects in Louisville in the last two years. But why Louisville? Investors are setting sight on Kentucky for more than just new construction. Prime Locations Even during the economic downturn between 2008 and 2011, Louisville was never a victim of the extreme fallout experienced by …

November 28, 2016

Industrial Kentucky Retail Southeast

Angel’s Envy to Open Downtown Louisville’s First Full-Production Whiskey Distillery Tomorrow

by John Nelson November 18, 2016

LOUISVILLE, KY. — Angel’s Envy, a Kentucky bourbon distiller that’s part of the Bacardi Limited portfolio, plans to open its new distillery and visitor center to the public tomorrow. The facility is located at 500 E. Main St. at Jackson, the first full-production whiskey distillery in downtown Louisville. Following a $27 million renovation since breaking ground in 2013, the distillery will house the Angel’s Envy operations, including the milling of grains, blending and bottling on-site. The property is the former Vermont American and Baer Fabrics Warehouse and features the original exterior walls, vaulted ceilings and arched windows. The facility will also feature a visitor center and gift shop. Louisville-based Vendome Copper & Brass Works fashioned a 35-foot-tall column still, pot still and doubler for the distilling process at the property.

November 18, 2016

Kentucky Loans Seniors Housing Southeast

Eastern Union, Greystone Arrange $105M Acquisition Loan for Seniors Housing Portfolio in Kentucky

by John Nelson November 16, 2016

NEW YORK CITY — Eastern Union Funding and Greystone & Co. have arranged a $105 million loan for a New York-based owner-operator. The loan will be used to partially fund the $120 million acquisition of 12 skilled nursing facilities and one assisted living community in eastern Kentucky. The portfolio totals 1,239 beds and was 95 percent occupied at the time of sale. The seller was not disclosed. Phil Krispin and C.J. Danziger of Eastern Union, along with Greystone’s Jonathan Coven, secured the financing from several regional banks in the eastern United States. The loan includes flexible prepayment terms to allow for an FHA exit.

November 16, 2016

Kentucky Multifamily Southeast

City Club Apartments Opens 800 Tower City Apartments in Downtown Louisville

by John Nelson October 28, 2016

LOUISVILLE, KY. — City Club Apartments LLC, a multifamily owner and developer led by Jonathan Holtzman, has opened 800 Tower City Apartments, a 29-story high-rise tower in downtown Louisville. Built in 1963 as The 800 Building, the 286-unit property is open following a year-long, $11 million renovation program. The tower’s top floor now features the Sky Club, which includes a gourmet kitchen, fireplace, TVs, lounge seating and an outdoor terrace with a dining and grilling station. The top floor also features a fitness center and Zen garden. The rooftop amenity deck, known as Sky Park, features a swimming pool, sun deck, firepit, outdoor kitchen, bar and outdoor TVs. Other amenities include Bar Vetti on the first floor, a conference room, theater, business center, café, dog park, parking garage and personal concierge services. The renovation included upgrades to the façade, a new pocket rotunda entry, landscaping, lighting and paint. About 80 percent of the apartment residences have been renovated with the rest slated for a late November completion.

October 28, 2016

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