Monday, December 23, 2024
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Kentucky

AcquisitionsIndustrialKentuckySoutheast

NAI Isaac Arranges Sale of 100,000 SF Industrial Facility in Cynthiana, Kentucky

by John Nelson

CYNTHIANA, KY. — NAI Isaac has arranged the sale of a 100,000-square-foot industrial facility located at 736 US Highway 27 in Cynthiana, roughly 30 miles northeast of Lexington. Grand Rapids, Mich.-based Herdegen Commercial Equipment LLC, a liquidator of corporate equipment and other fixed assets, purchased the facility for an undisclosed price. Bruce Isaac of NAI Isaac represented the undisclosed seller in the transaction. According to LoopNet Inc., the facility is a single-tenant building that was delivered on a 7.5-acre site in 1964. The property features 19-foot clear heights, two dock doors and four drive-in doors. The acquisition also includes a separate 7,000-square-foot facility at the site.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentIndustrialKentuckySoutheast

Philip Morris to Invest $232M to Expand Zyn Manufacturing Facility in Western Kentucky

by John Nelson

OWENSBORO, KY. — Philip Morris International plans to invest $232 million via one of its Swedish Match affiliates for the expansion of its Owensboro manufacturing facility in western Kentucky. The direct investment into this facility, which produces Zyn nicotine pouches, will increase production capacity by 40 percent (around 900 million cans of capacity for 2025). The expansion is currently underway and is expected to create an additional 450 direct jobs with an ongoing annual economic impact of $277 million, as well as an additional 410 indirect jobs. The Swedish Match Owensboro facility currently has about 1,100 employees. Philip Morris expects to complete the expansion by second-quarter 2025. In July, Philip Morris announced plans to invest $600 million to open a Zyn manufacturing plant in Aurora, Colo.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentKentuckySoutheastStudent Housing

Public-Private Partnership to Develop 649-Bed Residence Hall at University of Kentucky

by John Nelson

LEXINGTON, KY. — A public-private partnership between Harrison Street, Greystar Real Estate Partners and the University of Kentucky is set to break ground on a 649-bed residence hall project on the university’s campus in Lexington. The community will replace the university’s former Kirwan-Blanding Complex and offer 344 units. The project is being developed to support the institution’s enrollment growth, as a record number of first-year students were admitted to the university at the start of the past academic year. Further details on the community, which is expected for completion in 2026, were not disclosed. This development is the latest by this partnership, joining 14 existing residence halls consisting of 6,850 beds on the university’s campus.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsHealthcareKentuckyLoansSoutheast

Cushman & Wakefield Arranges $15M Acquisition Financing for Two Medical Office Buildings in Paducah, Kentucky

by John Nelson

PADUCAH, KY. — Cushman & Wakefield has arranged $15 million in acquisition financing for a pair of medical office buildings in Paducah, a Western Kentucky city situated along the Ohio River. The properties are located at 100 and 200 Clint Hill Blvd. and total nearly 62,000 square feet. Mercy Health-Lourdes Hospital LLC, an orthopedics affiliate of Bon Secours Mercy Health, fully occupy both properties. Tyler Morss of Cushman & Wakefield’s Healthcare Capital Market Team arranged the financing on behalf of the borrower, Montecito Medical Real Estate. The direct lender and seller were not disclosed, though Cushman & Wakefield stated the lender was a bank.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsKentuckySoutheastStudent Housing

Vesper Holdings Acquires 649-Bed Student Housing Community Near University of Kentucky

by John Nelson

LEXINGTON, KY. — Vesper Holdings has acquired The Lex, a 649-bed student housing community located near the University of Kentucky campus in Lexington. Built in 2008, the four-story property offers a mix of one-, two- and four-bedroom units with bed-to-bath parity. Amenities include a 24-hour fitness center, resort-style swimming pool, yoga studio, study spaces, outdoor hammock garden and a newly renovated clubhouse and gaming lounge. Vesper partnered with an undisclosed institutional investor on the off-market acquisition, financing for which was placed by Gregg Wallace at AMA Financial. The new ownership plans to begin a capital improvement plan imminently that will include the addition of updated technology and upgrades to units and shared amenity spaces. Campus Life & Style, Vesper’s in-house property management platform, will operate The Lex.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIndustrialKentuckySoutheast

Brennan, Arch Street Capital Purchase 386,705 SF Manufacturing Facility in Corbin, Kentucky

by John Nelson

CORBIN, KY. — Brennan Investment Group and an institutional client of Arch Street Capital Advisors have purchased a 386,705-square-foot manufacturing facility in Corbin, a city in south Kentucky equidistant between Knoxville, Tenn., and Lexington, Ky. via I-75. The property was fully leased at the time of sale to Trèves Group, a global automobile supplier focused on automotive interiors and acoustic environments. The seller and sales price were not disclosed. Brennan and Arch Street Capital purchased the facility as part of its 10th joint venture, which has $300 million of purchasing power to acquire mission-critical facilities in the top U.S. industrial markets.

Continue Reading
FacebookTwitterLinkedinEmail
Vaughan-Village-Apartments_Elizabethtown-Ky
AcquisitionsKentuckyMultifamilySoutheast

Matthews Brokers $4.9M Sale of Vaughan Village Apartments in Elizabethtown, Kentucky

by Hayden Spiess

ELIZABETHTOWN, KY. — Matthews Real Estate Investment Services has brokered the $4.9 million sale of Vaughan Village Apartments, a multifamily community located at 100 Crimson Creek Drive in Elizabethtown, approximately 45 miles south of Louisville. Built in 1996, the property comprises 48 duplex-style units situated on nine acres. Ellie Funk, Austin Tomaiko and Austin Graham of Matthews represented the undisclosed seller in the transaction. The undisclosed buyer assumed an existing HUD loan as part of the acquisition. 

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentHospitalityKentuckySoutheast

Choice Opens 114-Room Everhome Suites Hotel in Lexington

by John Nelson

LEXINGTON, KY. — Choice Hotels International Inc. has opened a 114-room Everhome Suites hotel in Lexington, the brand’s first in Kentucky. Situated off I-64, the four-story property is owned by the developer, New Circle Investments, and managed by H&W Hotels. Every room at the extended stay hotel features a fully equipped kitchen with a full-sized refrigerator, dishwasher, stovetop, microwave, flatware, cookware and counter space, and select rooms include washers and dryers. Amenities include complimentary Wi-Fi, a market, grills, fire pit, laundry facilities and a fitness center featuring Peloton bikes. With this opening, Choice Hotels has four Everhome Suites open, with more than 10 set to open over the next 12 months, 20 under construction and 60 in the planning stages.

Continue Reading
FacebookTwitterLinkedinEmail
KentuckyLeasing ActivityRetailSoutheast

REI Co-op to Enter Kentucky Market With 31,000 SF Store in Louisville

by John Nelson

LOUISVILLE, KY. — Seattle-based specialty outdoor retailer REI Co-op will open its first store in Kentucky this fall in Louisville. The new 31,100-square-foot store will be located at Paddock Shops, a 353,665-square-foot open-air shopping center owned by CBRE Investment Management and Fairbourne Properties. Situated in the city’s northeast corridor just off I-265 and I-71, the store will offer a wide assortment of outdoor gear and apparel and feature a full-service bike shop, buy online-pickup in store (BOPIS) options and curbside pickup service. The closest REI stores are in Cincinnati (95 miles away, opened 2012); Castleton, Ind. (130 miles away, opened 2012); Beavercreek, Ohio (150 miles away, opened 2024); Brentwood, Tenn. (196 miles, opened 1999); and Knoxville, Tenn. (243 miles away, opened 2014).

Continue Reading
FacebookTwitterLinkedinEmail
KentuckyLeasing ActivityRetailSoutheast

NAI Isaac Signs Ace Hardware to 14,000 SF Retail Lease in Somerset, Kentucky

by John Nelson

SOMERSET, KY. — NAI Isaac has signed Ace Hardware to a 14,000-square-foot lease at Tradewinds Shopping Center, a retail property located at 370 S. Highway 27 in Somerset, about 75 miles south of Lexington, Ky. According to LoopNet Inc., the 144,000-square-foot shopping center was built in 1966 and is located on a 15-acre site. Paul Ray Smith Jr. and Zach Smith of NAI Isaac represented Ace Hardware in the lease negotiations. The landlord was not disclosed.

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts