Kentucky

CORBIN, KY. — NAI Isaac has facilitated the sale-leaseback of a 127,373-square-foot industrial facility located at 1401 N. Kentucky Route 3041 in Corbin, a city in south Kentucky situated along I-75. Bruce Isaac of NAI Isaac represented the buyer, an entity doing business as MISCKY Industrial 24 LLC, in the transaction. Kevin Grove and Alex Grove of CBRE represented the seller/tenant, Minnesota-based cabinet manufacturer Northern Contours. Terms of the transaction were also not disclosed.

FacebookTwitterLinkedinEmail

HENDERSON, KY. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a four-property portfolio in Henderson, located in western Kentucky along the Ohio River and approximately 11 miles south of Evansville, Ind. Known as the Colonial Portfolio, the properties in the transaction included Colonial Assisted Living (69 units), Colonial Court Independent Living (22 units), Colonial Senior Living (51 assisted living units) and Colonial Cottages (16 independent living units). The seller was a local owner that developed and operated the assets since their inception. The buyer was a Kentucky-based owner and operator looking to grow its portfolio strategically in western Kentucky. Ryan Saul and Daniel Geraghty led the transaction for SLIB.

FacebookTwitterLinkedinEmail

The Louisville industrial market has simmered at a slow and steady pace during 2024. Continued uncertainty with debt markets, inflation and the upcoming elections have placed developers on the sidelines, and occupiers in a holding pattern.  Despite how the market feels today, Louisville remains poised for a comeback. A brief overview shows how and why the Louisville market is in the position it is today, and what to expect beyond 2024.  The past five years reveal a compelling story, one that developers, occupiers and investors alike have come to understand as they seek to develop, lease or own real estate in the Derby City. Driving much of this development and occupier activity in Louisville is the presence of the UPS Worldport, two Ford manufacturing plants, Haier’s GE Appliance Park and other manufacturers that keep suppliers, third-party logistics firms and e-commerce companies jockeying for space.  Louisville’s central location on the I-65 corridor and proximity to two-thirds of the U.S. population are also key reasons the market continues to grow as a hub for logistics, e-commerce and manufacturing. The market saw tremendous growth over the past five years, assisted by the space grab during COVID.  Since 2019 bulk inventory experienced growth of …

FacebookTwitterLinkedinEmail

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.

FacebookTwitterLinkedinEmail

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.

FacebookTwitterLinkedinEmail

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.

FacebookTwitterLinkedinEmail

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.

FacebookTwitterLinkedinEmail

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.

FacebookTwitterLinkedinEmail

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.

FacebookTwitterLinkedinEmail
Vaughan-Village-Apartments_Elizabethtown-Ky

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. 

FacebookTwitterLinkedinEmail