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.
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.
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 …
LOUISVILLE, KY. — NorthMarq Capital has arranged $5.3 million in acquisition financing for Holly Hills Apartments, a 94-unit multifamily property in Louisville. Noah Juran of NorthMarq Capital’s Cincinnati office structured the three-year loan with a 25-year amortization schedule and two years of interest-only payments through Ready Capital Structured Finance on behalf of the undisclosed buyer.
GEORGETOWN, KY. — Independence Realty Trust Inc. has purchased a 160-unit apartment community in Georgetown, a city near Lexington in Scott County. The Philadelphia-based REIT purchased the community from an undisclosed seller for $14.2 million using cash and its available line of credit. Built in 2001, the property features one-, two- and three-bedroom units averaging 1,206 square feet. The asset was about 99 percent occupied at the time of sale and had an average effective rent per occupied unit of $874 per month.
LOUISVILLE, KY. — Baceline Investments has purchased Shoppes at Forest Green, a 48,716-square-foot shopping center located at 10001 Forest Green Blvd. in Louisville. A private investor sold the asset to Baceline for $7 million. The property was 84 percent leased at the time of sale to tenants such as Metro PCS, Nails on K, Four Season Barber Shop, ShowMe Crossfit, A Better Pizza, Mike’s Grill & Tap and Computer Depot.
SHEPHERDSVILLE, KY. — Browning Investments has broken ground on a 721,050-square-foot spec industrial facility situated within Velocity 65 Trade Center in Shepherdsville, roughly 20 miles south of Louisville and near the UPS Worldport. The industrial park will ultimately accommodate 4 million square feet on 300 acres and feature interchanges with Interstate 65. Browning Investments plans to deliver the spec facility in August. The developer has selected Phil Charmoli of Cushman & Wakefield | Commercial Kentucky to handle the leasing assignment for the park.
FORT MITCHELL, KY. — NorthMarq Capital has arranged the $4.1 million refinancing for Chamber Office Park, a 67,552-square-foot office park located at 2101-2181 and 2500 Chamber Center Drive in Fort Mitchell, a Kentucky city located about six miles south of Cincinnati. Susan Branscome of NorthMarq’s Cincinnati office arranged the fully amortizing, 10-year loan through an undisclosed life insurance company.
INDEPENDENCE, KY. — The Kroger Co. has acquired Park 536, a 674,500-square-foot industrial property located at 251 Mt. Zion Road in Independence, a town in Kentucky roughly 13 miles south of Kroger’s hometown of Cincinnati. Kroger purchased the asset, which was built on a speculative basis, from VanTrust Real Estate for $33.8 million. Built in late 2016, Park 536 is situated on 45 acres and features 36-foot clear heights, 68 docks and 336 parking spaces. John Gartner III and Norm Khoury of Colliers International’s Cincinnati office represented VanTrust in the sale, and Brian Leonard of JLL represented Kroger, which plans to create nearly 100 new jobs at the facility and will move in upon building out the interior to its liking. The grocer will use Park 536 as a “replenishment center” for the company’s distribution centers in the eastern part of the United States.
PAINTSVILLE, KY. — Louisville, Ky.- based Dahlem and partner Berkeley Capital Advisors have brokered the $30.3 million sale of Mayo Plaza, a 600,000-square-foot shopping center in Paintsville. The property’s tenant roster includes Lowe’s Home Improvement, Food City, Dollar Tree, Shoe Show and Big Sandy Superstore. Dahlem and Berkeley Capital represented the seller, the Homer & Mary Short Estate, in the transaction.