LEXINGTON, KY. — NAI Isaac Commercial Properties has brokered the $17.5 million sale of two office/warehouse developments in Lexington totaling more than 400,000 square feet. The buyer, a private investment company, purchased the properties from BRE Imagination PMA LLC, a division of The Blackstone Group. The properties were a portion of a portfolio originally purchased from GE. Bruce Isaac and Chad Voelkert of NAI Isaac Commercial Properties brokered the transaction.
LOUISVILLE, KY. — Molto Properties and Verus Partners have sold Airport Commerce Center One, a 622,426-square-foot, cross-dock industrial facility in Louisville. The buyer, Stone Mountain Industrial Park Inc., an affiliate of Pattillo Industrial Real Estate, purchased the property for an undisclosed price. The facility is located within the Louisville Renaissance Zone, a 470-acre business park located just two miles south of Louisville International Airport. Verus Partners was the project’s development manager. Built in December 2015, the facility is 74 percent leased to Hillsdale Furniture and features 36-foot clear heights, a seven-foot floor slab, motion sensor-activated T5 lighting, 86 dock doors and 120 trailer stalls. Kevin Grove, Doug Butcher and Chris Riley of CBRE represented Molto and Verus in the sale. Molto and Verus broke ground in November 2015 on Airport Commerce Center Two, a 645,840-square-foot facility. Pepper Construction expects to finish construction on the project in November 2016.
LOUISVILLE, KY. — KeyBank Real Estate Capital has arranged the $6.3 million refinancing of King George Apartments, a 208-unit multifamily community in Louisville. The property was constructed in 1976, and the borrower purchased it in June 2015 utilizing a bridge loan. Erik Storz of KeyBank arranged the 10-year, fixed-rate Freddie Mac loan with 12 months of interest-only payments.
LEXINGTON, KY. — Bayer Properties plans to develop an artisan food hall at The Summit at Fritz Farm, a mixed-use development located in Lexington. Deauville Food Hall will feature eight to nine food and beverage concepts and will incorporate architectural elements from the original tobacco barns on Fritz Farm, as well as a landscaped outdoor terrace conceived by local garden designer Jon Carloftis. Local eateries already committed to The Deauville Food Hall include Crank & Boom Craft Ice Cream, a small-batch artisan ice cream maker employing locally sourced ingredients, and an offshoot of Lexington-based Athenian Grill. The Summit is set to open in March 2017.
LOUISVILLE, KY. — Marcus & Millichap has brokered the $16 million sale of Derby Estates, a 381-unit apartment community located at 5319 Rangeland Road in Louisville. The workforce housing community is situated near the GE Appliance Park manufacturing facility. During the past three years, the property has received a $4 million upgrade package that includes new roofs and siding, new appliances, new HVAC units, new flooring and a new pool, fitness room and recreation area. Aaron Johnson and Aaron Willis of Marcus & Millichap’s Louisville office represented the seller, VTT Rangeland LLC, in the transaction. Capstone Apartment Partners worked with the Sperry Van Ness team in Cincinnati to also represent the seller.
NICHOLASVILLE, KY. — Cypress Property Group has brokered the $2.6 million sale of a 4,850-square-foot Panera Bread restaurant located at 101 Cynthia Drive in Nicholasville. The single-tenant restaurant building is leased to Panera Bread on a triple-net basis. Cypress represented the undisclosed seller in the transaction. The asset sold at a 5.76 percent cap rate, according to Cypress.
LOUISVILLE, KY. — NorthMarq Capital has arranged a $10.5 million loan for the refinancing of Crossings Center Six, a 500,000-square-foot bulk distribution warehouse located at 4500 Commerce Crossings Drive in Louisville. Randall Waddell of NorthMarq Capital’s Louisville office arranged the 10-year loan with a 15-year amortization schedule through an unnamed life insurance company.
LOUISVILLE, KY. — Cain Brothers, an investment bank based in New York City, has arranged $49.9 million in bond financing for Christian Care Communities (CCC), a faith-based, nonprofit operator based in Louisville. CCC operates seniors housing communities in 11 cities in Kentucky, providing services including assisted living, independent living, skilled nursing, memory care, short-term rehabilitation, home healthcare and adult daycare. The Series 2016 bond financing consists of $36.7 million of tax-exempt direct purchase bonds and $13.2 million of taxable term loans, plus a $1.5 million line of credit. Two commercial banks purchased and provided all debt. Proceeds from the financing were primarily used to refinance all of CCC’s outstanding debt, including four series of public bonds, 12 capital leases and five lines of credit. The financing also funded $1.8 million of renovation projects, $3 million of reimbursement for prior capital expenditures and $4 million of working capital funds.
LOUISVILLE, KY. — Omni Hotels & Resorts has broken ground on the 612-room Omni Louisville Hotel, the brand’s first property in Kentucky. The hotel will be located at Liberty and 2nd Street in downtown Louisville, one block from Kentucky International Convention Center. Development costs for the public-private project are estimated at $289 million. The 30-story hotel is set to open in early 2018. “Today was much more than just breaking ground on the Omni Louisville Hotel,” Louisville Mayor Greg Fischer said at the groundbreaking ceremony. “Today’s groundbreaking is symbolic of the future transformation of our city and the prosperity yet to come. This hotel will not only help bolster our reputation as a leading meetings and leisure destination, but will serve as a cornerstone where our downtown community can connect.” Amenities at the hotel will include an all-day dining venue, lobby lounge, and rooftop pool bar and grill, in addition to Bob’s Steak & Chop House. The top floors will also feature 225 luxury apartments. The property will provide approximately 70,000 square feet of flexible meeting and event space, a fitness center, spa and speakeasy with a bowling alley. A grocery store is set to open adjacent to the hotel, …
LOUISVILLE, KY. — Doster Construction has completed the $45.8 million construction of the 758-bed Clubhouse Student Apartments in Louisville adjacent to the University of Louisville campus. The project consists of three five-story wood frame buildings. The new complex has more than 400,000 square feet of living space. Amenities include two courtyards, a swimming pool, club room, fitness area, theater, computer/study room and a hammock garden. The project also includes a five-and-a-half level parking garage that accommodates more than 625 parking spaces. Buck Development Louisville LLC is the project’s developer.