Kentucky

Hillwood, Al. Neyer to Deliver 1.7 MSF Industrial Development in Northern Kentucky

by Camren Skelton September 20, 2017

ERLANGER, KY. — Hillwood, in partnership with Cincinnati-based developer Al. Neyer, has unveiled plans to develop Erlanger Commerce Center, a distribution center that will include two speculative buildings totaling more than 1.7 million square feet. Situated at the intersection of Interstates 75 and 275 in Erlanger, the property is located a few miles from the Cincinnati/Northern Kentucky International Airport. Construction on Building 1, totaling 779,922 square feet, will begin in 2018. The building will feature 36-foot clear heights, ESFR sprinkler systems, cross-dock configuration, 159 trailer storage spaces and 350 car parking spaces.

September 20, 2017

Kentucky Multifamily Seniors Housing Southeast

Strawberry Fields REIT Acquires 252-Bed Skilled Nursing Facility in Louisville for $21.8M

by Camren Skelton September 13, 2017

LOUISVILLE, KY. — Strawberry Fields REIT LLC has acquired Parkway Rehabilitation and Nursing Center, a 252-bed skilled nursing facility in Louisville, for $21.8 million. The acquisition was financed with a $15 million loan from Bank Leumi. Strawberry Fields will lease the property to The Landmark Group, with a first-year rent of $2.4 million. The property was 88.5 percent occupied at the time of sale. The seller was not disclosed. Strawberry Fields owns 59 facilities in Illinois, Indiana, Ohio, Texas, Michigan, Tennessee, Kentucky and Oklahoma.

September 13, 2017

Industrial Kentucky Southeast

Molto Properties, Verus Partners Break Ground on 677,685 SF Logistics Building in Louisville

by Camren Skelton August 28, 2017

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.

August 28, 2017

Kentucky Multifamily Southeast

Cushman & Wakefield Brokers $25.5M Sale of Apartment Community in Louisville

by Camren Skelton August 23, 2017

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.

August 23, 2017

Kentucky Multifamily Seniors Housing Southeast

Kindred to Sell Entire Skilled Nursing Business to BM Eagle for $910M

by Camren Skelton July 5, 2017

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 …

July 5, 2017

Kentucky Multifamily Southeast

NorthMarq Capital Arranges $5.3M Loan for Multifamily Community in Louisville

by Camren Skelton June 19, 2017

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.

June 19, 2017

Kentucky Multifamily Southeast

Independence Realty Trust Acquires Apartment Community Near Lexington for $14.2M

by John Nelson May 26, 2017

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.

May 26, 2017

Kentucky Retail Southeast

Baceline Investments Purchases 48,716 SF Shopping Center in Louisville for $7M

by John Nelson May 22, 2017

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.

May 22, 2017

Industrial Kentucky Southeast

Browning Investments Breaks Ground on 721,050 SF Spec Industrial Facility Near Louisville

by John Nelson May 19, 2017

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.

May 19, 2017

Kentucky Loans Office Southeast

NorthMarq Capital Arranges $4.1M Refinancing for Office Park in Metro Cincinnati

by John Nelson May 8, 2017

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.

May 8, 2017

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