LEXINGTON, KY. — NAI Isaac has brokered the $1.8 million sale of a 33,000-square-foot industrial facility located at 1387 E. New Circle Road in Lexington. The undisclosed buyer plans to renovate and expanding the building. Al Isaac and Jamie Adams of NAI Isaac represented the seller, McLean Properties Inc., in the transaction. David Allen of The Gibson Co. represented the buyer.
LEXINGTON, KY. — The Gibson Co. has arranged the $7.3 million sale of South Elkhorn Village, a 55,000-square-foot retail center located on 6.2 acres at 4379 Old Harrodsburg Road in Lexington. Billy Smith of Gibson Co. represented the seller, South Elkhorn Village LLC, and Ernie Arnold, also with Gibson, procured the buyers, Compass Capital LLC and its partners.
LEXINGTON, KY. — Pillar has originated a $5.7 million Fannie Mae loan for the refinancing of The Creeks on Tates Creek, a 117-unit apartment complex adjacent to New Circle Road in Lexington. Built in 1968, The Creeks on Tates Creek features one-, two- and three-bedroom units. Joe Markech and Brooke Jackson of Pillar’s Chicago office originated the 10-year, fixed-rate loan with a 30-year amortization schedule on behalf of the borrower, an entity that owns three multifamily assets in the greater Lexington area. The borrower is using the loan to refinance an acquisition loan, which the borrower used in 2012 to fund the purchase and renovation of the apartment community. The renovation included new roofs, new doors, a remodeled clubhouse, upgraded swimming pool and community room and a new HVAC system.
PROSPECT, KY. — Passco Cos. LLC has purchased The Veranda, a 236-unit apartment community located at 9506 Civic Way in Prospect, a suburb of Louisville. Passco acquired the property from The Veranda’s developer, Bristol Development, for $50.4 million. Built in 2015, the community is situated within Norton Commons, an upscale master-planned development that features Norton Hospital. The Veranda features 20 different floorplans and unit interiors include wood flooring, gourmet kitchens with granite countertops, stainless steel appliances, ceramic tile backsplashes and custom cabinetry. Craig Collins of Cushman & Wakefield/Commercial Kentucky, along with Mike Kemether of Cushman & Wakefield’s Atlanta office, represented Bristol Development in the transaction.
SHEPHERDSVILLE, KY. — Dermody Properties has begun construction on LogistiCenter at 480, a 546,000-square-foot industrial facility located in Shepherdsville, about 20 miles south of Louisville near the Louisville International Airport and the UPS Worldport air hub. The project will be situated within Cedar Grove Business Park on Park Loop Road, less than two miles from the I-65 and Kentucky Highway 480 interchange. Users within Cedar Grove Business Park include Amazon, Best Buy, Clorox, eBay, Gordon Foods, UPS and Zappos. LogistiCenter at 480 will include 36-foot clear heights, 49 dock doors, 63 trailer stalls and 320 parking stalls. Dermody and general contractor Gordian Design and Construction expect to deliver the asset by the end of the year. Dermody has selected Kevin Grove and Doug Butcher of CBRE to lease the asset, which Dermody thinks will be well-suited for an e-commerce user.
LOUISVILLE, KY. — Monmouth Real Estate Investment Corp. has purchased a new 137,500-square-foot industrial building located at 2311 S. Park Road in Louisville for $11.3 million. The building is situated on approximately 10.2 acres off I-65, roughly seven miles south of the Louisville International Airport. The property is net-leased for 10 years to Challenger Lifts Inc., a subsidiary of Snap-on Inc. The lease is guaranteed by Snap-on. Monmouth, a publicly traded REIT based in Freehold, N.J., has a portfolio comprising 97 properties located in 30 states, containing a total of approximately 15.1 million square feet.
LOUISVILLE, KY. — The Shopping Center Group has brokered the $23.8 million sale of Westport Village, a 169,000-square-foot retail center in Louisville. The property is situated between Herr and Lyndon lanes about a half-mile east of I-264. The shopping center was 73 percent leased at the time of sale to tenants such as Apricot Lane, Collections, Chartreuse, Tunies, Napa River Grill, The Comfy Cow, Hik-A-Mon Sushi Bar and Fish Market, Wild Eggs, Artesano, Boombozz Tap House, Pure Barre, Bend and Zen Hot Yoga and Elements Therapeutic Massage. Anthony Blanco, Lynn De Marco, Lenard Williams and Mallory Ham of The Shopping Center Group represented the seller, Chicago-based InvenTrust Properties Corp., in the transaction. Kevin Schreiber and Kevin Mayhugh of The Shopping Center Group’s Louisville office assisted in the transaction. The buyer is a joint venture affiliated with Atlanta-based Hendon Properties and Birmingham, Ala.-based Harbert Management.
LOUISVILLE, KY. — Marcus & Millichap has brokered the $41.9 million sale of a newly built, 303,369-square-foot FedEx industrial facility in Louisville. Built in 2015, the asset is located on a 46-acre lot within the 600-acre Blankenbaker Station Business Park near the convergence of I-64 and I-265. FedEx has a 15-year initial base lease that began when the project was delivered. Seth Richard of Marcus & Millichap’s Manhattan office and Laurie Ann Drinkwater of the firm’s Boston office represented the buyer, a national net-lease investor that has purchased several properties leased to FedEx. Stan Johnson Co. represented the seller, a developer, in the transaction. Aaron Johnson is Marcus & Millichap’s broker of record in Kentucky.
LOUISVILLE, KY. — The Cordish Cos. has signed a lease with celebrity chef Guy Fieri for his new dining concept, Guy Fieri’s Smokehouse. The new barbecue restaurant will open to the public in September at Fourth Street Live!, a 350,000-square-foot dining and entertainment destination in downtown Louisville. Designed by Boston-based Niemitz Design Group and Louisville-based Bravura Architects, the restaurant will feature 6,700 square feet of dining space, 117 interior seats, 79 outdoor patio seats, two large meat smokers and an indoor/outdoor bar. Other dining concepts at Fourth Street Live! include Birracibo by Junior Bridgeman, Jim Beam Urban Stillhouse, Bourbon Raw, Goose Island Beer Bridge, Gordon Biersch Brewery Restaurant, Brazeiros Churrascaria Brazilian Steakhouse and Eddie Merlot’s.
LOUISVILLE, KY. — KeyBank Real Estate Capital has provided $31.2 million in Freddie Mac financing for Apex on Preston Apartments, a 312-unit apartment community in Louisville. The Class A asset was delivered in 2015. Charlie Williams of KeyBank’s commercial mortgage group arranged the acquisition financing, which features an 8-year loan term.