Kentucky

Brown-Forman Unveils Design Plans for Old Forester Distillery Along ‘Whiskey Row’ in Louisville

by John Nelson April 18, 2016

LOUISVILLE, KY. — Brown-Forman Corp., a Louisville-based spirits and wine company, has released 11 new renderings that detail its design for the new Old Forester Distillery, a 60,000-square-foot bourbon distilling operation and visitor experience located at 117 and 119 Main St. along Louisville’s historic “Whiskey Row.” Brown-Forman expects to produce 100,000 cases of Old Forester, a 146-year-old bourbon brand, annually at the new operation. Old Forester Distillery is scheduled to be complete by late 2017.

April 18, 2016

Hilton Louisville East/Hurstbourne Home2 Suites by Hilton East/Hurtsbourne

Hospitality Kentucky Southeast

Hilton Worldwide Opens Dual-Branded Hotel in Louisville

by John Nelson April 15, 2016

LOUISVILLE, KY. — Hilton Worldwide has opened a dual-branded Hampton Inn by Hilton Louisville East/Hurstbourne and Home2 Suites by Hilton East/Hurtsbourne in Louisville. The 160-room property is owned and operated by Kana Hotel Group. The property is situated at 1150 Forest Bridge Road with access to the University of Louisville and the Louisville International Airport. The property has two separate lobbies and dining areas. The Hampton portion features a breakfast area, to-go breakfast bags Monday through Friday, free Wi-Fi, 24-hour business center and a 24-hour fitness center. The Home2 Suites portion features fully equipped kitchens, modular furniture, complimentary Internet, community spaces, pet-friendly rooms and trademark Home2 Suites amenities such as Home2 MKT for grab-and-go items and Spin2 Cycle, a combined laundry and fitness area. The property will also feature a heated indoor saline pool and outdoor patio with a grill area.

April 15, 2016

Industrial Kentucky Office Southeast

NAI Isaac Brokers $17.5M Sale of Two Office/Warehouse Properties in Lexington

by John Nelson April 7, 2016

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.

April 7, 2016

Industrial Kentucky Southeast

Molto Properties, Verus Partners Sell 622,426 SF Industrial Facility in Louisville

by John Nelson April 6, 2016

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.

April 6, 2016

Kentucky Loans Multifamily Southeast

KeyBank Arranges $6.3M Refinancing of Apartment Community in Louisville

by John Nelson March 25, 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.

March 25, 2016

Deauville Food Hall The Summit at Fritz Farm Lexington

Kentucky Restaurant Retail Southeast

Bayer Properties to Develop Food Hall at The Summit at Fritz Farm in Lexington

by John Nelson March 16, 2016

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.

March 16, 2016

Kentucky Multifamily Southeast

Marcus & Millichap Brokers $16M Sale of Multifamily Community in Louisville

by John Nelson March 10, 2016

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.

March 10, 2016

Panera Bread 101 Cynthia Drive Nicholasville

Kentucky Restaurant Southeast

Cypress Property Group Brokers $2.6M Sale of Panera Bread Restaurant in Kentucky

by John Nelson February 26, 2016

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.

February 26, 2016

Industrial Kentucky Loans Southeast

NorthMarq Secures $10.5M Loan for 500,000 SF Distribution Warehouse in Louisville

by John Nelson February 19, 2016

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.

February 19, 2016

Kentucky Loans Seniors Housing Southeast

Cain Brothers Arranges $49.9M in Bond Financing for Christian Care Communities

by John Nelson February 16, 2016

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.

February 16, 2016

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