LEXINGTON, KY. — BC Wood Properties has purchased three Kroger-anchored shopping centers totaling 290,000 square feet for a combined $30.4 million. The shopping centers include Merchants Crossing in Jackson, Mich.; Shoppes of Hope Valley in Durham, N.C.; and Ridgewood Farm in Salem, Va. The Lexington-based company purchased the assets from a single seller via BCW Strategic Alliance Fund LP, the company’s second private equity fund.
LOUISVILLE, KY. — Cushman & Wakefield will continue to operate in the Louisville metro and surrounding areas through its Alliance partnership with Commercial Kentucky Inc. The Louisville-based commercial real estate brokerage firm was founded in 1973 as Scherer/Casper & Associates. Commercial Kentucky first began its relationship with Cushman & Wakefield in 1981 and expanded its capabilities to include market research, property management and appraisal services, in addition to office, industrial, retail and investment brokerage services. Earlier this year, Cushman & Wakefield entered into an agreement to sell the firm and merge with DTZ. The merger closed September 1, creating a global commercial real estate services provider with 43,000 employees across 60 countries. The merger impacted many major markets where both firms have a presence and client relationships. “We look forward to continuing our relationship with the new Cushman & Wakefield,” said Phil Scherer, president of Commercial Kentucky. “We have the same team dedicated to providing superior services and insight to our clients, backed by decades of local experience and market knowledge. As a Cushman & Wakefield Alliance partner, our capabilities and opportunities will only continue to grow.”
LOUISVILLE, KY. — TRIO Commercial Property Group has arranged a long-term ground lease with Kroger for a new 123,000-square-foot Kroger Marketplace in Louisville. The new store is set to open before Thanksgiving 2016 at 4915 Dixie Highway. Justin Baker of TRIO represented Kroger in the lease transaction. The landlord, Louisville-based Dixie Associates, was self-represented.
ERLANGER, KY. — Nevada-based Dermody Properties, in a joint venture with Hillwood Investment Properties, plans to develop an 898,560-square-foot facility in Erlanger for Wayfair Inc., an online home furnishings and décor retailer. The facility will be located on a 52-acre site at 1600 Donaldson Road adjacent to the Cincinnati/Northern Kentucky International Airport (CVG). Dermody Properties and Hillwood leased the land site from CVG earlier this year. The facility, known as LogistiCenter at 275, will be the largest single development by square footage in the history of Dermody Properties. DTZ represented Wayfair in the lease transaction. Paul Hemmer Co. is the general contractor on the project. Construction is expected to be complete in the second quarter of 2016.
LOUISVILLE, KY. — Lincoln Property Co. Southeast has purchased the newly built Jefferson Commons, a 196,488-square-foot shopping center located in Louisville, on behalf of American Realty Capital-Retail Centers of America I & II, a non-traded REIT. Lincoln acquired the center from the center’s developer, GBT Realty Corp., for $36 million. The retail center’s tenant roster includes Academy Sports + Outdoors, H.H. Gregg, Michaels and Shoe Carnival.
LOUISVILLE, KY. — Marcus & Millichap has arranged the $5.8 million sale of Sawyer Shops, a 23,408-square-foot shopping center located at 2809 N. Hurstbourne Parkway in Louisville. The property is an unanchored, multi-tenant retail center that is 100 percent leased. Brian Munn and Ethan Armentrout of Marcus & Millichap’s Atlanta office teamed up with Larry Hausman of the firm’s Louisville office to represent the seller in the transaction. Aaron Johnson of Marcus & Millichap’s Louisville office assisted in closing the transaction. Both the buyer and seller were in 1031 tax-deferred exchanges.
LOUISVILLE, KY. — Lancaster Pollard has provided $5.4 million in HUD financing for Springhurst Pines, a continuing care retirement community (CCRC) in Louisville. Baptist Homes Inc. (BHI) owns and operates the CCRC, which includes three separate facilities on a 20-acre campus. The financing will be used to convert 35 percent of the community’s semi-private Medicaid skilled nursing units to private Medicare units, as well as build a 40-unit Medicare wing with therapy space. The nonrecourse loan made through HUD’s 232/241(a) supplemental loan program has a loan term of 25 years. Chris Blanda led the transaction for Lancaster Pollard.
LEXINGTON, KY. — The University of Kentucky Board of Trustees has approved the next phase of the university’s on-campus housing revitalization that will bring the total number of beds delivered or currently under development to 6,504. Scheduled for completion in 2017, University Flats will comprise a seven-story building at University and Complex drives on the University of Kentucky’s (UK) Lexington campus. Designed to provide separate living communities for upper-level undergraduate students, and graduate and professional students, it will provide 771 beds in 312 apartments in various styles and sizes, from studios to four bedrooms. Each apartment will include furnishings and a full kitchen. EdR will finance the previously announced $74 million development through its On-Campus Equity Plan — The ONE PlanSM — which uses the company’s equity and financial stability to fund projects on university land. This program gives the university access to a single partner and helps create long-term financial benefits for EdR and UK. EdR will provide financing, oversee development and construction, and will be responsible for maintenance and management, while UK provides residence life services.
LEXINGTON, KY. — Columbus, Ohio-based Continental Real Estate Cos. and Carmel, Ind.-based Leo Brown Group have begun construction on a new senior living community in Lexington called Highgrove at Tates Creek. The community will consist of 90 assisted living units, 30 of which will be dedicated to memory care. Development costs for the community are approximately $16 million. Leo Brown Group’s management company affiliate, Traditions Management, will run the day-to-day operations once construction is complete. Traditions manages a portfolio of communities in Kentucky, Indiana and Ohio totaling 780 units. The partnership expects Highgrove at Tates Creek to accept its first residents in spring of 2016. This is the second community developed by Continental and Leo Brown Group — in 2014 the partnership broke ground on a 94-unit site in Granville, Ohio, which will open later this summer.
ST. MATTHEWS, KY. — PRG Commercial Property Advisors has arranged the $2.4 million sale of The Colony Center, a mixed-use, multi-tenant property located at 211 Clover Lane in metro Louisville. The boutique lifestyle center is located in the heart of St. Matthews, a suburb of Louisville in Jefferson County. The former lumber mill and yard sits on two acres and was converted into 22,995 square feet of leasable retail and restaurant space in 1984. The purchaser is a Louisville-based investment partnership. Dave Kern and Reed Weinberg of PRG represented both the buyer and seller in the transaction.
