Kentucky

Landmark Brokers $18.6M Sale of Power Shopping Center in Bowling Green

by John Nelson December 5, 2014

BOWLING GREEN, KY. — Landmark Commercial Real Estate Services Inc. has brokered the $18.6 million sale of the Shoppes at Gary Farms, a 99,777-square-foot power shopping center in Bowling Green. Built in 2014, the property’s tenant roster includes Dick’s Sporting Goods, Bed Bath & Beyond, PetSmart, Kirkland’s and Lane Bryant. An unnamed, non-traded REIT purchased the property from an unnamed regional developer. Kevin Baker and Daniel Kukes of Landmark represented both the buyer and seller in the transaction.

December 5, 2014

Hospitality Kentucky Southeast

First Hospitality, City Properties Open Hilton Garden Inn in Louisville

by John Nelson December 1, 2014

LOUISVILLE, KY. — First Hospitality Group Inc. and City Properties Group LLC have opened the 162-room Hilton Garden Inn Louisville Downtown. The seven-story, 111,000-square-foot hotel is located at 350 W. Chestnut St. in downtown Louisville’s Clay Commons District. The hotel features a fitness center and a rooftop restaurant/full-service bar known as 8UP. First Hospitality and City Properties co-developed the hotel.

December 1, 2014

Kentucky Loans Southeast

HFF Arranges $57.5M Refinancing for Office Portfolio in Louisville

by John Nelson November 25, 2014

LOUISVILLE, KY. — HFF has arranged a $57.5 million refinance for an eight-property office portfolio in suburban Louisville. The portfolio is comprised of Bluegrass Business Center I and II; Plainview Point I, II and III; Thornton Park Plaza; Atrium Center; Plainview Center; and NTS Center. The approximately 780,000-square-foot portfolio is 86 percent leased. The properties are all located within suburban office submarkets along the I-64 corridor east of Louisville’s central business district. Leasing and property management of the office portfolio is provided by NTS. John Ahmed and Rex Cruz of HFF arranged the floating-rate loan through Prime Finance Partners on behalf of the borrower, Ascent Properties. The loan will recapitalize the current portfolio and provide leasing costs for the ongoing stabilization of the properties. The financing also facilitated the acquisition of one of the buildings.

November 25, 2014

Kentucky Restaurant Southeast

PRG Investments Brokers Sale-Leaseback of Three Restaurants in Kentucky, South Carolina

by John Nelson November 24, 2014

LOUISVILLE, KY. — Louisville-based PRG Investments has brokered the sale of three restaurants in Kentucky and South Carolina. PRG brokered the sale-leaseback of two Raising Cane restaurants in central Kentucky: 551 Keene Center Drive in Nicholasville and 2555 Nicholasville Road in Lexington. Fred Sutterlin and Reed Weinberg of PRG represented the buyer, an individual investor based in Louisville, in the transaction. David Graves of Cypress Property Group represented the seller. Sutterlin also brokered the franchise sale-leaseback of a Dunkin’ Donuts located at 754 Folly Road in Charleston, S.C. on behalf of the buyer, a private investor based in Louisville.

November 24, 2014

Kentucky Multifamily Southeast

Marcus & Millichap Brokers Sale of Louisville Apartment Community

by John Nelson October 27, 2014

LOUISVILLE, KY. — Marcus & Millichap has arranged the sale of Glenmary Village Apartments, a 272-unit multifamily community located off Bardstown Road at 9606 Clubview Drive in southeast Louisville. Aaron Johnson of Marcus & Millichap’s Louisville office represented the seller in the transaction. The buyer, Utah-based Peak Capital, purchased Glenmary Village for an undisclosed price. Built in 2003 on 22 acres, Glenmary Village Apartments features a large pool and sun deck and an upgraded resort-style clubhouse with veranda, business center, workout facilities and a kitchen area.

October 27, 2014

Kentucky Retail Southeast

Inland, PGGM Buy Metro Cincinnati Shopping Center for $23.6M

by John Nelson October 21, 2014

NEWPORT, KY. — Inland Real Estate Corp., in a joint venture arrangement with Dutch pension advisor PGGM, has acquired Phase II of Newport Pavilion, a shopping center located in Newport, part of the Cincinnati MSA. Inland and PGGM purchased the 115,000-square-foot asset for $23.6 million. Phase II’s tenant roster includes Dick’s Sporting Goods, T.J. Maxx, Buffalo Wild Wings, Panera Bread, Chipotle Mexican Grill, T-Mobile and Sport Clips. The Inland-PGGM joint venture purchased Phase I of Newport Pavilion earlier this year. The entire 337,300-square-foot power center is currently 96 percent leased.

October 21, 2014

Kentucky Multifamily Southeast Student Housing

Doster Construction Breaks Ground on $45M Student Housing Project in Louisville

by John Nelson October 13, 2014

LOUISVILLE, KY. – Doster Construction Co. has broken ground on the $45 million The Clubhouse Student Apartments in Louisville. The project will be located adjacent to the University of Louisville campus and consists of three five-story wood frame buildings. The new complex will have 758 beds and more than 400,000 square feet of living space. Amenities will include two courtyards, a swimming pool, a club room, fitness area, a theater, computer/study room and a hammock garden. The project also includes a five-and-a-half level parking garage that will accommodate more than 625 spaces. Buck Development Louisville LLC, affiliated with The John Buck Co., is the project’s developer, Doster is the general contractor and Henneman Engineering Inc. is the architect of record. Peak Campus Management will manage the asset.

October 13, 2014

Industrial Kentucky Market Reports Southeast Southeast Market Reports

Tight Occupancy in Louisville Industrial Market Warrants New Construction

by John Nelson October 6, 2014

The trends in Louisville are typical of a market rebounding. According to CBRE Research, the Louisville market is experiencing rent growth, vacancy declines, construction increases and more speculative product hitting the city. Leasing volume is increasing steadily, and investment sales are peaking as well. The Louisville industrial market remains tight even with several recent construction completions. With more than 100 million square feet of industrial space in the area, Louisville is a major player in the Eastern United States distribution market. Despite several lease and sale transactions consummating in the second quarter of 2014, market vacancy increased slightly to 4 percent, which reflects the fact that several large speculative buildings came on line during the period offsetting otherwise net positive absorption. As expected, with existing industrial inventory levels at an all-time low and new building deliveries coming on line and more on the horizon, market vacancies rose to 3.9 percent in the first quarter of 2014, ending a streak of 13 consecutive quarters of declining vacancy. Louisville remains an extremely tight market, even considering the increase in the vacancy rate. In addition, compared to the percentage of total market size in neighboring cities like Columbus, Cincinnati, Indianapolis, Nashville and Memphis, …

October 6, 2014

Kentucky Market Reports Southeast Southeast Market Reports

Louisville’s CBD Rebound Complements Suburban Office Market

by admin September 29, 2014

The economic recovery has flipped Louisville’s office market. Historically, the central business district (CBD) has lower vacancy and higher leasing rates than the suburban office market, while new development and low barriers to entry generally kept vacancy higher in the suburbs. Now, suburban vacancy rates rest below the CBD’s, especially for Class A product. Even as speculative development returns to the suburbs, the submarket’s hot streak shows no signs of abating, and the downtown submarket has plenty of positive momentum as well. Suburban Class A vacancy was 8.4 percent at mid-year, with average asking rates in the $20 to $22 per square foot range, or higher in top-tier new office developments. The suburban office market has been quite active, but Class A and B vacancies haven’t materially changed this year due to a spate of renewals and net moves from one building to another. Still, we expect a noteworthy fourth quarter as demand is perhaps as strong as it’s ever been, and owners remain aggressive, in many cases offering three months free rent and turnkey tenant improvements with long-term deals. Lack of available large blocks of space could lead to build-to-suit activity, too. There are virtually no available blocks of …

September 29, 2014

Kentucky Market Reports Southeast Southeast Market Reports

Louisville's Retail Market Rides Wave of Demand Momentum

by admin September 22, 2014

Louisville is riding a wave of momentum after hosting its third PGA Championship at Valhalla Golf Club in August. In addition, the $2.5 billion Louisville-Southern Indiana Ohio River bridge projects are under construction and scheduled to open in 2016. This project adds two new bridges, an east end bridge connecting I-265 in Kentucky with I-265 in Indiana, and a second bridge located downtown as part of improvements to I-65. These significant infrastructure improvements are a game changer in the fact that they will improve accessibility to new retail trade areas such as southern Indiana and northeast Louisville. In anticipation of the Kentucky International Convention Center being dramatically expanded and remodeled, Louisville has five hotels under construction or planned for downtown. Omni Hotels & Resorts will build its first property in Kentucky in Louisville, a 600-room convention hotel at Third and Liberty streets. Estimated to open no later than 2017, the Omni will be adjacent to 200 apartments, a grocery store and retail shops. The project is a public-private partnership between Omni, Cordish Cos., metro government and the state of Kentucky. REI Real Estate Services and Poe Cos. are developing a 172-room Aloft Hotel located in the central business district at …

September 22, 2014

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