FLORENCE, KY. — Berkadia has arranged the sale of a 104-unit assisted living and memory care community in Florence, approximately 10 miles southwest of Cincinnati. Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders of Berkadia represented the seller, a publicly traded REIT, in the transaction. A private equity group purchased the asset for an undisclosed price.
MARLBOROUGH, MASS. — BJ’s Wholesale Club, an operator of member retail warehouse locations, plans to open five new clubs in the Southeast and Indiana this fiscal year, which ends Feb. 1, 2025. The new clubs will be located in Maryville, Tenn., a suburb of Knoxville; Myrtle Beach, S.C.; Palm Coast and West Palm Beach in South Florida; and Carmel, Ind., a suburb of Indianapolis. Earlier this month, the Marlborough-based company announced its plans to open a new store near Jefferson Mall in Louisville, Ky. BJ’s Wholesale expects each new club to create roughly 150 new jobs. The company first opened its warehouse club model in New England in 1984. Today, BJ’s Wholesale operates 244 clubs and 175 BJ’s Gas stations in 20 states.
LEXINGTON, KY. — Newmark has brokered the $19.7 million sale of Triple Crown at Tates Creek, a 228-unit apartment community in Lexington. RFM Property Group purchased the garden-style property from Monument Capital Management. Matt Newcomer of Newmark represented the seller in the transaction. Additionally, Henry Stimler and Ricky Warner of Newmark arranged a $15 million Fannie Mae acquisition loan on behalf of the borrower. Triple Crown at Tates Creek, which was 94 percent occupied at the time of sale, is situated less than five miles from downtown Lexington and the University of Kentucky.
CINCINNATI — CBRE has arranged the sale of a portfolio comprising six medical office building (MOB) properties in Northern Kentucky. Totaling 145,308 square feet, the properties are located in Florence, Fort Mitchell, Crittenden, Walton, Alexandria and Butler. Kentucky-based Zalla Cos. sold the portfolio to Chicago-based Remedy Medical Properties for an undisclosed price. Steve Timmel, Will Roberts, Chris Prosser and Travis Likes of CBRE’s Cincinnati office represented the seller in the transaction. St. Elizabeth Physicians, a health system based in Erlanger, Ky., fully occupies the portfolio.
GEORGETOWN, KY. — Auto giant Toyota has announced plans to invest $1.3 billion at Toyota Motor Manufacturing Kentucky, the company’s flagship plant in Georgetown. Toyota will invest the capital to increase production of its all-electric, three-row SUVs at the plant, including the establishment of a battery pack assembly line. CNBC reports that Toyota will begin production on the electric SUVs between late 2025 and early 2026. Toyota announced in May that it plans to invest $591 million in future projects and increase job retention to 700 full-time jobs at the plant. Situated about 16 miles north of Lexington within Scott County, Toyota Motor Manufacturing Kentucky represents an approximately $10 billion investment since operations first began in 1988. The company has produced more than 12 million vehicles at the plant over the past four decades.
LANCASTER, KY. — Atlanta-based spirits company Staghorn is underway on the development of its first distillery, named Garrard County Distilling Co., situated on a 210-acre site in Lancaster, roughly 40 miles south of Lexington in Garrard County. Upon completion, the $250 million project will feature a 50,000-square-foot distillery, as well as two rickhouses and a visitor center with a tasting room and restaurant, with plans for up to 24 aging warehouses by 2030. The distillery is expected to create more than 60 permanent jobs and produce up to 150,000 barrels of bourbon each year. A construction timeline was not disclosed.
LEXINGTON, KY. — Cowgill Inc. has announced plans to develop a new, 44-acre mixed-use project in Lexington. Dubbed Hamburg East, the property will feature restaurants, a hotel, apartments, shops and green space. Hamburg East will also include a 41-acre parcel that was acquired by the University of Kentucky in September and designated as the site of a new medical facility. Construction on the development is scheduled to begin immediately. The project team includes ATS Construction, Davis H. Elliott Co., Design Works and Vision Engineering. Cowgill, a locally based family company, currently owns and manages 15 apartment communities in Lexington.
LOS ANGELES — Los Angeles-based PCCP LLC has provided a $102 million acquisition loan to Stoltz Real Estate Partners, a real estate fund manager based in Bala Cynwyd, Pa., for a five-property industrial portfolio in the Southeastern United States. John Alascio, Alex Hernandez, Chris Meloni, T.J. Sullivan and Mitch Rothstein of Cushman & Wakefield arranged the financing on behalf of Stoltz. The 1.6 million-square-foot portfolio is located within the Atlanta, Charleston, Charlotte, Louisville and Nashville MSAs. The properties were fully leased at the time of financing to seven tenants that had a weighted average lease term (WALT) remaining of 4.6 years. All five properties were developed between 2018 and 2023 and range in size from 157,000 to 636,000 square feet. The seller and sales price were not disclosed.
LEXINGTON, KY. — RD1 Spirts has signed on to join as an anchor tenant at The Commons, a 40-acre mixed-use development in downtown Lexington. The locally based bourbon brand plans to invest $4.8 million to develop the two-story distillery at 113 Turner Commons Way, which will span 10,215 square feet and include an entrance off Main Street. The venue will include outdoor seating on both levels, four private tasting rooms, a glass-enclosed research-and-development space for wood finishing for RD1’s bourbon barrels, VIP speakeasy tasting room, craft cocktail bar and a gift shop. The venue will also include an 800-gallon pot, 175-gallon pot still, 750-gallon fermenter and a 1,000-gallon mash cooker that will cumulatively produce a barrel of bourbon per week. RD1 plans to open the distillery in August and support 11 full-time employees. The project team features law firm McBrayer and engineering firm VITOK, both out of Louisville, as well as architectural and design firm Lord Aeck Sargent. Ron Hardwick, a Louisville bourbon expert and shareholder of RD1, plans to lead the distillery design at the new venue. RD1 received approval for $521,000 in incentives from the Kentucky Tourism Development Finance Authority to help finance the project. In addition to …
Woda Cooper, Housing Services Alliance Open Affordable Seniors Housing Community in Walton, Kentucky
WALTON, KY. — Affordable housing developer Woda Cooper Cos. Inc. and Housing Services Alliance have opened Haven Crossing, an affordable seniors housing community in Walton, approximately 20 miles south of Cincinnati. Haven Crossing is a three-story, elevator-served building that provides 33 one-bedroom units and 24 two-bedroom units. It is restricted to residents age 55 and over earning 30 percent to 80 percent of the area median income (AMI). Project partners included Kentucky Housing Corp., Boone County, City of Walton, Marble Cliff Capital and First Financial Bank. Primary financing for the $13.2 million property was supported through the allocation of Low-Income Housing Tax Credit (LIHTC) equity by Kentucky Housing Corp. Marble Cliff Capital invested in the tax credits to provide equity financing. First Financial Bank invested in the project via MCC, and provided the construction loan. Cedar Rapids Bank & Trust is providing permanent debt for the project. Other partners on the project included Grimm Architecture, Chadan Engineering Inc. and Woda Construction Inc. Woda Management & Real Estate will handle leasing and management.