FLORENCE, KY. — Walker & Dunlop has negotiated the sale of Legacy Living Florence, a 128-unit seniors housing community in Florence, just south of Cincinnati. Built in 2022, Legacy Living features independent living, assisted living and memory care units. The buyer was an undisclosed REIT. The seller and sales price were also not disclosed. Alex Vice, Joshua Jandris and Brett Gardner led the Walker & Dunlop Investment Sales team in brokering the sale.
LEXINGTON, KY. — RD Property Group is underway on the development of a 34-acre mixed-use development located in Lexington. The City of Lexington recently certified plans for the construction of a 122,000-square-foot Kroger Marketplace at the project, dubbed Newton Springs. Plans for the store include a drive-thru pharmacy, adjoining wine and spirits shop and 476 parking spaces. The development also features a recently opened Everhome Suites hotel, as well as two four-story buildings, a restaurant space and three additional buildings. Tenants at the property include Estepp’s Shell, Jimmy Johns, Hot Head Burritos, The UPS Store, Tire Discounters and Starbucks Coffee.
LOUISVILLE, KY. — CBRE has opened its new 8,600-square-foot office on the fifth floor of Ormsby III, an office building located at 10200 Forest Green Blvd. in Louisville. The firm is relocating from One Paragon Centre at 6060 Dutchmans Lane. The new office is part of CBRE’s Workplace 360 program and showcases spaces that are designed to accommodate hybrid working, thus no desks are assigned. Teams are assigned to various neighborhood work areas where CBRE team members can work in any unoccupied space. The office has several different work areas including focus, huddle and conference rooms, as well as a library space with banquette seating. There is also a wellness room and an open-space lobby known as The Heart that features a large communal table, a digital media display with speakers near the entrance and a café for employees and guests. CBRE Design Collective designed the new Louisville office, which also features nods to the city’s history with Louisville Slugger bats decorating the conference room and aesthetic nods to the bourbon industry.
SCOTTSVILLE, KY. — Global HVAC products manufacturer Halton Group has wrapped up the expansion of its manufacturing facility in Scottsville, a southern Kentucky city near the Tennessee border. The expansion comprises 47,000 square feet of new manufacturing space and 8,100 square feet for laboratories and offices, bringing the facility to 96,100 square feet. Halton expects the expansion to generate 60 new full-time jobs in the Allen County area. Halton has had a presence in Kentucky since 1988.
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.