LEXINGTON, KY. — Capstone Apartment Partners has brokered the $5.4 million sale of Lexington Villas Townhomes, a 152-unit apartment community located at 200 Alsab Court in Lexington. Built in 1972, the property was approximately 60 percent occupied at the time of sale. Denton Floyd Real Estate Group purchased the apartment complex from Alexander Properties Group for roughly $35,461 per unit. Adam Klenk, Andrew Klenk and Alex McDermott of Capstone represented the seller in the transaction.
ERLANGER, KY. — NorthMarq Capital has arranged a $10.3 million loan for the refinancing of Donaldson Road Center II, a 258,947-square-foot industrial property located at 1325 and 1335 Donaldson Road in Erlanger. Alstom Power is the anchor tenant at the facility. Susan Branscome of NorthMarq’s Cincinnati office arranged the 10-year loan with a 20-year amortization schedule through an unnamed life insurance company.
LEXINGTON, KY. — Hilton Worldwide has opened its first Home2 Suites by Hilton in Kentucky and its 53rd overall of the brand. The 103-room hotel, known as Home2 Suites by Hilton Lexington University/Medical Center, is located at 126 E. Lowry Lane and within three miles of downtown Lexington, area hospitals and the University of Kentucky. The hotel’s owner, Cohen Realty Inc., developed the hotel and has tapped Vista Host Inc. to manage it. The hotel features an indoor saline pool and an outdoor patio, as well as some of the brand’s trademark amenities such as the Oasis lobby, the Home2 MKT for grab-and-go items, the Spin2 Cycle (a combined laundry and fitness area) and complimentary continental breakfast at the “Inspired Table.”
LOUISVILLE, KY. — 908 Development Group, in a joint venture with Harrison Street Real Estate Capital, has begun construction on The Nine at Louisville, a 385-bed, urban infill project located adjacent to the University of Louisville. The Nine at Louisville will be a purpose-built student housing project to serve the students of The University of Louisville and will target students seeking pedestrian access to classrooms, the student center and athletic fields. The Nine at Louisville will be located immediately across the street from the University of Louisville Student Center. The community will consist of two-, three-, four- and five-bedroom units. Each floor plan will offer private bathrooms, will be fully furnished and will have finishes such as granite countertops, showerheads with Bluetooth-enabled capabilities, in-unit washer and dryers and stainless steel appliances. Amenities at The Nine will include a resort-style pool, outdoor grilling and gaming areas, business center with cyber café, numerous 24-hour study lounges, tanning beds, a fitness facility and game room. Gated parking will be provided in a covered and secure setting. The Nine at Louisville was designed by Humphrey’s & Partners Architects, with interior design services provided by Sixth River. Whittenberg Construction Co. has been selected as the …
LOUISVILLE, KY. — NorthMarq Capital has opened a new commercial and multifamily loan production office in Louisville. Randy Waddell will serve as senior vice president of the new office. Waddell will work closely with NorthMarq’s Cincinnati office, which was recently acquired from Quest Commercial Capital. Waddell’s primary focus will be to source, structure and originate debt for owners of commercial and multifamily assets.
ST. MATTHEWS, KY. — Faris Lee Investments has brokered the $46.1 million sale of Bluegrass Manor Shopping Center, a Whole Foods-anchored shopping center in St. Matthews, a suburb of Louisville. The property’s retail tenant roster includes Toys “R” Us and LA Fitness. The Whole Foods Market is the only Whole Foods in the Louisville area. Rick Chichester and Donald MacLellan of Faris Lee represented the seller, P&P, and the buyer, The Hocker Group, in the transaction. The property sold at a 6.65 percent cap rate.
LEXINGTON, KY. — Cushman & Wakefield and Commercial Kentucky Inc., a member of the Cushman & Wakefield Alliance, have teamed up to broker the sale of three apartment communities in Lexington totaling 1,108 units. Priderock Capital Partners purchased the 480-unit Raintree Apartments and the 232-unit Stoney Brooke Apartments for $28.2 million and $13.9 million, respectively. Nashville-based Covenant Capital Group purchased the 396-unit Stoney Falls Apartments for $25.9 million. Mike Kemether of Cushman & Wakefield’s Atlanta office and Craig Collins of Commercial Kentucky represented the seller, Sterling Properties, a New York-based fund, in all three transactions.
LOUISVILLE, KY. — Commercial Kentucky Inc., a member of the Cushman & Wakefield Alliance, has brokered the $14.3 million sale of the historic Starks Building in downtown Louisville’s central business district. The 14-story, 395,505-square-foot office tower was originally constructed in 1913. Delray Beach, Fla.-based Hudson Holdings purchased the office tower from the Hertz Organization and plans to reposition the building into a mixed-use property featuring 100 apartments units and a 200-room upscale hotel. The property will also feature a coffee shop and full-service health club. Craig Collins and Sam English of Commercial Kentucky represented the Hertz Organization in the sale.
HEBRON AND WILDER, KY. — NorthMarq Capital has arranged the refinancing of two properties in Hebron and Wilder totaling $18.1 million. The properties include Shoppes at Worldwide Park in Hebron and Aspen Pines Apartments in Wilder. Shoppes at Worldwide Park is a 13,174-square-foot unanchored retail property located at 2010 N. Bend Road. Aspen Pines is a 245-unit Class A apartment community located at 1700 Aspen Pines Drive. Susan Branscome of NorthMarq’s Cincinnati office arranged the $16.8 million loan for Aspen Pines through PPM and the $1.3 million loan for Shoppes at Worldwide Park through Symetra.
LOUISVILLE, KY. — Coca-Cola Bottling Co. Consolidated has opened a new 305,000-square-foot sales and distribution center on Global Drive in southwest Louisville. The company invested roughly $12 million to renovate a vacant warehouse on a 25-acre site in Louisville for the new plant. The project also involved retrofitting office space and adding more than 100,000 square feet of new construction. The new facility will handle sales and distribution of Coca-Cola products in a 21-county area stretching from Owen County to Hardin County in Kentucky and Jefferson County to Harrison County in Indiana. The company currently has 350 employees working in the Louisville franchise territory. In addition, a new ‘make ready center’, which will handle deployment and refurbishing of vending and other sales equipment, is still under construction and will open later this spring. In addition to the Louisville franchise, Coca-Cola Consolidated also acquired the franchise in Evansville, Ind. The company has signed definitive purchase agreements for additional Kentucky franchises, including Lexington, Pikeville and Paducah, and hopes to conclude those transactions later in 2015. Charlotte-based Coca-Cola Consolidated is the nation’s largest independent bottler of Coca-Cola with franchise territories in 11 states.
