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.
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.
