Kentucky

MDH Signs RP Construction Services to 180,000 SF Industrial Lease in Louisville

by John Nelson June 28, 2023

LOUISVILLE, KY. — Atlanta-based MDH Partners has signed RP Construction Services, a distributor and assembler of utility solar equipment, to a 180,000-square-foot industrial lease in Louisville. The tenant will occupy space at Park 65 Business Center, a 260,000-square-foot distribution center located at 100 Brooks Way. The RP Construction Services lease brings Park 65 to full occupancy. Robert Walker and Greg Charmoli of Cushman & Wakefield represented the landlord in the lease transaction. MDH Partners purchased Park 65 in 2019 when it was 30 percent occupied. The firm currently owns 101 properties across 20 states, including 570,000 square feet in Kentucky.

June 28, 2023

Development Kentucky Mixed-Use Southeast

Lincoln Property Co., Webb to Build 18-Acre Mixed-Use Project in Downtown Lexington, Kentucky

by John Nelson May 23, 2023

LEXINGTON, KY. — Lincoln Property Co. (LPC) and The Webb Cos. plan to develop an 18-acre mixed-use development in downtown Lexington. The site is situated across from Rupp Arena, the home arena for the University of Kentucky Wildcats men’s and women’s basketball teams. LPC and Webb signed a long-term ground lease with the landowner, Lexington Center Corp., after a competitive request for proposal (RFP) process. The duo’s plan for the site includes apartments, stores, restaurants, a hotel and offices, among other uses. The project’s name and construction timeline were not revealed.

May 23, 2023

Acquisitions Hospitality Kentucky Southeast

Mumford Arranges Sale of 52-Room Baymont Inn & Suites Hotel in Madisonville, Kentucky

by John Nelson May 18, 2023

MADISONVILLE, KY. — Mumford Co. has arranged the sale of Baymont Inn & Suites, a 52-room hotel in the southwest Kentucky town of Madisonville. An entity doing business as Skyann Corp. sold the asset to an entity doing business as Paras 1981 LLC for an undisclosed price. The buyer is an affiliate of a multi-property hotelier that is active in the region, according to Mumford. Carter Wilcox of Mumford’s Newport News, Va., office represented the seller in the transaction. The buyer plans to retain the property as a Baymont, a flag under Wyndham Hotels & Resorts, following upgrades to the hotel’s guestrooms and public areas. Amenities at the hotel include a fitness center, business center, complimentary breakfast and Wi-Fi, meeting room and an outdoor pool, according to the hotel’s website.

May 18, 2023

Industrial Kentucky Leasing Activity Southeast

Dermody Properties Inks 203,840 SF Industrial Lease in Louisville

by John Nelson May 10, 2023

LOUISVILLE, KY. — Dermody Properties has signed an unknown tenant to a full-building industrial lease at LogistiCenter SM at Louisville Airport Building 2. Built in 2022, the 203,840-square-foot facility is located at 3195 S. Park Road in Louisville, about eight miles south of Louisville Muhammad Ali International Airport. Bruce Isaac of NAI Isaac, Mark Wardlaw and Clay Manley of NAI Fortis and Bill Kampton and Phil Garrett of Colliers NAPA represented the tenant in the lease transaction. Alex Grove and Kevin Grove of CBRE represented the landlord.

May 10, 2023

Development Kentucky Retail Southeast

Hoar Construction Completes Renovation, Expansion of Oxmoor Center Mall in Louisville

by John Nelson April 27, 2023

LOUISVILLE, KY. — Hoar Construction has completed the 25,000-square-foot renovations on the southern wing of Oxmoor Center, a regional mall in east Louisville. The project, which also included a 30,000-square-foot addition and 27 acres of surface parking, is on the site of the mall’s former Sears that closed in 2018. Replacing the former department store is a recently opened Topgolf and nine new tenant shell spaces. Hoar’s project team included Strong Tower Exterior Envelope Wall Systems, Louisville Paving & Construction Co. and Hobbs+Black Architects. Owned by Brookfield Properties, Oxmoor Center spans nearly 900,000 square feet and features retailers including Macy’s, Dick’s Sporting Goods, Von Maur, The Lego Store, Apple and Sephora, among others.

April 27, 2023

Acquisitions Industrial Kentucky Southeast

JLL Income Property Trust Acquires 1 MSF Distribution Center in Louisville for $82M

by John Nelson April 26, 2023

LOUISVILLE, KY. — JLL Income Property Trust has purchased Louisville Logistics Center, a 1 million-square-foot, newly constructed industrial property on Louisville’s south side. The undisclosed seller sold the Class A property for approximately $82 million. Built in 2022, Louisville Logistics Center is a cross-dock distribution center featuring 40-foot clear heights. The tenant, a global third-party logistics firm, has invested in equipment and technology specifically customized for its operations at the property. The building is leased through 2032 and features 2 percent rent escalations and two 10-year renewal options. This investment brings Chicago-based JLL Income Property Trust’s aggregate industrial allocation to nearly $2.2 billion, or 32 percent of its portfolio, across 59 properties in 13 markets.

April 26, 2023

Acquisitions Kentucky Office Southeast

NAI Isaac Arranges Sale of 21,384 SF Office Building in Lexington, Kentucky

by John Nelson April 21, 2023

LEXINGTON, KY. — NAI Isaac has arranged the sale of a 21,384-square-foot office building located at 1080 Export Road in Lexington. Comprising three stories, the property is within walking distance of the University of Kentucky campus. Jamie Adams and J.L. Cannady of NAI Isaac represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.

April 21, 2023

Development Kentucky Multifamily Southeast

Lendlease Completes Renovations of 170 Military Housing Units at Fort Campbell in Kentucky

by John Nelson April 14, 2023

FORT CAMPBELL, KY. — Lendlease has completed interior and exterior renovations of 170 units for Junior Enlisted families within the New Hammond Heights neighborhood at the privatized military housing community of Campbell Crossing at Fort Campbell. Beginning in April 2021, the renovations included the replacement of each home’s exterior, living room and kitchen upgrades, master bathroom remodels and the replacement of interior finishes and appliances. All windows and appliances have been upgraded to Energy Star-rated products, and other sustainability benefits have been implemented for the reduction of energy and water consumption. Renovations are part of the company’s $300 million, five-year plan for the community, which also includes new construction and removal of outdated units. Other projects underway at Campbell Crossing include the demolition and construction of 680 new homes for Junior Enlisted families.

April 14, 2023

Acquisitions Industrial Kentucky Southeast

MAG Capital Partners Buys 75,469 SF Industrial Facility in Carrollton, Kentucky in Sale-Leaseback Transaction

by John Nelson April 12, 2023

CARROLLTON, KY. — MAG Capital Partners LLC has acquired a 75,469-square-foot industrial facility located at 3356 U.S. Highway 42 E in Carrollton. The Dallas-based investment firm purchased the asset in a sale-leaseback with the tenant, DRC Industries, a regional converter and distributor of paper products and other packaging materials. Forest Bender of Marcus & Millichap represented the seller in the transaction, the sales price of which was not disclosed. Built in 1992 along the Ohio River, the warehouse has three drive-in doors, nine docks and 20-foot clear heights. The property is proximate to DRC’s production facility located where the Ohio and Kentucky rivers meet.

April 12, 2023

Development Industrial Kentucky Loans Southeast

Northmarq Secures $25.3M Construction Financing for Bourbon Barrel Storage Facility in Shelbyville, Kentucky

by John Nelson March 6, 2023

SHELBYVILLE, KY. — Northmarq has secured $25.3 million in financing for the construction of the first two phases of a bourbon barrel storage facility in Shelbyville. Randall Waddell of Northmarq’s Louisville office arranged the fixed-rate loan through a Kentucky-based bank on behalf of the borrower, a joint venture between The Spirits Group and K-RAX. The loan carries a five-year term with three years of interest-only payments followed by a 25-year amortization schedule. Upon completion, the development, situated on 107 acres at 2517 Vigo Road will feature seven rickhouses — each of which will have capacity for 19,800 barrels — and one blending/bottling building.

March 6, 2023

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