Kentucky

RealSource Acquires The Mill at Georgetown Apartments in Kentucky for $47M

by John Nelson October 4, 2022

GEORGETOWN, KY. — RealSource Properties Multifamily REIT has purchased The Mill at Georgetown, a 228-unit apartment community located at 115 Magnolia Drive in the Lexington suburb of Georgetown. The Salt Lake City-based investment firm purchased the property from an undisclosed seller for $47 million. Situated three miles from Toyota Motor Manufacturing Kentucky, The Mill at Georgetown features one-, two- and three-bedroom townhouse-style apartments. Amenities include a clubroom, fitness center, resort-style pool with shaded pergola, outdoor lounge, grilling area and a dog park.

October 4, 2022

Industrial Kentucky Market Reports Southeast Southeast Market Reports

Louisville’s Bulk Industrial Development Pipeline Surges in 2022

by John Nelson October 4, 2022

With vacancy in Louisville’s industrial bulk market sitting at 1.7 percent, an increase of supply is sorely needed. Fortunately, plenty is on the way. At the halfway point of 2022, over 9.5 million square feet of bulk inventory is under construction, with approximately 4.8 million square feet slated for completion by year-end. Due to the demand for big box distribution warehouse space, which skyrocketed due to COVID-19 and the increase of online ordering and e-commerce fulfillment, absorption (12.9 million square feet) outpaced construction (9.9 million square feet) to the tune of 3 million square feet, and depleted vacancies in the process. Average asking rent increased from $4.79 per square foot to $5.26 in the second quarter and is up 26.7 percent from $4.15 at this time last year. This can mainly be attributed to overall increase in demand and increased construction costs. With nearly 5 million square feet of new speculative product hitting the market by year-end, coupled with recent completions of approximately 3 million square feet and 1.6 million square feet of sublease space expected to hit the market in the near future, deal rates are expected to steady and could potentially decrease as competition among landlords increases over …

October 4, 2022

Kentucky Leasing Activity Office Southeast

Inxeption Opens 18,000 SF Office at PNC Tower in Downtown Louisville

by John Nelson September 2, 2022

LOUISVILLE, KY. — Inxeption, a Silicon Valley-based industrial commerce and supply chain digitization firm, has opened its new offices at PNC Tower in downtown Louisville. The firm, which supports software and several apps for the logistics industry, is occupying 18,000 square feet on the 29th floor. Inxeption says the new regional headquarters space will be able to accommodate up to 200 employees over the next five years. Kentucky Gov. Andy Beshear and Louisville Mayor Greg Fischer are scheduled to appear at a ribbon-cutting ceremony for the office. Inxeption’s operations, sales and technology employees at PNC Tower will have immediate access to the nearby Fourth Street Live! and Louisville Slugger Field, home of the Louisville Bats Minor League Baseball team. “In the last two years, Inxeption has integrated itself into the business community in Louisville, a crucial logistics hub,” says Josh Allen, Inxeption’s chief compliance officer and first Louisville employee. “We continue to undergo substantial growth, so we have strategically renewed our commitment to the city by relocating to a space that can scale as we expand our supply chain operations in support of more industrial businesses.” The new offices come on the heels of Inxeption’s latest financing round at a …

September 2, 2022

Acquisitions Kentucky Retail Southeast

BC Wood Acquires Two Shopping Centers in Newport, Kentucky Totaling 429,399 SF

by John Nelson August 31, 2022

NEWPORT, KY. — BC Wood Properties, a value-add shopping center investment firm based in Lexington, Ky., has purchased two retail centers in Newport, a suburb of Cincinnati. The adjacent assets, Newport Shopping Center and Newport Plaza, total 429,399 square feet. Newport Shopping Center’s tenant roster includes Newport Racing & Gaming, Crunch Fitness, Family Dollar, Dollar General, Cricket Wireless, H&R Block and GNC. Newport Plaza’s tenants include Fresh Thyme, Planet Fitness, Ace Hardware and Dollar Tree. Both centers also house several locally based stores and restaurants. BC Wood acquired the centers via its investment vehicle BC Wood Real Estate Fund III. The seller and sales price were not disclosed. With this acquisition, BC Wood now owns and operates 10 shopping centers in Kentucky.

August 31, 2022

Acquisitions Kentucky Retail Southeast

Stan Johnson Co. Arranges $15M Sale of Washington Square Shopping Center in Georgetown, Kentucky

by John Nelson August 26, 2022

GEORGETOWN, KY. — Stan Johnson Co. has arranged the $15 million sale of Washington Square, a 122,554-square-foot shopping center located at 1002 Lexington Road in Georgetown. Ryan Roedersheimer of Stan Johnson Co.’s Cincinnati office represented the seller, a Lexington-based investment firm, in the transaction. The buyer is a private investment firm based in Austin. Washington Square was built in 1972 and is situated on a heavily trafficked corner spanning 13.9 acres about 10 miles north of Lexington. The property was fully leased at the time of sale to tenants including anchor LifePoint Health.

August 26, 2022

Acquisitions Industrial Kentucky Office Southeast

MAG Capital Partners Acquires Flex Industrial Facility in Nicholasville, Kentucky in Sale-Leaseback Deal

by John Nelson August 23, 2022

NICHOLASVILLE, KY. — MAG Capital Partners has purchased a 112,400-square-foot flex industrial facility located on 40.9 acres at One Security Drive in Nicholasville, a suburb of Lexington. The Fort Worth, Texas-based firm acquired the property in a sale-leaseback deal with Los Angeles-based OpenGate Capital, parent company of the tenant, Sargent & Greenleaf. Founded in 1857, Sargent & Greenleaf is an electronic and mechanical lock manufacturer for the banking, residential, railroad and government sectors. Nick Foster of JLL’s Newport Beach, Calif., office represented MAG Capital in the transaction. The sales price was not disclosed. The property comprises 90,000 square feet of manufacturing space with 22-foot clear heights and 22,400 square feet of office space.

August 23, 2022

Development Kentucky Loans Multifamily Southeast

Thorofare Capital Provides $28M Construction Loan for NuLu Yards Apartments in Louisville

by John Nelson August 10, 2022

LOUISVILLE, KY. — Thorofare Capital Inc., a Los Angeles-based affiliate of investment manager Callodine Group, has provided $28 million in construction financing for NuLu Yards, a 189-unit multifamily project in Louisville. The Class A property will anchor a larger mixed-use development in the NuLu neighborhood of Louisville. The borrower, Weyland Ventures, is also developing the first Tempo by Hilton adjacent to NuLu Yards, as well as a structured parking deck. David Perlman, Jacob Yi and Paul Kim of Thorofare Capital originated the financing. Wave Capital Partners arranged the loan on behalf of the borrower. The construction timeline was not released.

August 10, 2022

Acquisitions Kentucky Multifamily Southeast

Rosewood Realty Negotiates $24M Sale of Apartment Community in Lexington, Kentucky

by John Nelson August 9, 2022

LEXINGTON, KY. — Rosewood Realty Group has negotiated the $24 million sale of Saddlebrook at Tates Creek, a 181-unit apartment complex located at 3543 Tates Creek Road in Lexington. Jay Weiner of Rosewood Realty represented the both the seller, Birmingham, Ala.-based Engel Realty Co., and the buyer, Wicker Park Capital Management, a real estate investment firm with offices in Savannah, Birmingham and Atlanta. Built in 1974, the market-rate apartment community features a clubhouse and a fitness center. Wicker Park plans to update both interior units and amenities during its ownership period, according to Weiner.

August 9, 2022

Acquisitions Hospitality Kentucky Southeast

Huff, Niehaus Brokers Sale of 81-Room Comfort Suites Airport Louisville Hotel

by John Nelson August 3, 2022

LOUISVILLE, KY. — Huff, Niehaus & Associates, Inc. has brokered the sale of the Comfort Suites Airport Louisville hotel in Louisville. The 81-room hotel is located at 6535 Paramount Park Drive, about 4.5 miles south of Louisville Muhammad Ali International Airport. Brandt Niehaus of Huff, Niehaus & Associates brokered the transaction. According to the property website, the hotel features an indoor heated pool, fitness center, laundry services, free airport transportation and a full buffet breakfast for guests. The undisclosed buyer has several Choice hotels in its portfolio and plans to use a third-party management company to operate the Comfort Suites Airport Louisville. The seller and sales price were not disclosed.

August 3, 2022

Acquisitions Hospitality Kentucky Southeast

Huff, Niehaus Brokers Sale of 81-Room Comfort Suites Airport Louisville Hotel

by John Nelson August 3, 2022

August 3, 2022

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