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Kentucky

DevelopmentKentuckyMixed-UseRestaurantRetailSoutheast

North American Properties, Galley Group to Open Food Hall at Newport on the Levee in Kentucky

by John Nelson

NEWPORT, KY. — Cincinnati-based North American Properties (NAP) has partnered with Galley Group, a Pittsburgh-based food hall operator, to open a new food hall and bar at Newport on the Levee, a mixed-use destination along the Ohio River in Newport. The 7,900-square-foot venue, dubbed The Galley on the Levee, will feature four restaurants and a signature bar that will be able to accommodate 200 patrons. Designed by Reztark Design Studio, the food hall will open onto Bridgeview Box Park, an open-air shipping container park that opened in 2020 as part of NAP’s redevelopment of Newport on the Levee, which originally opened in 2001. The Galley on the Levee is set to open in summer 2023 and will mark Galley Group’s entry into the Kentucky market. In addition to the food hall, several other restaurants are currently under construction at the mixed-use development, including Shiners on the Levee, 16 Lots Brewing Co. and Amador. Shiners will soft-open during Thanksgiving week and host grand opening festivities in early December, while 16 Lots and Amador are slated to open next spring, according to NAP.

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AcquisitionsDevelopmentIndustrialKentuckyMixed-UseSoutheast

Duncan Brokers Sale of Historic Distillery Commons Complex in Louisville, Buyer Plans $75M Adaptive Reuse Project

by John Nelson

LOUISVILLE, KY. — Duncan Commercial Real Estate (DCRE)/CORFAC International has brokered the sale of Distillery Commons, a historic distillery complex located at Lexington and Payne streets in Louisville’s Irish Hill neighborhood. The buyer, St. Louis-based Bamboo Acquisitions LLC, an affiliate of Intelica Commercial Real Estate, plans to redevelop the red-brick complex into a mixed-use project housing residences, offices, shops and restaurants. Barrel House Investments sold Distillery Commons to Bamboo for an undisclosed price. In 2019, the seller purchased the complex from Kinetic Properties, which had owned the site since the mid-1970s. The Courier-Journal reports that Distillery Commons operated as a bourbon warehouse that was constructed in the 1890s and that the proposed mixed-use development carries a price tag of $75 million. The City of Louisville recently condemned the rickhouse (Building 100 of the property), which was demolished last month.

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DevelopmentKentuckyLeasing ActivityRetailSoutheast

Academy Sports Opens 80,000 SF Store in Lexington, Kentucky

by John Nelson

LEXINGTON, KY. — Academy Sports + Outdoors has opened an 80,000-square-foot store within South Park Shopping Center, a retail center located at 3200 Nicholasville Road in Lexington. Kaden Cos. is the landlord of South Park, which also houses Ulta Beauty, Best Buy, Burlington and Value City Furniture. The new store is the sixth Academy Sports location in Kentucky and its first in Lexington. Academy Sports plans to open nine stores this year and another 80 to 100 new locations over the next five years. The Katy, Texas-based company currently operates 264 stores across 17 states.

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AcquisitionsIndustrialKentuckySoutheast

Campari Group Agrees to Purchase Wilderness Trail Distillery in Kentucky for $600M

by John Nelson

DANVILLE, KY. — Campari Group, a global spirits distributor based in Milan, has agreed to purchase Wilderness Trail Distillery, a bourbon and rye whiskey distiller based in Danville. Campari purchased an initial 70 percent stake in the company for $420 million, and in 2031 will have the option to purchase the remaining 30 percent interest for $180 million. Wilderness Trail was founded in 2012 and in 2018 launched two new whiskey brands: Wilderness Trail Bourbon and Wilderness Trail Rye Whiskey. The company operates a 168-acre campus in Danville and has approximately 100,000 barrels aging in its six rickhouses, according to the company’s website. This is the second largest acquisition for Campari, with its 2016 purchase of Grand Marnier being the largest, according to Reuters. The Wilderness Trail transaction, which is subject to customary closing conditions, is expected to close before the end of 2022. Wilderness Trail will continue to operate independently until the transaction closes. William Blair & Co. acted as exclusive financial advisor to Wilderness Trail, and Benesch, Friedlander, Coplan and Aronoff LLP acted as its legal advisor. McDermott Will & Emery LLP acted as tax and legal advisor to Campari Group, whose other whiskey labels include Wild Turkey …

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AcquisitionsKentuckyMultifamilySoutheast

29th Street Capital Purchases 274-Unit Ashton Brook Apartments in Louisville

by John Nelson

LOUISVILLE, KY. — 29th Street Capital (29SC) has purchased Ashton Brook Apartments, a 274-unit multifamily community located in Louisville. The seller and sales price were not disclosed. Built in 1979, the Class B property features a swimming pool, fitness center, dog park, outdoor grilling and picnic area, playground and a laundry facility. Ashton Brook is situated near the headquarters of Haven Residential, 29SC’s in-house property management company that is taking over operations of the pet-friendly community.

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AcquisitionsKentuckyMultifamilySoutheast

Capstone Arranges $13.7M Sale of Multifamily Portfolio in Murray, Kentucky

by John Nelson

MURRAY, KY. — Capstone Apartment Partners has arranged the $13.7 million sale of an apartment portfolio in Murray. Situated near Murray State University and within a two-mile radius of one another, the portfolio comprises 86 completed units, 24 nearly completed units and 20 under construction units, all of which were leased at the time of sale. Adam Klenk, Austin Heithcock, Tyler Mayo and Jordan Arand of Capstone represented the seller, Jennings Management and BTJ Rental LLC, in the transaction. The seller developed the portfolio over the last 10 years and managed them during its ownership. The buyer and sales price were not disclosed, but Capstone says the portfolio traded at a record price per unit for the city of Murray.

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KentuckyMarket ReportsMultifamilySoutheastSoutheast Market Reports

Louisville is a Stable and Growing Multifamily Market for Potential Investors

by John Nelson

Following the trends of both regional and national multifamily statistics, the Louisville metro area has had a robust stretch of development, repositioning and innovation in the multifamily housing sector that has surpassed 10 years in duration. With a population of 1.32 million, there are 516,000 households in Louisville with an average household income of $69,000. Pursuant to a recent CoStar Group report, Louisville has a total inventory of just over 84,000 units. It is anticipated that there will be over 91,000 units by 2026, a 8.3 percent increase. CoStar also forecasts that the Derby City’s vacancy rate will hover around 5.5 percent in 2026. One of the projects under development includes The Reserve (the Stable) at English Station. The 172-unit, Class A community adjoins a patio home development that was developed by Sunshine Industries. The property is slated for completion in January 2023. As far as popular neighborhoods for development, there are several recently developed or under construction projects in the city’s East End district. The city’s economy has benefited from the accelerated adoption of e-commerce as a result of the pandemic. Retailers and logistics providers are leasing a record amount of space as they seek to expand their distribution …

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AcquisitionsKentuckyRetailSoutheast

Fimiani Development Buys 85,000 SF Pennyrile Marketplace Shopping Center in Hopkinsville, Kentucky

by John Nelson

HOPKINSVILLE, KY. — Fimiani Development Corp. has acquired Pennyrile Marketplace, an 85,000-square-foot shopping center located at 3010 Fort Campbell Blvd. in Hopkinsville. Seritage KMT Finance sold the property to the Boca Raton-based retail investment firm for $3.8 million. Built in 1978, Pennyrile Marketplace sits on 12 acres near Fort Campbell Army base and houses tenants including Harbor Freight Tools, Bargain Hunt and Farmers Home Furniture. Mike Fimiani represented the buyer in the transaction on an internal basis, and Marc Ozburn and Ross Robison of Berkeley Capital Advisors represented the seller. Fimiani Development plans to make renovations to Pennyrile Marketplace, including landscaping, improved signage and resurfacing of the parking lot.

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DevelopmentKentuckySoutheastStudent Housing

Investment Property Advisors, University of Louisville Complete 128-Bed Residence Hall

by John Nelson

LOUISVILLE, KY. — A public-private partnership between the University of Louisville (UofL), UofL Athletics, the UofL Foundation and Investment Property Advisors has completed Denny Crum Hall. The residence hall, named after former UofL basketball coach Denny Crum, offers 128 beds across 67 apartment-style units with bed-to-bath parity. Each unit includes a full kitchen and living room and is fully furnished. Shared amenities include a rooftop deck, event lounge, two theaters, billiards and gaming lounge, café, study area, conference room, outdoor patio and a pickleball court. The majority of Denny Crum Hall’s units are occupied by the university’s lacrosse and men’s and women’s basketball teams. L&N Credit Union provided special-term construction/permanent financing for the project. Private equity was also contributed, incorporating Opportunity Zone compliant funding and donor funding from UofL Athletics.

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AcquisitionsKentuckyMultifamilySoutheast

Capital Square Acquires 273-Unit Lyric at Norton Commons Apartments in Prospect, Kentucky

by John Nelson

PROSPECT, KY. — Capital Square has purchased Lyric at Norton Commons, a 273-unit multifamily community located at 11210 Peppermint St. in Prospect, a suburb of Louisville. The Richmond-based investor purchased the property on behalf of CS1031 Lyric at Norton Commons Apartments DST, a Delaware statutory trust that seeks to raise $68 million in equity from accredited investors. The seller and sales price were not disclosed. Lyric at Norton Commons offers one-, two- and three-bedroom units averaging 956 square feet in size. Community amenities include a 24-hour fitness center, resort-style saltwater swimming pool with poolside cabanas, resident lounge with a complimentary gourmet coffee bar and business center, pet spa, indoor meditation space, movie room with stadium seating and multiple outdoor courtyards that feature lawn games and grills. The property is located within the 600-acre Norton Commons master-planned neighborhood, which features a 150-acre system of parks, squares, plazas, walking trails, recreational and civic amenities. The development is home to more than 90 businesses, including restaurants, shops, salons, a post office, three schools, YMCA and Saint Bernadette Church.

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