Louisville, Ky. — A joint venture between a CBRE Investment Management fund (CBRE Strategic Partners US Value 9) and Fairbourne Properties has acquired Paddock Shops, a retail center located in Louisville. The property, which was 88 percent leased at the time of sale, comprises 353,665 square feet and features 1,976 parking spaces. Tenants at the center include The Fresh Market, Barnes & Noble, Build-A-Bear Workshop, Five Guys, Gap, Mitchell’s Fish Market, Orangetheory Fitness, Orvis, Pottery Barn, Starbucks Coffee, Total Wine & More and West Elm, according to the property website.
Scottsville, Ky. — Legacy Realty Group Advisors has brokered the sale of Scottsville Shopping Center, a 31,800-square-foot retail center located in Scottsville. Food Lion anchors the property. Jacob Baruch and Jonah Warshaw of Legacy represented both the buyer and seller in the transaction.
New York City — The Necessity Retail REIT Inc. (RTL) has completed the sale of 44 properties leased to Bob Evans restaurants for a total $93 million. The restaurants are located in Kentucky, Indiana, Ohio, Michigan, Delaware, Pennsylvania, Virginia, West Virginia and Maryland. “With this sale, we have intentionally reduced our total portfolio exposure to fast casual dining to less than 2 percent from 4 percent, based on annualized straight-line rent,” says Michael Weil, chief executive officer of RTL.
Lexington, Ky. — Lincoln Property Co. (LPC) and The Webb Cos. have purchased an 18-acre site in downtown Lexington. The partnership plans to develop a mixed-use project at the location. Upon completion, the development will feature residential, retail, hospitality and office space.
Brookfield Properties Completes Renovation, 30,000-Square-Foot Expansion of Oxmoor Center in Louisville
Louisville, Ky. — Brookfield Properties has completed a 30,000-square-foot addition and renovations to Oxmoor Center, a regional mall in east Louisville. The project, which also included the addition of 27 acres of surface parking, is the redevelopment of a big box space formerly occupied by Sears. Topgolf recently opened within the space, which features room for nine additional tenants. The development team for the project included Hoar Construction, Strong Tower Exterior Envelope Wall Systems, Louisville Paving & Construction Co. and Hobbs+Black Architects. Oxmoor Center spans nearly 900,000 square feet and …
Florence, Ky. — The Cooper Commercial Investment Group has arranged the $6.1 million sale of Houston Commons, a shopping center located in Florence, roughly 13 miles southwest of Cincinnati. PetSmart, which recently signed an early extension at the property through 2035, anchors the center, which was 88 percent leased at the time of sale. An Illinois-based buyer purchased the center from the seller, a private investor. Dan Cooper of Cooper Commercial represented the seller in the transaction.
Nashville, Tenn. — Nashville-based Matthews Real Estate Investment Services has arranged the $16.1 million portfolio sale of eight stores leased to the combo Family Dollar-Dollar Tree discount retail concept. The stores are located in Blountsville and Clayton, Alabama; Pauls Valley, Warner and Maud, Oklahoma; Edison, Georgia; Lincoln, Arkansas; and Coldiron, Kentucky. Josh Bishop of Matthews represented the seller, an unnamed developer that built the stores. The undisclosed institutional buyer purchased the properties at a cap rate of 6.4 percent.
Owensboro, Ky. — Marcus & Millichap has arranged the sale of a single-tenant 2,584-square-foot property located in Owensboro. Dan Yozwiak and Darpan Patel represented the undisclosed buyer in the $2.5 million transaction. Freddy’s Frozen Custard & Steakburgers occupies the property, which was renovated in 2018, on a net-lease basis and recently committed to a 15-year lease with renewal options. Colby Haugness, Kentucky broker of record, assisted in closing the sale.
Louisville, Ky. — Publix Super Markets has purchased land at the northwest corner of Flat Rock and Shelbyville roads in Louisville with plans to develop the market’s third Publix location. The Courier-Journalreports that the grocer purchased the site from an entity doing business as Shoppes at Gardiner Park LLC for more than $5.5 million. Plans call for a 48,387-square-foot store with a pharmacy and an adjacent Publix Liquors store that will offer beer, wine and spirits. The stores are anticipated to open in the second quarter of 2024. In addition …
Bardstown, Ky. — Northmarq’s Louisville office has secured a $3 million refinancing of Wilson & Muir Plaza, a 63,598-square-foot retail center located at 100 West John Rowan Boulevard in Bardstown, roughly 40 miles southeast of Louisville. Randall Waddell of Northmarq negotiated a blended interest rate of 4.9 percent fixed over a 10-year term on behalf of the undisclosed borrower. A new anchor tenant — Marshall’s — recently opened at the property.