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Necessity Retail REIT Sells 44 Bob Evans-Leased Properties for $93 Million

by Hayden Spiess

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. 

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Oxmoor Center
DevelopmentKentuckyNews

Brookfield Properties Completes Renovation, 30,000-Square-Foot Expansion of Oxmoor Center in Louisville

by Hayden Spiess

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 …

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Houston-Commons_Florence
Investment salesKentuckyNews

Cooper Commercial Arranges $6.1 Million Sale of Houston Commons Shopping Center in Metro Cincinnati

by Hayden Spiess

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.

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Family-Dollar_Dollar-Tree
AlabamaArkansasGeorgiaInvestment salesKentuckyNewsOklahomaTennessee

Matthews Arranges $16.1 Million Portfolio Sale of Eight Stores Leased to Family Dollar-Dollar Tree

by Hayden Spiess

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.

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Freddy's-Owensboro-Ky
Investment salesKentuckyNet leaseNewsRestaurants

Marcus & Millichap Arranges $2.5 Million Sale of Single-Tenant Property in Western Kentucky

by Hayden Spiess

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.

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Publix_Kentucky
Company newsDevelopmentKentuckyNews

Publix Buys Land in Louisville, Plans to Develop Market’s Third Grocery Store

by Hayden Spiess

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 …

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FinanceKentuckyNews

Northmarq Arranges $3 Million Refinancing of Shopping Center in Bardstown, Kentucky

by Hayden Spiess

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.

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FinanceGrocery-anchoredKentuckyNews

Cronheim Originates $8 Million Loan for Kroger-Anchored Shopping Center in Lexington, Kentucky

by Hayden Spiess

Lexington, Ky. — Cronheim Mortgage has originated an $8 million permanent loan for Man O’ War Place, a 174,638-square-foot shopping center in Lexington. Dev Morris and Andrew Stewart of Cronheim arranged the financing through American United Life Insurance Co. on behalf of the borrower, an affiliate of Equity Management. Situated about four miles south of the University of Kentucky, Man O’ War Place was 95 percent leased at the time of sale to tenants including Kroger Marketplace, Feeders Supply, Lexington Urgent Care, Hooters, Edible Arrangements, Bright Tiger Dental, The Little …

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DevelopmentKentuckyNewsRestaurants

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

by Hayden Spiess

Newport, Ky. — 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 …

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