Kentucky

Freys Hill Retail Center

Louisville, Ky. — NorthMarq has secured $10.5 million in acquisition financing for Freys Hill Retail Center, a 58,726-square-foot retail property located at 10220 Westport Road in Louisville. The fully-occupied center is anchored by PetSmart and home to tenants including Half Price Books, Party City and Starbucks Coffee. The fixed rate loan was structured with a 10-year term on a 25-year amortization schedule with two years interest-only. Randall Waddell of NorthMarq arranged financing for the buyer, Compass Capital LLC of Lexington, through its relationship with a local bank.

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Ruccio Pavilion

Lexington, KY. — NAI Isaac has brokered the sale of Ruccio Pavilion, a 17,649-square-foot shopping center located at 220 Ruccio Way in Lexington. Al Isaac and Jim Holbrook of NAI Isaac represented the seller, Legacy Investments LLC, in the transaction. John Bunch of SVN Stone represented the buyer, an entity doing business as Ruccio Shoppes LLC. The sales price was not disclosed. Ruccio Pavilion is home to tenants including Mr. Brews Taphouse, Commonwealth Dentistry, Aqua-Tots Swim School, Thomas Sewing Center and Cuts & Paste Craft Studio. The property is shadow-anchored …

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Buzzed Bull Creamery

Lexington, KY. — NAI Isaac has facilitated a retail lease with Buzzed Bull Creamery at The Summit at Fritz Farm, a mixed-use development in Lexington. Zach Smith and Paul Ray Smith of NAI Isaac represented the tenant alongside Sherry Sanchez with RESOLUT RE. Samantha Merrell of Bayer Properties represented the landlord on an internal basis. Buzzed Bull Creamery is an ice cream and milkshake purveyor offering made-to-order alcoholic and non-alcoholic frozen desserts and coffee. The company’s new 940-square-foot shop is set to open this summer and will be situated at …

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Louisville, Ky. — Yum Brands reported third-quarter revenue of $1.45 billion, up 8 percent from the same period a year ago. Taco Bell reported the highest positive year-over-year growth, recording $501 million in sales, a 2 percent increase from third-quarter 2019. Pizza Hut’s sales also grew, reaching $243 million, a 1 percent increase. Though KFC recorded the highest company sales total, reaching $583 million for the quarter, it was still a 4 percent decrease from the $609 million total recorded in the third quarter of 2019. Additionally, Louisville-based Yum Brands …

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Louisville, Ky. — PRG Commercial Property Advisors has arranged the $9.3 million sale of Stonybrook South Shopping Center, a 149,000-square-foot retail property in Louisville. At the time of sale, the 14.5-acre center was leased to Dick’s Sporting Goods, Planet Fitness, PetSmart, Rack Room Shoes and Burkes Outlet, which opened Sept. 21. Stonybrook South is situated at 3500 S. Hurstbourne Parkway, 13 miles east of downtown Louisville. Fred Sutterlin of PRG Commercial was the court-appointed receiver for the property, which was in foreclosure from February 2018 to Sept. 21, 2020. During …

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Louisville, Ky. — Papa John’s International Inc. has announced it will open a new global headquarters in metro Atlanta by summer 2021. The Louisville-based pizza chain is in the process of picking an office space and expects to have a location finalized by the end of this year. Georgia Gov. Brian Kemp’s office says the move is expected to bring 200 jobs to the area. Papa John’s will move its menu innovation; marketing; customer experience; human resources; diversity, equity and inclusion; communications; and development departments to Georgia. IT, supply chain …

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Louisville, Ky. — May sales at Papa John’s restaurants were up 33.5 percent in the U.S. and Canada on a year-over-year basis, marking the second month in a row that the pizza chain recorded its highest sales on record, according to Papa John’s Inc. president and CEO Rob Lynch. The May sales period was recorded from April 27 to May 24, and the company said it will continue to provide monthly updates through the end of the second quarter. In April, the Louisville-based chain reported a 26.9 percent increase in …

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Knoxville, Tenn. and Somerset, Ky. — Hanley Investment Group has arranged the sale of two multi-tenant retail outparcels situated on Walmart Supercenter-anchored properties in Tennessee and Kentucky. An undisclosed private investor based in Kentucky acquired both properties in all-cash deals. The first sale was of a two-tenant building leased to Aspen Dental and Visionworks in Knoxville. The outparcel was built in 2015 and spans 7,500 square feet. The property is situated at 2960 and 2964 Miller Place Way, seven miles north of downtown Knoxville. The undisclosed seller, a private investor …

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Louisville, Ky. — Pizza Hut will close as many as 500 dine-in stores over the next 24 months as part of a broader strategy to bolster its delivery and carryout services, company executives said during the second-quarter earnings call. Food Business News first reported the announcement. Pizza Hut, which is owned by Louisville-based YUM! Brands, operates about 7,500 locations across the United States and 18,000 worldwide. In the United States, roughly 6,100 of the company’s locations are dine-in restaurants. The remaining locations are express units, which feature limited menus and minimal …

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Louisville, Ky. — A joint venture between Hendon Properties and Harbert United States Real Estate Fund VI LP (HUSREF VI) has sold Westport Village, a 169,515-square-foot shopping center in Louisville, for $30.3 million. Westport Village is situated at 1315 Herr Lane, 10 miles east of downtown Louisville. Since acquiring the site in May 2016, Hendon Properties has signed 13 new leases totaling 56,000 square feet and renewed 32 leases totaling 102,000 square feet. Birmingham, Ala.-based Wicker Park Capital Management LLC acquired the center.

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