{"id":1004036203,"date":"2012-02-02T05:36:07","date_gmt":"2012-02-02T13:36:07","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004036203"},"modified":"2022-12-08T17:04:58","modified_gmt":"2022-12-09T01:04:58","slug":"kentuckys-springhurst-towne-center-sells-for-78m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kentuckys-springhurst-towne-center-sells-for-78m\/","title":{"rendered":"Kentucky\u2019s Springhurst Towne Center Sells for $78M"},"content":{"rendered":"

February 2, 2012<\/strong>
\nBy Nicholas Ziegler, News Editor<\/em>
\n\"\"<\/a><\/p>\n

In a sale arranged by real estate investment banking firm Savills, one of the firm\u2019s institutional-investor clients picked up the Springhurst Towne Center, an 830,000-square-foot retail complex in Louisville, for $78 million. The seller, a partnership led by D. Talmadge Hocker of the Hocker Group, was represented by Savills.<\/p>\n

Springhurst last changed hands in 2009, when Centro Properties took it off its books for $42 million \u2013 meaning the purchase price appreciated nearly 86 percent in two years. Market conditions for retail \u2013 specifically grocery-anchored retail. \u201cAs investors continue to seek out reliable investments, cap rates will continue to fall only for core properties, particularly urban retail, fortress malls and top-ranked grocery-anchored strip centers,\u201d Margaret Caldwell, managing director of Jones Lang LaSalle retail, said. \u201cAverage cap rates for strip centers have hovered around 8 percent this year, while strips with grocery stores have been much lower, dropping 50 basis points over the last nine months or so.\u201d<\/p>\n

The Louisville area has been on the road to recovery throughout 2011 \u2013 albeit slowly. The unemployment rate, which peaked at 11.1 percent in January 2011, dropped to an estimated 8.5 percent by year\u2019s end. According to a report by services firm Cushman & Wakefield Inc., the city will see a drop in retail vacancy overall, especially as space vacated by national tenants is reabsorbed and no new construction sits in the pipeline.<\/p>\n

\u201cTalmage Hocker\u2019s performance with this asset was impressive,\u201d John Williams, managing director with Savills, said. \u201cNot only was he able to buy the property when credit markets were frozen, he succeeded in leasing more than 60,000 square feet to new tenants and significantly strengthened the tenant roster and cash flow. \u201c<\/p>\n

Springhurst is the area\u2019s largest shopping complex, with sales in excess of $200 million per year. The venue is nearly 100 percent leased to retailers including Target, Dick\u2019s Sporting Goods, Office Max and a Cinemark Cinema.<\/p>\n","protected":false},"excerpt":{"rendered":"

In a sale arranged by real estate investment banking firm Savills, one of the firm\u2019s institutional-investor clients picked up the Springhurst Towne Center, an 830,000-square-foot retail complex in Louisville, for $78 million. <\/p>\n","protected":false},"author":1201,"featured_media":1004038761,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21781,21808,13,21742,21749],"tags":[],"class_list":["post-1004036203","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-real-estate","category-featured","category-midwest","category-latest","category-retail"],"acf":[],"yoast_head":"\nKentucky\u2019s Springhurst Towne Center Sells for $78M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/kentuckys-springhurst-towne-center-sells-for-78m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kentucky\u2019s Springhurst Towne Center Sells for $78M\" \/>\n<meta property=\"og:description\" content=\"In a sale arranged by real estate investment banking firm Savills, one of the firm\u2019s institutional-investor clients picked up the Springhurst Towne Center, an 830,000-square-foot retail complex in Louisville, for $78 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/kentuckys-springhurst-towne-center-sells-for-78m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-02-02T13:36:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T01:04:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/02\/020212-Springhurst-Towne-Center.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"599\" \/>\n\t<meta property=\"og:image:height\" content=\"430\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nicholas Ziegler\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/kentuckys-springhurst-towne-center-sells-for-78m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/kentuckys-springhurst-towne-center-sells-for-78m\\\/\"},\"author\":{\"name\":\"Nicholas Ziegler\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/ff3a837f33daecfcf8978b405eaae20c\"},\"headline\":\"Kentucky\u2019s Springhurst Towne Center Sells for $78M\",\"datePublished\":\"2012-02-02T13:36:07+00:00\",\"dateModified\":\"2022-12-09T01:04:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/kentuckys-springhurst-towne-center-sells-for-78m\\\/\"},\"wordCount\":319,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/kentuckys-springhurst-towne-center-sells-for-78m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2012\\\/02\\\/020212-Springhurst-Towne-Center.jpg\",\"articleSection\":[\"Corporate Real Estate\",\"Featured\",\"Midwest\",\"News\",\"Retail\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/kentuckys-springhurst-towne-center-sells-for-78m\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/kentuckys-springhurst-towne-center-sells-for-78m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/kentuckys-springhurst-towne-center-sells-for-78m\\\/\",\"name\":\"Kentucky\u2019s Springhurst Towne Center Sells for $78M - 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