{"id":1004692541,"date":"2023-12-04T03:44:59","date_gmt":"2023-12-04T11:44:59","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004692541"},"modified":"2023-12-04T03:55:12","modified_gmt":"2023-12-04T11:55:12","slug":"cbre-im-buys-kentucky-retail-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cbre-im-buys-kentucky-retail-center\/","title":{"rendered":"CBRE IM Buys Kentucky Retail Center"},"content":{"rendered":"
\"Paddock<\/a>

Talbots is one of Paddock Shops’ major tenants. Image courtesy of CBRE IM<\/em><\/p><\/div>\n

CBRE Investment Management<\/strong> has acquired a shopping center in Louisville, Ky., through one of its largest value-add funds. The firm\u2019s CBRE Strategic Partners U.S. Value 9 joined forces with Fairbourne Properties<\/strong> for the purchase of the 353,665-square-foot Paddock Shops. The previous owner was AEW Capital Management<\/strong>, according to CommercialEdge data, which had paid $111.5 million for the asset in 2013.<\/p>\n

Completed in 2001, the grocery-anchored shopping center was 88 percent leased at the time of sale to a variety of tenants. The roster includes Pottery Barn, AT&T, Barnes & Noble, Ulta and Gap, as well as several other restaurant and clothing retailers. Located at 4055 Summit Plaza Drive in the Northeast submarket, the open-air property is 9 miles from downtown Louisville but close to the city\u2019s suburbs.<\/p>\n

According to a CBRE report for the Louisville retail market, the availability rate hit 3.4 percent in the third quarter of this year. In the Northeast submarket, the index was 40 basis points lower, at 3 percent.<\/p>\n

A $2.3 billion fund<\/h2>\n

Paddock Shops represents the one of the most recent acquisition for U.S. Value 9, which initially closed at $2.3 billion in August 2021. The fund was the firm\u2019s largest value-add fund at the time, exceeding its original target and totaling a purchase power of $5.6 billion.<\/p>\n

U.S. Value 9\u2019s portfolio includes more than just retail properties, spanning newly built logistics, residential and office assets in resilient markets. One of the fund’s acquisitions involved a 314,000-square-foot responsive office building in Charlotte, N.C<\/a>.<\/p>\n

Outside the fund, CBRE IM acquired a 425,000-square-foot grocery-anchored retail center<\/a> in Irving, Texas in August. Anchored by Target, Kroger, Office Depot, TJ Maxx, Michaels, Ross and Ulta, the property has a diverse mix of lessees, including medical office and restaurant tenants.<\/p>\n","protected":false},"excerpt":{"rendered":"

This property previously traded for more than $111 million in 2013.<\/p>\n","protected":false},"author":883,"featured_media":1004692576,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21749,32781],"tags":[33758,51764],"class_list":["post-1004692541","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-retail","category-southeast","tag-aew-capital-management","tag-cbre-investment-management"],"acf":[],"yoast_head":"\nCBRE IM Buys Kentucky Retail Center - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"CBRE Strategic Partners U.S. Value 9 and Fairbourne Properties have purchased Paddock Shops, a retail center in Louisville, Ky.\" \/>\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\/cbre-im-buys-kentucky-retail-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBRE IM Buys Kentucky Retail Center\" \/>\n<meta property=\"og:description\" content=\"CBRE Strategic Partners U.S. Value 9 and Fairbourne Properties have purchased Paddock Shops, a retail center in Louisville, Ky.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cbre-im-buys-kentucky-retail-center\/\" \/>\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=\"2023-12-04T11:44:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-04T11:55:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/12\/Paddock-Shops-e1701688577487.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"710\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jackson Chen\" \/>\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\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cbre-im-buys-kentucky-retail-center\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/cbre-im-buys-kentucky-retail-center\/\",\"name\":\"CBRE IM Buys Kentucky Retail Center - 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