For commercial real estate brokers, attorneys and accountants, the end of December is the final inning of the big game.
Dozens of deals get done just before the end of the calender year for tax reasons.
Yesterday, we heard from Gant Hill & Associates and the guys at TRIO Commercial Property Group that the Prospect Village Shopping Center deal we’ve been hinting at in the Monday Business Briefing has closed.
We’d heard there were many suitors for the 15-acre property on the west side of Prospect, just off U.S. 42, a development that includes a large Kroger supermarket, a Republic Bank & Trust Co. branch and stores in one of Louisville’s wealthiest ZIP codes.
Then, we heard Kroger executives decided to exercise their right of first refusal and buy the complex.
From Gant Hill:
I am proud to announce that Gant Hill & Associates listed and sold The Prospect Village Shopping Center. Anchored by Kroger, this 153,486 square foot property on 14.78 acres just closed, within 90 days of listing, for $19,500,000.
From TRIO partner Michael Tabor:
TRIO Commercial Property Group represented the Buyer of Prospect Village Shopping Center, a 153,486 SF Kroger Anchored Shopping Center on 14.7 acres in the Louisville suburb of Prospect, KY for $19.5 Million. TRIO represented the Buyer, which resulted in Kroger exercising its First Right of Refusal to purchase the shopping center. “Prospect Village is located in a high growth trade area with strong demographics and challenging barriers to entry for commercial development,” said Michael Tabor, a partner with TRIO Commercial Property Group.
Monty Helm developed the center back in 2000, and as far as we know, Montfort Helm Enterprises LLC, is sole owner of the property.
We have questions into the various parties about future plans for the site.
More as we know more ….