Al J. Schneider Co. lists Waterfront Plaza for sale, considers selling another property

The Waterfront Plaza property is for sale. | Courtesy of PVA

The Waterfront Plaza property is for sale. | Courtesy of PVA

Louisville-based Al J. Schneider Co. has listed the Waterfront Plaza building for sale and is considering selling its other office property.

Al J. Schneider Co. has retained commercial real estate company CBRE to sell the three-tower, 25-story Waterfront Plaza, located at 321 W. Main St.

However, it also is contemplating selling the 23-story, 341,363-square-foot One Riverfront Plaza office building at 401 W. Main St.

Mary Moseley, president and CEO of the Al J. Schneider Co., declined to talk to Insider Louisville for this story via a spokeswoman. However, the company did forward the following statement.

“The Al J. Schneider Company has retained CBRE to assist us in evaluating the office buildings that we own in Louisville, Kentucky,” the statement said. “Due to the strong demand and high valuations for investment real estate in Louisville and across the country, we feel that the time is right to explore our options for these assets, including the potential disposition or refinancing of these buildings. We are evaluating all options.”

Back in September, Al J. Schneider Co. sold the Medical Arts Building, another office building it used to own, for $2.5 million, according to Jefferson County property records.

A spokeswoman with the company said the statement only applies to its office buildings.

Insider Louisville has received numerous tips since the New Year indicating the Galt House Hotel — another property owned by Al J. Schneider Co. — might soon go on the market, but the company’s spokeswoman told us as recently as two weeks ago that was not the case.

The CBRE  listing for the Waterfront Plaza states the building has a “stellar tenant roster anchored by Humana and The Veterans Administration” and is close to amenities such as the 1,291-room Galt House Hotel. The property is 96.7 percent occupied.

The listing further states “CBRE has been retained as the exclusive representative to offer qualified investors the opportunity to acquire Waterfront Plaza.” The CRBE site also allows select users who might be interested in pursuing a sale to access a “Waterfront Plaza Purchaser Confidentiality Agreement.”

The office building, which was constructed in 1979, has 737,776-square-foot of Class B offices, an “irreplaceable location,” and “sweeping river views and views of the Louisville skyline,” the listing notes. The property includes control of an 800-car parking garage and rights to lease an additional 750 spaces from Louisville-Jefferson County Metro Government.

CBRE’s page highlighting the property — seen below — does not include a price.

The CBRE listing