Significant Broadway Assemblage
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Significant Broadway Assemblage
2 Office Properties Online Auction Sale Louisville, KY
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INVESTMENT HIGHLIGHTS
- Large-scale redevelopment opportunity on Broadway in Louisville’s Central Business District near $1.1 billion of planned projects.
- Potential for financial incentives as Kentucky has several commercial incentive programs to assist developers for qualifying projects.
- Seven-story, 451,000 square-foot former headquarters building is located on the corner of 6th and Broadway.
- Current ownership has recently completed the enormous task of removing vast amounts of materials from the campus.
EXECUTIVE SUMMARY
Cushman & Wakefield | Commercial Kentucky is pleased to offer for sale a significant property assemblage and redevelopment opportunity in Louisville’s Central Business District.
The properties lie on the southwest corner of Louisville’s CBD and include 7.9 acres and 587,000 square feet of office space, warehouses, and surface parking. These unique properties are exceptional in size and ripe for one or many redevelopment projects. No other assemblage like this exists in Louisville’s Central Business District. The former office headquarters building on the west side of the property includes 451,000 square feet on seven floors. The warehouse spaces on the east side of the property total 136,000 square feet and include 16 docks and five small door docks. Ceiling heights range from 20 to 76 feet.
Louisville’s CBD neighborhood is undergoing a major transformation, making it an exciting time to invest in this prime location. The upcoming Motorworks development will bring 319 modern apartments to the former Brown Bros. Cadillac site, adding much-needed housing to the area. Just blocks away, the historic Louisville Gardens is set for a $70 million conversion into film and television soundstages, positioning the city as a rising hub for entertainment production. With new residential, commercial, and creative industry investments pouring into downtown, this property offers a unique opportunity to be part of Louisville’s next wave of growth.
Louisville is the economic focal point of north central Kentucky and the state’s largest metropolitan area. Positioned on the southeast bank of the Ohio River (which forms the Kentucky/Indiana state line), Louisville is 74 miles west of Lexington and 96 miles southwest of Cincinnati. Due to its location at the Falls of Ohio, Louisville has been an inland port and major trade center from its earliest days. Since 2014, Louisville has experienced more than $15 billion in investments in the city. According to BizJournals, the outlook for 2023 estimates that nearly 10,000 will be added jobs in the Louisville MSA. The Louisville metro added over 30K jobs in 2022.
Property tours are available by appointment only, please contact the listing broker to schedule.
The properties lie on the southwest corner of Louisville’s CBD and include 7.9 acres and 587,000 square feet of office space, warehouses, and surface parking. These unique properties are exceptional in size and ripe for one or many redevelopment projects. No other assemblage like this exists in Louisville’s Central Business District. The former office headquarters building on the west side of the property includes 451,000 square feet on seven floors. The warehouse spaces on the east side of the property total 136,000 square feet and include 16 docks and five small door docks. Ceiling heights range from 20 to 76 feet.
Louisville’s CBD neighborhood is undergoing a major transformation, making it an exciting time to invest in this prime location. The upcoming Motorworks development will bring 319 modern apartments to the former Brown Bros. Cadillac site, adding much-needed housing to the area. Just blocks away, the historic Louisville Gardens is set for a $70 million conversion into film and television soundstages, positioning the city as a rising hub for entertainment production. With new residential, commercial, and creative industry investments pouring into downtown, this property offers a unique opportunity to be part of Louisville’s next wave of growth.
Louisville is the economic focal point of north central Kentucky and the state’s largest metropolitan area. Positioned on the southeast bank of the Ohio River (which forms the Kentucky/Indiana state line), Louisville is 74 miles west of Lexington and 96 miles southwest of Cincinnati. Due to its location at the Falls of Ohio, Louisville has been an inland port and major trade center from its earliest days. Since 2014, Louisville has experienced more than $15 billion in investments in the city. According to BizJournals, the outlook for 2023 estimates that nearly 10,000 will be added jobs in the Louisville MSA. The Louisville metro added over 30K jobs in 2022.
Property tours are available by appointment only, please contact the listing broker to schedule.
OFFERING MEMORANDUM Click Here to Access
DATA ROOM Click Here to Access
- Offering Memorandum
- Operating and Financial Statements
- Purchase Agreement
- Third Party Reports
- Title and Insurance
MARKET ANALYTICS Click Here to Access
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Market Sale Price per SF
Louisville - KY USA
Market Cap Rate
Louisville - KY USA
Market Sale Price per SF by Star Rating
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Market Cap Rate by Star Rating
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Market Sale Price per SF Distribution
Market Cap Rate Distribution
PROPERTY FACTS
| Sale Condition | Auction Sale | Number of Properties | 2 |
| Type of Ownership | Fee Simple | Total Building Size | 587,000 SF |
| Sale Type | Investment | Total Land Area | 7.90 AC |
| Status | Active |
| Sale Condition | Auction Sale |
| Type of Ownership | Fee Simple |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 2 |
| Total Building Size | 587,000 SF |
| Total Land Area | 7.90 AC |
PROPERTIES
| PROPERTY NAME / ADDRESS | PROPERTY TYPE | SIZE | YEAR BUILT |
|---|---|---|---|
| 525 B W Broadway, Louisville, KY 40202 | Office | 509,000 SF | 1947 |
|
Courier Journal Building
525 A W Broadway, Louisville, KY 40202 |
Office | 78,000 SF | 1947 |
SALE ADVISORS
SALE ADVISORS
Sam English, Senior Director
(502) 589-5150
Contact
Sam brings a long tenure of commercial real estate experience to Cushman & Wakefield | Commercial Kentucky and his clients. He specializes in land, investment properties, and office space, working with both buyers and sellers in a wide range of transactions across the region.
Sam began his commercial real estate career with Cushman & Wakefield in 1982 and along the way spent 18 years cross training in the capital and financial markets. His combined experience in real estate and capital markets provides him with unique insight into the property markets, finance, and the myriad participants engaged in the commercial real estate industry.
Sam began his commercial real estate career with Cushman & Wakefield in 1982 and along the way spent 18 years cross training in the capital and financial markets. His combined experience in real estate and capital markets provides him with unique insight into the property markets, finance, and the myriad participants engaged in the commercial real estate industry.
Brent Dolen, Senior Director
(502) 589-5150 x262
Contact
Brent brings a combination of business and commercial real estate experience to Cushman & Wakefield | Commercial Kentucky, Inc. and his clients.
Brent is a member of Cushman & Wakefield’s prestigious Tenant Advisory Group (TAG), a specialty practice group focused on delivering best-in-class tenant representation services. TAG strengthens our ability to provide our clients with the highest level of expertise, services, and collaboration across the entire Cushman & Wakefield global network.
Brent has extensive knowledge of building construction and design, having worked in the commercial construction industry for over ten years prior to starting his career in commercial real estate. Brent has attained the Certified Commercial Investment Member (CCIM) designation and served as the chapter president of the Kentucky CCIM Chapter for 2019. In 2020 Brent was named the top office broker by Kentucky Commercial Real Estate Alliance (KCREA), Louisville Business First recognized Brent as one of Louisville’s “20 People to Know in Real Estate” in 2016.
Brent is a member of Cushman & Wakefield’s prestigious Tenant Advisory Group (TAG), a specialty practice group focused on delivering best-in-class tenant representation services. TAG strengthens our ability to provide our clients with the highest level of expertise, services, and collaboration across the entire Cushman & Wakefield global network.
Brent has extensive knowledge of building construction and design, having worked in the commercial construction industry for over ten years prior to starting his career in commercial real estate. Brent has attained the Certified Commercial Investment Member (CCIM) designation and served as the chapter president of the Kentucky CCIM Chapter for 2019. In 2020 Brent was named the top office broker by Kentucky Commercial Real Estate Alliance (KCREA), Louisville Business First recognized Brent as one of Louisville’s “20 People to Know in Real Estate” in 2016.
Sam Gray, Senior Associate
(502) 523-8582
Contact
Sam Gray joined Cushman & Wakefield | Commercial Kentucky in April of 2019 as part of our Office & Retail Services teams. Sam is a graduate of Centre College with a Bachelor’s Degree in International Studies. Prior to joining the firm, Sam worked as a Mortgage Broker for Swan Financial Corporation. Sam’s experience in the finance industry, as well as his skills in customer service, have contributed to his success with our teams.
ABOUT CENTRAL BUSINESS DISTRICT
At more than 17 million square feet, the central business district is home to the largest concentration of office space in Louisville. Healthcare and logistics represent some of the area’s major industries, and top employers include United Parcel Service, Norton Healthcare, Humana, Ford Motor Companies, and Yum Brands. Louisville’s central business district is easily accessible via several major interstates, including interstates 65 and 265, and is just a 15-minute drive to the Louisville International Airport.
Louisville’s central business district has a growing residential base, and apartment inventory has increased by nearly 20% over the past five years relative to the market average of around 15%. The area is home to several of the city’s most sought-after neighborhoods such as Old Louisville and Germantown. The central business district is an attractive location for professionals and students alike, and employers here have access to the region’s top talent from surrounding universities such as the University of Louisville, Bellarmine University, and Spalding University.
Rents in Louisville’s central business district are some of the most affordable among downtowns in the Midwest. Mid-level rents, a growing residential base, and access to urban amenities make the central business district an attractive location for both office tenants and investors. Investment volume in the area has increased over recent quarters, with the central business district home to several of the market’s top deals.
ABOUT THE AUCTION PLATFORM
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial property. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
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AUCTION CONTACT
Mary Humphreys
Contact
Auctioneer License:
Ten-X Samantha Corbat RE Brkr 281541; Arlene Richardson Auctioneer 274628
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Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
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Significant Broadway Assemblage
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