Paddock Shops in eastern Jefferson County sold to new owners. Here's what to know

Matthew Glowicki, Louisville Courier Journal
·2 min read

A popular East End shopping center off Brownsboro Road has a new owner.

CBRE Strategic Partners U.S. Value 9 has purchased Paddock Shops, 4055 Summit Plaza Drive, home to more than 55 shops and eateries.

CBRE spokesman Hudson Pitts II declined to share the purchase price but said the transaction closed this week. Deed records were not available via the Jefferson County Clerk's Office as of Dec. 1.

"We are active investors in the U.S. market and saw an opportunity to invest in a quality retail asset in this area," Pitts wrote in an email.

Home to retailers and restaurants including Barnes & Noble, Williams Sonoma and Malone's, the nearly 354,000-square-foot retail hub will continue to be managed by Fairbourne Properties, Pitts confirmed. It is 88% leased, according to a release.

"We believe that Paddock Shops’ diverse blend of essential and experiential stores, combined with its strategic location in an affluent and expanding trade area, will contribute to its long-term success as a prominent shopping destination within the region,” said Colin Rosenbaum, senior director of Americas Direct Commercial Acquisitions for CBRE Investment Management, in the release.

Malone's restaurant at the Paddock Shops in Louisville. July 14, 2021
Malone's restaurant at the Paddock Shops in Louisville. July 14, 2021

New York City-based CBRE Investment Management, a global real assets investment management firm, is an independently operated affiliate of Dallas-headquartered CBRE Group Inc.

Formerly known as The Summit, the shopping center first opened in 2001. It was bought by CPT Capital Management, of Boston, in 2013 and renamed Paddock Shops.

The shopping center will soon be home to The Fresh Market, the Courier Journal reported in August. The grocer will move into the spot formerly held by Barnes & Noble, which relocated earlier this year to another location at Paddock Shops.

Asked about any changes on the horizon for the shopping center, Pitts offered no specifics.

"We look forward to continuing to improve the offerings at Paddock Shops for the community and will share more details in the future," he said.

Growth & development reporter Matthew Glowicki can be reached at mglowicki@courier-journal.com, 502-582-4000 or on Twitter @mattglo.

This article originally appeared on Louisville Courier Journal: Paddock Shops off Brownsboro Road in east Louisville has new owners