Springhurst Towne Center in eastern Louisville sold to new owners, including local partner
A popular shopping center in eastern Jefferson County has new owners, including a local partner.
BMA Springhurst LLC, a partnership between Louisville-based Kaden Companies and Milwaukee, Wisconsin-based real estate investment and asset management firm Marquee Capital, has acquired Springhurst Towne Center, according to a news release.
The deal was effective Dec. 12, though deed records were not immediately available. Kaden, though a spokesperson, declined to share the sale amount when reached by the Courier Journal on Monday.
The nearly 800,000-square-foot shopping center, near the intersection of Westport Road and the Gene Snyder Freeway, opened in 1997 and is home to many retailers, including Hobby Lobby, Kohl’s, Cinemark Tinseltown and HomeGoods.
The center has 39 tenants and just 4,000 square feet of vacancy, said Alexander Blieden, president of Kaden Companies. The real estate investment and development firm is working with new-to-market tenants about possibly joining the shopping hub.
"We have plans to make some capital improvements to the center as well as change the branding and enhance and add additional signage options," he said in an email. "We have some available outparcels in front of Cinemark and Kohl’s that we are looking for both restaurant and service users as well as the potential to add some square footage in the center adjacent to Kohl’s."
"Springhurst Towne Center is an asset that we have targeted for years as part of our long-term ownership strategy,” said Mark Blieden, Kaden Companies CEO, in a statement Monday. “The strength of the trade area and the Tenant's sales performance make the property one of the most desirable retail destinations in the city.”
Marquee Capital, as the property's managing agent, will be responsible for lease administration and accounting services while Kaden Companies, as property manager, will handle on-site management, maintenance services and leasing.
Former owners CSHV Springhurst LLC, an affiliate of the California State Teachers’ Retirement System, purchased the shopping hub for $75 million in 2011 from Springhurst Partners LLC, an investment group led by D. Talmage Hocker of The Hocker Group, Louisville Business First reported in 2011.
Kaden Companies already had a footprint in the Springhurst area, having built Springhurst Commons (anchored by Home Depot) at Westport and Springdale roads, and Springhurst Crossings shopping development located next to Springhurst Towne Center.
Another East End shopping hub, Paddock Shops, also recently changed hands.
New York City-based CBRE Investment Management, an independently operated affiliate of Dallas-headquartered CBRE Group Inc., purchased Paddock Shops, 4055 Summit Plaza Drive, for nearly $97 million in November, deed records show.
The 354,000-square-foot retail center will continue to be managed by Fairbourne Properties,
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: Springhurst Towne Center in eastern Louisville sold to new owners
