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One Industrial Sale Leads to More

By Grisanti Group,

The best deals in real estate are the ones that lead to another deal. And another deal. And another deal. And so on.

In 2020 the owner of Walker Mechanical Contractors approached Grisanti Group with a common real estate challenge – they were out of space. Walker owned and occupied an office/warehouse building of around 25,000SF at 1400 W. Jefferson Street and they were growing. They asked us to look for land site for new construction as well as existing buildings.

The search lead to a property at 4500 Robards Lane and 3417 Robards Court that was much larger than Walker Mechanical initially needed. This property consists of two large connected buildings totaling 167,000SF that were being sold by Gateway Press, a legacy printing company that was going out of business. Walker Mechanical only needed around 50,000-60,000SF, but this building was well-located in the City of Watterson Park, just off of I-265 and close to I-65. It was a good deal for the amount of square footage available. Grisanti Group helped Walker Mechanical negotiate a purchase agreement and get through due diligence and closing. Walker has since done an extensive renovation and internal office addition to that property. They have also already outgrown their initial planned space need, and currently utilize around 100,000SF at that building. It was fortunate that they purchased more than they needed.

Next on the agenda after the Robards closing was selling their building at 1400 W. Jefferson Street. Grisanti Group put that building on the market, and engaged in discussions with Jefferson County Public Schools, which owns the neighboring property where Central High School football stadium is located. JCPS had a need for some warehousing and office space, and this property being next door to an existing JCPS facility made sense for them to acquire. Grisanti Group guided that deal through the contract and closing processes, completing the transition for the Walker Mechanical leadership team.

The deals didn’t stop there. Walker Mechanical has also engaged Grisanti Group to lease out excess space at their new home on Robards. We have since helped negotiate 2 different short-term leases to fill a 67,000 SF portion of that building. It so happens to be back on the market again after the last tenant’s lease term expired. We’re ready to find a great tenant and do another deal at this property. Contact us if your business has a warehousing need of 67,000 SF!

CategoriesNews

Focusing on Jeffersontown

By Grisanti Group,

Jeffersontown, commonly referred as J-Town by locals, is a thriving community in the southeastern suburbs of Louisville Metro. Like most great communities, J-Town has a bustling downtown business district that serves as a community connecting space. In J-Town this is known as Gaslight Square. It’s nestled between J-Town’s expansive Bluegrass Commerce Park, one of Kentucky’s largest industrial complexes, and numerous beautiful and quiet neighborhoods. Gaslight Square is full of retail shops, restaurants, and government buildings. It’s a great place for a small business to thrive, and Harrison Glauber, of Grisanti Group, was able to bring three new businesses to the Square in 2023.

Here are the details:

10507 Watterson Tr 3rd Floor Office: When it comes to leasing space, anything other than first floor is often a tough sell. In this case, the space was actually on the third floor of a building with no elevator. In many cases, this space would have a hard time leasing. However, J-Town’s combination of high demand, limited supply, and Harrison’s dealmaking skills got this space leased within just a couple of months.

10512 Watterson Trail, Book Store: This property was originally listed for lease by the owner. When Harrison reached out to the owner to offer his leasing services, the owner initial resisted the offer. After some persistent follow-up, the owner decided the putting the leasing assignment in Harrison’s hands might be a wise business decision after all. Harrison took on the listing, and advised the owner to make some improvements to the property to enhance the marketability. The owner agreed to implement some of Harrison’s suggestion. While they were only a minor expense to the owner, they dramatically improved the leas ability of the space. Harrison leased the space for double the rent the owner thought possible, making the owner’s decision to hire Harrison and Grisanti Group payoff big time.

10526 Watterson Trail, Candle Shop: Commonwealth Candle Shop was an established and success online business when they decided to improve their brick-and-mortar presence with a location in Gaslight Square. Harrison advised the owner to give Commonwealth two months of free rent to allow them to ramp up their local marketing efforts and buyer’s in the door. Commonwealth quickly completed their buildout of the space and opened for business. Their decision to location in the heart of J-Town has paid off, and now their retail business has exploded. A win-win for landlord and tenant.  

CategoriesNews

We Are Ready to Take Your Order

By Grisanti Group,

Grisanti Group is pleased to announce the recent sale and lease of several restaurant properties.

Agent Joe Grisanti represented the Seller of 10000 Linn Station Rd, which closed in July. This 8,553 sq. ft. restaurant space had previously been occupied by Tumbleweed and most recently Moyas American Kitchen. A sale provided a unique opportunity for the new owners to own a large space with great potential.. This particular sale involved not only the real estate but also a considerable amount of the existing furnishings and equipment, making it an attractive proposition for the Buyer. This property had an out-of-town owner, and Grisanti Group’s relationships with contractors, roofers, and HVAC companies were vital in getting repairs professionally completed before closing. The property was purchased by a church congregation, and we’re thrilled for their next chapter using this awesome Plainview property.

Brokers Paul Grisanti and Nick Grisanti recently represented the owner on the sale of 1004 Bardstown Road. This prominent Highlands property at the corner of Bardstown Rd and Baxter Avenue property had been home to KFC for many years, followed by Yang Kee Noodle, and Maple Street Biscuit Company. Paul and Nick had previously represented the owner on the lease to Maple Street, and following Maple Street’s closure, the owner entrusted them to sell the property and find an owner with a new vision for the space. Grisanti Group helped navigate a number of challenging issues on this site including the Maple Street lease termination agreement,  KFC use restrictions, a partial parking lot ground lease with Louisville Water Company, and some historic environmental issues from the property’s long ago use as a gas station. Our experience with tackling similar challenges on past deals allowed us to help guide the transaction through these issues. The new owner is an existing business in the Highlands, and we can’t wait to see them bring their vision to life at this great property.  

In addition to these building sales, Grisanti Group’s Raphael Collazo, one of our most experienced restaurant brokers, continues to find great space for his restaurant clients. Raphael recognized when an opportunity arose with a roughly 4,000 SF second-generation restaurant located in a high-traffic retail corridor in Louisville’s East End (1901 Blankenbaker Pkwy). His clients, who operate a multi-location franchise, were drawn to the space due to its functional layout and fully equipped kitchen. The landlords, experienced entrepreneurs in the food and beverage industry, had high standards, and it was crucial to address their questions and concerns thoroughly. Through clear communication and strategic negotiation, he secured a favorable long-term lease, and a prime restaurant location for his clients.

In addition to this most recent deal, Raphael has provided and continues to provide tenant/buyer representation for Alvio’s Cuban Meats, Miki’s Karaoke Bar, and two franchisees of national chains. 

Alvio’s was a startup that approached Raphael with the need to find a warehouse space suitable for large-scale meat processing. Raphael spent months exploring various properties, but despite persistent efforts, struggled to locate a space that aligned with their specific requirements and landlord approval. 

Eventually, Raphael discovered a former taproom that, while unconventional, had zoning that allowed both meat processing and restaurant operations. Recognizing the potential, Raphael presented this opportunity to his client, who quickly developed a creative concept for a salumeria and restaurant. The landlord was enthusiastic about the idea, and this new direction led to successful negotiations. Alvio’s has now been operating their business in that space for nearly a year, enjoying significant success, and Raphael is already planning to search for another location to support their continued growth.

Raphael began his tenant representation work for a multi-location smoothie franchise operator looking to expand their market presence a couple of years ago. Once tasked with location and space requirements, he began the site selection process and identified several promising spaces. After careful consideration, the franchisee narrowed the focus to a top site and initiated negotiations. The property owner, a large Real Estate Investment Trust (REIT), presented numerous challenges, making the negotiation process complex and difficult. However, Raphael and his client persevered, overcoming the hurdles, and eventually secured a lease. The franchise is now operational at the new location and has been successful and Raphael is actively scouting new locations. 

We’re excited to see these businesses thrive and look forward to being loyal customers!

CategoriesNews

Our Newest Addition

By Grisanti Group,

Grisanti Group is thrilled to welcome Amanda O’Connor to our team. Originally from South Bend, Indiana, Amanda has called Louisville home since 2016. Amanda comes to commercial real estate brokerage from a career in commercial insurance, where she learned to listen to her clients needs and figure out the best way to meet their risk management goals . Additionally, like our founder Paul Grisanti, Amanda has a background in the restaurant/hospitality industry where service is of the utmost importance. With these experiences, Amanda brings a service-oriented and problem-solving mentality to her real estate clients.

Amanda balances her real estate career with the joys and challenges of raising three young children—a seven-year-old son and boy/girl twins who are 2.5 years old. Amanda exemplifies resilience and dedication both in her personal and professional life. Her journey is a testament to her ability to navigate the demands of a dynamic career while nurturing a growing family. 

Amanda handles all types of commercial real estate sales and leasing, and she has hit the ground running with Grisanti Group. She is representing multiple tenants and buyers and is the co-listing agent on several properties including Eastbrooke Station, a new-construction 12,500 square foot retail center in Mt. Washington, a potential event center is eastern Jefferson County near the Parklands, and an industrial property in the Park Hill neighborhood near UofL and downtown.

Read about our whole team here.

CategoriesNews

Welcome to the Team

By Grisanti Group,

We are pleased to welcome Joe Grisanti to our team. Joe brings a wealth of experience and a diverse skill set to our team at Grisanti Group. Born and raised in Louisville, Kentucky, Joe has built a reputation for excellence and dedication throughout his career.

Joe graduated Cum Laude from the University of Kentucky in 2010 with a degree that laid the foundation for his entrepreneurial journey. Recognizing the importance of continued education, he pursued and successfully completed his MBA at the University of Louisville, further honing his business acumen.

Prior to joining the Commercial Real Estate sector, Joe demonstrated his entrepreneurial spirit by owning and operating a successful lawn care and pest control company in the Louisville market. Through strategic planning, client-focused service, and a commitment to quality, he achieved notable success in the business, solidifying his reputation as a results-driven professional.

Joe’s transition to Commercial Real Estate was a natural progression, combining his business expertise with a passion for real estate. His background in entrepreneurship has provided him with a unique perspective and a deep understanding of the needs and challenges faced by property owners and investors.

Joe is dedicated to delivering exceptional results for our clients. His comprehensive knowledge of the Louisville market, coupled with his commitment to client satisfaction, positions him as a trusted advisor in the Commercial Real Estate arena.

Beyond his professional pursuits, Joe is an active member of the local community and is passionate about contributing to its growth and development. Whether you are a property owner seeking strategic guidance or an investor looking for lucrative opportunities, Joe is your go-to expert in the dynamic world of Commercial Real Estate.

Read about our other agents here.

CategoriesRecognition & Awards

Nick Grisanti wins 2020 KCREA Vacant Land Broker of the Year

By Grisanti Group,
Congrats to our own Nick Grisanti on being awarded the 2020 Kentucky Commercial Real Estate Alliance Vacant Land Broker of the Year. Vacant land sales are one of Grisanti Group’s specialties. These transactions require patience, knowledge of zoning and environmental/ecological permitting processes, and connection with developers. If you have a property that might have development potential but aren’t sure where to start, call us today to discuss.
CategoriesCommercial Real Estate

Grisanti Group sells high-profile entertainment venue

By Grisanti Group,

In mid-2019, news broke that prominent Louisville entertainment venue Noah’s Event Venue was in financial trouble, leaving many brides and grooms in the lurch. Like these would-be married couples, the landlords of Noah’s facilities across the country were being victimized as well. It seems they had been pulled into an alleged Ponzi scheme that is now being litigated in federal court. The owners of the Louisville Noah’s building, which is situated in Blankenbaker Station on Plantside Drive, were a group of more than 20 unrelated investors from around the United States. These owners reached out to Paul Grisanti of Grisanti Group Commercial Real Estate to assist with the disposition of the real estate when it became evident that their tenant, Noah’s, was insolvent. After months intense negotiations and the challenging logistics of executing contracts and closing documents among 23 separate and remote parties, Grisanti Group facilitated the completion of sale of the property. The new owner, Hollenbach-Oakley, plans to re-purpose the facility into office space.

This was one of the most challenging transactions on which Grisanti Group has ever worked. The greatest complicating factor was the ownership structure: Tenancy-in-Common (TIC). Most multi-party ownership groups are structured as partnerships, corporations, or LLCs that have corporate bylaws giving a single individual legal signing authority. In a TIC structure, every party must sign all documents, including contracts, amendments, closing statements, deeds, etc. And these 23 parties were not all simply individuals. Some were single people, some were husband and wife, some were trusts, some were LLCs, and so on. Gathering 23 sets of signatures on every document added complexity to every phase of the transaction. Grisanti Group’s good working relationship with a local real estate attorney, Larry Abrams, was vital to getting the deal to the finish line. Additionally, as a triple net tenant, Noah’s had previously been responsible for all aspects of property maintenance and management. However, once Noah’s defaulted, the owners had to step in and take care of the property. Due to the remote and passive nature of the owners, they enlisted Grisanti Group to manage the property during the transaction. Grisanti Group managed the security, utilities, lawn, landscaping, and other property issues during the course of the transaction.

While the deal was a challenge, Grisanti Group shines during complex transactions. We pride ourselves on attention to detail and providing exceptional service from the beginning of the listing agreement, to the contract, to the closing table, and beyond.

CategoriesCommercial Real Estate

Grisanti Group represents large industrial tenant

By Grisanti Group,

Grisanti Group Commercial Real Estate recently provided tenant representation services to Ring Container Technologies, an Oakland, Tennessee-based plastics manufacturer. Ring needed industrial space in Louisville to supply a key customer.  Ring announced the opening of its state-of-the-art plastic container manufacturing facility in October 2018. Leading up to that moment, Paul and Nick Grisanti spent nearly two years working with Ring officials on site and building evaluation, lease negotiation, and construction. Paul and Nick presented multiple buildings and arranged for numerous tours for Ring’s decision makers. Ultimately, Ring decided to locate at the newly-constructed industrial building at 5808 Johnsontown Road. International Airport Centers was the developer and owner of this building. It is a multi-tenant building in which Ring leases 155,000 square-feet and shares with two other tenants.

The building is conveniently located in the Jefferson Riverport International, one of Louisville’s largest industrial parks. Ring selected the location for its proximity to Algood Foods, a key customer of its plastic containers. Algood manufacturers peanut butter. Ring’s plastic containers are used for a variety of food products, including peanut butter, mayonnaise, nuts, and other snacks. According to Ring, the Louisville facility is using new technologies. Per Ring’s press release: “This cutting-edge application was developed to support the needs of our current and prospective customers, and we are pleased to be launching it in Louisville,” said Brian Smith, Senior Vice President of Innovation and Supply Chain at Ring.

In addition to the real estate negotiations, Nick Grisanti assisted Ring with its applications for incentives through the Kentucky Cabinet for Economic Development. Nick guided Ring through the process of getting approved for the Kentucky Business Investment program, which provide tax rebates for job creation, and the Kentucky Enterprise Imitative Act program, which provide tax rebates for new construction projects. Nick’s experience as a project manager at the Cabinet for Economic Development allows him to offer these incentive consultation services as a bonus to clients with projects that meet the state’s criteria.

CategoriesCommercial Real Estate Recognition & Awards

Largest Commercial Real Estate Brokers

By Grisanti Group,

Grisanti Group Commercial Real Estate has once again ranked among Louisville’s largest commercial real estate brokers. Overall, Grisanti Group ranked as the 12th largest broker in Louisville, with over $29 million in transaction volume in 2017.

In the Industrial category, Grisanti Group ranked as the 7th largest broker, with over $17 million in transaction volume. We were the 12th largest office brokerage, with over $8 million in office deals. Our office transaction volume was bolstered by the Diversified Consultants Inc transaction, mentioned on several posts here before, which was named a Business First Commercial Real Estate Champion Award Finalist.

Grisanti Group’s industrial volume was bolstered by another year of multiple self-storage transactions and a major lease deal. Our self storage deals included sales of existing facilities, land for new development, and existing buildings for self-storage retrofits. We provided tenant representation on a large industrial lease transaction (over 155,000SF of manufacturing and distribution space), which we’ll be able to give more deal on later in the year when the project is announced.

2017 was another great year for Grisanti Group, and we appreciate all of our wonderful clients.

CategoriesNews

Commercial Real Estate Champions

By Grisanti Group,

Grisanti Group Commercial Real Estate was honored yesterday at the 2018 Business First Commercial Real Estate Champions event. The deal that was named an honoree at the event was Diversified Consultants Inc.’s 2017 office lease for which Grisanti Group acted as Tenant Representative. This project was one of 18 honorees to be recognized for their major impact on Louisville. Grisanti Group provided advised   Jacksonville-based DCI throughout this project to locate its new call center in Louisville. DCI leased 60,000SF of office in Commerce Crossings Business Park at 5100 Interchange Drive.

This project began back in 2016 with an extensive search for suitable properties to meet DCI’s challenging specifications. Grisanti Group and DCI’s project team reviewed numerous properties, and ultimately determined that the Commerce Crossings building was the right fit. Nick Grisanti negotiated the deal with landlord Capstone Realty in late 2016 into early 2017. Nick also assisted DCI in arranging a job-creation tax incentive package from the Kentucky Cabinet for Economic Development and City of Louisville.

Initially, DCI leased 40,000SF with a right of first opportunity on remaining space 20,000SF in the building. In late summer 2017, another tenant began seriously considering a lease the remaining space. DCI opted to exercise its right of first opportunity and lease up the remainder of the building. Since that time, the entire building has be renovated to DCI’s specs.

DCI is steadily filling the space up with new employees, and aims to hire 1,000 workers within the next few years.

If your company is looking for office, industrial, or retail space, reach out to the professionals at Grisanti Group. There is no harder-working team than us, and we will go above and beyond to find the perfect space for our buyer and tenant clients.