CategoriesCommercial Real Estate

Grisanti Group sells high-profile entertainment venue

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

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

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.

CategoriesCommercial Real Estate

SOLD-Louisville Industrial Real Estate

The Louisville industrial real estate market is about to get another modern distribution facility. Grisanti Group Commercial Real Estate has sold a 29-acre parcel of land for industrial development. The property is 7830 National Turnpike in Louisville’s Southside/Airport industrial submarket. Grisanti Group represented the seller in the transaction. The buyer plans to construct an approximately 400,000 square foot modern logistics/distribution facility.

A tenant for the proposed warehouse has not yet been announced, but our bet would be that an e-commerce distribution facility eventually calls this beautiful property home. As this article from Wealth Management states, “E-commerce had been averaging gains of 10 percent annually throughout much of the past decade, but those numbers have skyrocketed in recent years. A recent Deloitte study predicts that e-commerce will account for 30 percent of all U.S. retail sales by 2030.” Regional distribution facilities that enable “e-tailers” to provide customers with expedited delivery and return service are a crucial component of the e-commerce supply chain. The Louisville industrial real estate market has seen this boom result in millions of square feet in construction for logistics and distribution warehouses for e-commerce tenants over the last decade.

This new facility at 7830 National Turnpike will fit that mold. Grisanti Group is proud to have helped our client capitalize on this trend.

CategoriesCommercial Real Estate

Self-Storage Success Story

Grisanti-Group Commercial Real Estate’s Mike Helline and Paul Grisanti, Kentucky self-storage specialists, recently completed a unique deal in Radcliff, Kentucky. The owner of a self-storage facility near Fort Knox had 100% capacity but due to the facility’s limited size, it was generating minimal profits. With plenty of demand due to the vicinity of the military base, the owner needed an infusion of cash to expand his self-storage business. Helline and Grisanti found an investor who provided the owner with the money he needed to expand the facility from 10,000 square feet to 30,000 square feet. They plan to double the size to 60,000 square feet in the future.

This type of creative business strategy sets Grisanti Group apart in the Louisville Commercial Real Estate market. In this instance we did not facilitate the buying, selling, or leasing a property in the traditional sense, but made a successful transaction take place by finding what our customer needed most. Whatever real estate need you have, Grisanti Group’s brokers are dedicated to satisfying that need and making your business a success.

CategoriesCommercial Real Estate

Cardinal Towne gets Veggie-friendly

Eating organic and healthy in Old Louisville just got tastier and easier. Grisanti Group Commercial Real Estate has recently represented another tenant in Cardinal Towne, placing Green Leaf Natural Vegetarian Bistro in this new complex near the University of Louisville.

Green Leaf offers a unique salad bar that allows customers to choose their own types of greens, dressing, and meat-flavored tofu. Tofu lovers will really appreciate the quality of Green Leaf’s, which is imported from carefully selected specialty suppliers in Tokyo, Hong Kong, and Taipei. And for the tofu-phobes out there, we dare you to try it. You will no doubt be pleasantly surprised by this vegetarian eating experience. Green Leaf is brought to you by the same owners of Green Apple Self-Serve Frozen Yogurt in Prospect, KY.

Even in the face of the slow economy, locally-owned restaurants are thriving throughout the Louisville area. If you are a restauranteur looking for the perfect piece of real estate in Louisville Metro or southern Indiana, Grisanti Group will find you the right property to lease or buy . As a 30-year restaurant proprietor, Paul Grisanti excels at matching the perfect space with each concept and budget.

CategoriesCommercial Real Estate

Jim and Jerry’s Carwash expands

Looking for a car wash in Clarksville, Indiana?

Paul Grisanti of Grisanti Group Commercial Real Estate represented the buyer, Jim and Jerry’s Carwash, in the recent purchase of property on Lewis and Clark Parkway in Clarksville. The seller was the owner of Craig and Landreth pre-owned cars, which is still located next door. Grisanti Group loves matching up the perfect clients, and we think Jim and Jerry’s and Craig and Landreth will flourish together.

This is Jim and Jerry’s second location in the Louisville Metro area, the first being on Dixie Highway at Gagle Lane.  Jim and Jerry’s Carwash is a modern, high speed tunnel wash that offers the spectrum of basic to premium washes, always with free vacuuming!  Car wash prices range from about $3 to $12.

We are on the lookout for more locations too!  High traffic areas with great visibility are ideal spots. Contact Paul Grisanti if you have the perfect piece of real estate in Louisville, KY or southern Indiana for the next Jim and Jerry’s Carwash.

CategoriesCommercial Real Estate

Construction hiring good news

The business of commercial property in Louisville had a harbinger of good news from the latest jobs report from July. According to Business First, Louisville gained 200 construction jobs in the hot summer month. The uptick is a good sign that consumer demand for real estate in the Louisville area is increasing. If you are looking to build, one of our featured properties is premium lot of vacant land in Jeffersonville, Indiana. Contact our land specialist Lisa Perkins or our main office for more information.

A quick look at our Featured Properties shows that for your commercial property needs, new construction may not be necessary. Our portfolio has a variety of existing office, retail, and industrial properties in Louisville, KY and southern Indiana.

Louisville gains 200 construction jobs in July