Your family has owned land for many years. That land is in the path of progress. Cashing in should be a simple process, right?
It’s not always that easy.
Back in 2019, Nick Grisanti of Grisanti Group started working with the Myers family that owned around 42 acres on the northeastern quadrant of I-65 and Clermont Road and 13 acres on the southeastern quadrant of I-65 and Clermont Road. Nick listed the property and began marketing efforts. He quickly identified a buyer that wanted all of the land for a distillery and hospitality project. The entirety of the property went under contract in the fall of 2019.
Unfortunately after more than a year of due diligence and efforts to finance the project, the buyer canceled the distillery project and terminated the contract. The Myers family was disappointed, but stuck with Nick who had guided them skillfully through contract negotiations and multiple extensions and amendments to the first contract. Their cash-in on this long-held family asset would have to wait a little longer.
Grisanti Group took the sites back to market. There was quickly interest in the northern 40 acres for industrial. The speculative logistics building market was booming in 2021 with the Covid ecommerce explosion and global supply chain crunch. Nick and the seller entertained multiple offers and went under contract with a developer for the 40 acres of industrial land.
This development came with its own set of challenges. Bullitt County had recently passed an ordinance specifying this area as a Bourbon Tourism Corridor (the area is home to Jim Beam), which put a greater burden on the developer to meet certain architectural standards. The developer worked to meet all the standards, and they were approved for the project. But other hurdles stood in the way. Wetlands and floodplain impacted the developable acreage of the site. The developer’s building square footage had to get smaller than originally planned and thus their projected profits were lower. Projected profitability was also taking a hit from rising construction costs. By 2022, the Covid logistics boom was softening and the certainty of this developer closing at the contract price became less likely.
Fortunately, another dynamic of Covid was that the federal government had pushed cash grants to local governments all over the country. Nick learned that the Bullitt County Fiscal Court was interested in owning the site itself, which would allow it to control the property and utilize it towards its goal of a creating the aforementioned Bourbon Tourism Corridor. It was a complex process, but Nick ultimately arranged for the industrial developer to walk away from the deal and for Bullitt County to acquire the site from the Myers Family.
Cash-in #1 was complete.
Meanwhile, on the southern 13 acres, Nick had identified a retail buyer who wanted the site for a gas station. That deal was more straight forward than the industrial-turned-tourism site. However, it was not without challenges. Nick helped the Myers family successfully negotiate a permanent easement through the development property giving access to additional land that they were retaining.
Cash-in # 2 was complete.
Four years after listing the properties, both the north and south properties closed in 2023. The Myers siblings were thrilled that the land their parents had acquired nearly 100 years before was able to be turned from an illiquid asset to cash in the bank for their retirements.
If you are a family that wants to take advantage of development coming to your doorstep, Grisanti Group can help ensure that that process goes smoothly. Call us so you don’t leave money on the table.
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!
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.
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!
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.
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.
Raphael Collazo became Grisanti Group’s newest CCIM (Certified Commercial Investment Member) designee in April of 2023. What is a CCIM you might ask and why have three Grisanti Group agents, including Paul and Nick Grisanti, invested the time to earn the designation? The CCIM Institutes website says it best.
Grisanti Group always puts its clients first. The skills and knowledge obtained while taking CCIM coursework along with the resources provided by the CCIM Institute allow us to help our clients maximize their ROI and minimize their risk. A CCIM designation isn’t everything, but it’s another tool in our toolbox, and a demonstration Grisanti Group’s commitment to our clients.
Grisanti Group is pleased to announce that broker associate Nick Grisanti has earned his CCIM Designation.
To earn the CCIM designation, a candidate must complete several core CCIM courses focused on real estate investment analysis, real estate user decision analysis, market analysis, negotiations, and ethics. A candidate must also submit a portfolio of qualifying experience to demonstrate not only classroom knowledge but real world transaction experience. The designation process culminates with a comprehensive exam which the CCIM institute hosts twice yearly at its conferences.
Nick passed the CCIM comprehensive exam and received his CCIM pin on April 9th at the CCIM Midyear Governance Conference in Charlotte. He joins Principal Broker Paul Grisanti as the second member of the Grisanti Group team with the designation.
That headline might sound familiar. While Grisanti Group handles commercial real estate transactions of all kinds, large land sales continue to be a specialty. Owners routinely turn to Grisanti Group when they need a trusted expert to sell their land holdings. Our latest closed transaction was 70+ acres of industrial land in the western Louisville market on Camp Ground Road. The family that had owned this large property for many years engaged Paul Grisanti and Nick Grisanti to represent them on the sale.
The industrial market in Louisville and surrounding counties continues to be red hot. Vacancy rates are low, absorption of vacant space is at record levels, and developers are hungry for developable sites.
