In The News

By Marty Finley – Reporter, Louisville Business First
Mar 10, 2016, 2:27pm EST

A 500-unit apartment complex on Skywatch Lane near La Grange Road and the Gene Snyder Freeway in Louisville’s East End has changed hands in a deal that has flown completely under the radar.

The Paddock at Eastpoint, which was completed in 2007, long has been owned by Louisville-based Hagan Properties Inc. Hagan held the Paddock property through an affiliated holding company, TPE LLC, but that holding company recently gained a new owner.

According to the Kentucky Secretary of State’s office, TPE LLC has been transferred from Hagan Properties to the Bedford, N.H., office of Bluestone Property Management LLC, which does business as Bluestone Properties and manages apartment residences in the Midwest and parts of the South.

The Paddock at Eastpoint is listed on Bluestone’s website as one of its managed properties, and the company’s name also appears on the apartment complex’s website.

Wendy Hagan, a principal with Hagan Properties, confirmed that Hagan no longer manages the Paddock, but she declined further comment.

An industry source with knowledge of the deal told me Thursday that TPE LLC was sold in a deal valued between $70 million and $75 million. That source also told me TPE now is controlled by California-based real estate investment firm Mount Auburn Multifamily, of which Bluestone Properties is an affiliate.

I could not immediately reach Mount Auburn representatives for comment on the deal.

In commercial real estate deals, companies sometimes purchase the entity that holds a property rather than the property itself. One result of such a transaction is that there is no deed transfer for the property involved.

According to the Paddock’s website, the complex has a mix of one-, two- and three-bedroom units that range from about 675 square feet to a little more than 1,400 square feet. Rental rates vary from about $890 to more than $1,200 per month, the website stated. The property is on about 19 acres, according to

online PVA records.

Amenities at the complex include a fitness center, business center, car care facility, children’s playground, BBQ and picnic area, courtyard, Internet cafe and a pool and lounge area with personal cabanas.

By Marty Finley – Reporter, Louisville Business First
Jan 14, 2016, 1:51pm EST Updated Jan 20, 2016, 8:39am EST

Quest Outdoors is closing its longtime store at the Paddock Shops and consolidating its store operations in an expanded space at Shelbyville Road Plaza in St. Matthews.

Ryan King, owner of the Louisville sporting-goods retailer, said the store at 4340 Summit Plaza Drive in the Paddock Shops will close by the end of January. He plans to consolidate that store and the Shelbyville Road Plaza store in a larger space at the St. Matthews shopping center: the 25,000-square-foot storefront once occupied by Borders Books and Music.

The company offers adventure gear for camping, hiking, climbing, winter and water recreation. King bought Quest Outdoors from Don Burch and Barbara Burch in 2010.

King said the decision to relocate into the three-level storefront was a rather hasty one, but he said it will give his company a chance to bring all of its operations under one roof.

Quest has been in its current space at Shelbyville Road Plaza for about five years and has had a presence at the Paddock Shops, formerly the Summit, since 2003, King said.

“You’re never where everyone wants you to be,” King said, laughing.

He hopes to have the new location opened by April, ahead of the Kentucky Derby.

About 13 employees will be relocated to the new Shelbyville Road Plaza location from the Paddock Shops store. Once that store closes, he said, those employees will assist at the Shelbyville Road location and with the relocation. He said it will be a blessing to have extra hands available to help with the move.

Quest has about 38 employees, King said.

“The people who work for me are like family,” King said. “No matter what happens, no one’s losing their jobs.”

In fact, he said, he will likely need to bring on “several” additional staff to help staff the new store because it will be a much larger space.

The store that is closing on Summit Plaza Drive is about 6,700 square feet, and the Quest store at Shelbyville Road Plaza in St. Matthews is just under 10,000 square feet. King closed a 5,000-square-foot Quest outlet shop at 2330 Frankfort Ave. late last year, he said.

Of the new 25,000 square feet space, about 20,000 square feet will be retail space, and the rest will be used for office and warehouse space. Quest also gains a loading dock with the new space.

King said he is working out the details of a strategic plan to ensure that Quest won’t close for more than three days during the relocation.

“We may not close down a day, to tell you the truth,” he said.

The relocation will require minor construction to the Borders space, which has been vacant for years. King said he plans to paint the space, replace the flooring and change the layout of the store. He said, he will have to build out space, for instance, for dressing rooms. He said he does not yet have a cost for the construction.

King brokered the new lease deal, the terms of which were not disclosed, with the shopping center’s owner, Louisville-based Hagan Properties Inc. He said the condition of the vacant space “is not bad.” Hagan will assist with the construction on the new space, but King did not explain the specifics of that agreement.

King said he does not intend to “reinvent the wheel” with the expanded store, but he said it will have new elements that were not found in other stores, though he declined to say what those elements will be.

King said Hagan had floated the idea of taking the space before, but he always felt it was too big until he realized the potential the space provides.

Tommy Edwards, a retail leasing representative with Hagan Properties, said Quest is able to expand well beyond its current footprint because the products the company offer have been so well received in Louisville.

As for the space Quest is vacating at Shelbyville Road Plaza, Edwards said no tenant has been signed for the space yet.

He declined to say what type of retail user Hagan is seeking for the space. “We’re talking with various retailers, and we’ll see what happens.”

This is the second store in recent weeks that the Paddock Shops has lost after natural food retailer Earth Fare announced its closure. Leasing at The Paddock Shops is handled by Louisville-based TRIO Commercial Property Group.

Justin Baker, a principal broker and partner with TRIO, said the firm is aggressively pursuing new tenants for the spaces but declined further comment.

By David A. Mann – Reporter, Louisville Business First
Oct 15, 2015, 2:34pm EDT

Little Greek Fresh Grill, a fast-casual Greek restaurant with an American influence, has opened its first Kentucky location in Louisville.

The eatery is located in Shelbyville Road Plaza, near the intersection of Shelbyville Road and Bowling Boulevard. The space, which is leased from Hagan Properties Inc., formerly was occupied by Koko Fit Club.

Work to covert the space into a restaurant began in August, said Todd Burnett, operating partner in the business. He declined to say how much was invested in the project.

Husband and wife Tom and Tina Burress are also partners in the franchise, according to a news release.

Burnett said the business opened on Monday and has seen a good bit of traffic so far. Gyros are a popular dish, he said. The business also has lamb, chicken and salmon entrees.

Little Greek Fresh Grill is based in Tampa, Fla., and has 24 locations, the release said. Others are in Florida, Arkansas and Texas.

Company president Nick Vojnovic said the company has wanted to come to Louisville for some time. You can find more on the business on its website here. Restaurant locations are open daily from 11 a.m. to 9 p.m. and offer dine-in, take-out and catering.

By Kirby Adams  – Courier-Journal
Jul 7, 2015, 12:54pm ET Updated Jul 7, 2015 1:12pm

Gilt.com Designer Outlet has popped back into Louisville for a month at Shelbyville Road Plaza, 4600 Shelbyville Road.

The designer outlet includes men’s and women’s, apparel and accessories plus home goods, kids goods, and more — all up to 90 percent off.

Organizers say there will be thousands of items on sale at the shop from designers such as Zac Posen, Vera Wang, Badgley Mischka, John Varvatos, Ben Sherman and Missoni.

The outlet will be open July 10 through Aug. 15. Hours are Tuesday -Saturday 10 a.m.-8 p.m., Sunday noon- 6 p.m. and closed on Monday.

By Caitlin Bowling
Apr 27, 2015, 2:46pm EDT Updated Apr 28, 2015, 9:42am

Louisville-based Hagan Properties Inc. is returning full force into residential development after being stalled by a lawsuit and the recession.

“We are finally ready to move forward,” said Hagan Properties principal Wendy Hagan. “It’s been so much hurry up and wait.”

When Hagan Seay Properties split in 2005, Scott Hagan, owner of the resulting Hagan Properties, said the company would expand into residential development. And it did — for a little while.

Hagan Properties has owned and operated The Paddock at Eastpoint, a 500-unit luxury apartment complex on Factory Lane near the Gene Snyder Freeway, since 2007. Rent for the apartments ranges from $725 to $1,300 a month.

But the company it hasn’t had anything in the way of new residential development until now.

“We had to wait for the economy to change,” Hagan said. “A lot of pieces of the puzzle had to click.”

The real estate company’s target demographics for its apartments include an average combined household income of $80,000. It rents to young professionals, former homeowners who are downsizing and families who are saving up to buy a new home or are waiting for one to be built, Hagan said.

The Paddock at Sawyer Park

The first luxury complex to be built, The Paddock at Sawyer Park, will be located on Westport Road, adjacent to E.P. “Tom” Sawyer Park. The $45 million project will be a 25-acre, 356-unit complex made of brick, stone and fiber cement siding, according to information provided by Hagan Properties.

BGO Architects of Texas designed both The Paddock at Sawyer Park and the existing The Paddock at Eastpoint.

The Paddock at Sawyer Park will have 22 two-story buildings with one-, two- and three-bedroom apartments, many with garages. Monthly rent is expected to start at $860 for one-bedroom units and go up to $1,700 for a three-bedroom, two-bath apartment with a garage.

Similar to the Eastpoint complex, The Paddock at Sawyer Park will have a dog park and a resort-style pool with cabanas and grilling stations. The clubhouse will have a fitness center, a community kitchen, a business center with computers and wi-fi. The development also will have a dog-grooming salon, electric car charging stations and a car care facility for residents.

Construction is expected to start on The Paddock at Sawyer Park in mid-September, with apartments ready to lease In July or August 2016. Alabama-based Doster Construction is the project’s general contractor.

Once complete, Hagan Properties expects to sign leases on 20 to 22 units each month during peak leasing months, April through October.

The project had been held up in a lawsuit. A group called Vision for Integrity and the Expansion of Westport Road, or VIEW, opposed the building of the apartment complex and sued Hagan Properties and Louisville-Jefferson County Metro Government.

A judge ruled in favor of Hagan Properties, and VIEW appealed. But the parties were able to reach a settlement earlier this month, allowing Hagan Properties to move forward with Paddocks at Sawyer Park.

The Paddock at Victory Knoll

For the second planned complex, Hagan Properties closed Wednesday on a 35-acre property at Blankenbaker Parkway and Ellingsworth Lane, near Southeast Christian Church, Wendy Hagan said.

Hagan said her company has proposed building a 468-unit apartment complex called The Paddock at Victory Knoll. The $57 million development will be similar to The Paddock at Sawyer Park in terms of amenities.

The property formerly was owned by Hollenbach-Oakley LLC and Faulkner Real Estate Corp., which planned to build a 398-unit apartment complex called Ellingsworth Apartments.

In 2013, when Business First reported on Ellingsworth Apartments, the project seemed to be moving forward after years of stops and starts. But they were never built.

“When we first got the property under control and started taking it through the approval process, the economy wasn’t where it was today,” said John Hollenbach, a principal with Hollenbach-Oakley LLC.

After the economy improved and demand increased for multi-family housing, “Faulkner Real Estate and we got together and decided it was better to focus more on what we’ve traditionally done,” Hollenbach said. Hollenbach-Oakley’s main focus is business parks, retail centers and office buildings.

Hollenbach added that Hagan Properties was the perfect company to take over the property.

“It is going to be what we had intend — an absolute first-rate, class A, multifamily project.”