Before Stratton took the project over, it had languished for years because a California owner had not fulfilled his promise to correct drainage and other problems at the site.
''The US 36 corridor and especially the growth in the Louisville area was a prime reason for our investment in this high quality commercial property,'' says Jack Gindi, president and chief executive officer of IPS.
The 20,000-sf Colony Square is fully leased. Tenants include Moto Photo, Executive Tans, Brewing Market, Tokyo Joes, Royalty Nails, Fantastic Sam's, Subway, Noodles and Co., Excel Personnel and the Big Picture.
IPS also has the second phase, which will add 28,000 sf, under contract. The purchase price wasn't' revealed.
IPS is a full-service commercial real estate firm that acquires, manages and sells multifamily projects, offices, retail and other income-producing properties. IPS tries to identify undervalued properties and through better management, produce substantial returns to investors.
Eric Kimose of Marcus & Millichap was the broker on the deal.
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