LOUISVILLE—AEW Capital Management, L.P. has just acquired The Summit® Louisville, a 365,000-square-foot shopping complex in Louisville first developed in 2001. They acquired the property on behalf of the AEW Core Property Trust, an open-end real estate fund. Eric Zimmerman and Miles Theodore of Eastdil Secured represented the seller, a fund advised by Prudential Real Estate Investors. Consultants Lainey Jurich and Craig Collins of Commercial Kentucky, Inc. also provided support to AEW during the transaction.
AEW officials say one of the chief reasons they acquired the property was the recent addition of Earth Fare as an anchor tenant. The organic supermarket sells farm-to-market goods that attract affluent shoppers and joins other national big-box retailers at The Summit® Louisville like Bed Bath & Beyond, Barnes & Noble, Office Depot and The Gap.
“The Summit® Louisville is ideally located within the southwest quadrant of the Interstate 265 and Interstate 71 interchange,” adds Dan Bradley, senior portfolio manager for AEW Core Property Trust. “We are excited to add this as a long-term hold to the AEW Core Property Trust portfolio; we believe this well-positioned center will benefit from the continuing commercial and residential growth in the east Louisville market.”
Both Chicago-based Stone Real Estate and Trio Commercial Property Group of Louisville will act as the leasing agents for the property. AEW also selected M&J Wilkow Properties, LLC, whose Principals David Harvey and Vivian Fields assisted in the acquisition, to manage the property.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
