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CBRE IM Fund Acquires Shopping Center in Louisville
CBRE Strategic Partners U.S. Value 9, through a joint venture with Fairbourne Properties, has acquired Paddock Shops, a 353,665-square-foot, grocery-anchored community shopping center located at 4055 Summit Plaza Drive in Louisville, Kentucky.
The open-air Paddock Shops are 88 percent leased to a roster of tenants in the grocery, fashion, restaurant and home goods retail subsectors. The property is located approximately nine miles from downtown Louisville.
“The national retail sector is experiencing a strong resurgence and positive fundamentals, and suburban retail centers have shown resilience and growth over the last several years,” said Colin Rosenbaum, senior director of Americas Direct Commercial Acquisitions for CBRE Investment Management.
According to CBRE’s U.S. Q3 2023 Retail Report, national retail fundamentals remain strong, with the net absorption of space increasing 34 percent quarter-over-quarter and overall retail availability rates falling to at least an 18-year low.
