Savills, has announced that it had arranged the recent sale of Louisville, Kentucky’s dominant power center, the Springhurst Towne Center. 

Gerard Mason, Executive Managing Director, and John Williams, Managing Director, represented the seller in the transaction, a partnership led by D. Talmage Hocker of the Hocker Group.  Mr. Mason and Mr. Williams are based in Savills’ New York office.

The property was purchased by an institutional investor for $78 million.  It was last sold in 2009 by Centro Properties for $42 million.  This transaction represents a nearly 86-percent increase over the sale price just two years ago.

“Talmage Hocker’s performance with this asset was impressive,” said Mr. Williams.  “Not only was he able to buy the property when credit markets were frozen, he succeeded in leasing more than 60,000 square feet to new tenants and significantly strengthened the tenant roster and cash flow.  Mr. Talmage has a long track record of finding deals such as this and he and his staff did a remarkable job in a short period of time.”

“Springhurst has credit-worthy tenants with strong sales, very low occupancy costs and a high-net-worth customer base, making it an ideal property for a core buyer,” said Mr. Williams.

The area’s largest shopping complex, Springhurst Towne Center is an 830,000-square-foot property with sales in excess of $200 million. The venue is nearly 100% leased. Tenants include such major national retailers as Target, Meijer, Dick’s, Kohl’s, Office Max, TJ Maxx, Home Goods, Old Navy and a market-leading Cinemark Cinema.  With an ideal location directly off I-265 in Louisville’s most affluent suburbs, the area boasts an average household income of approximately $100,000 annually.