BLVD

LOUISVILLE, KY 40202

3.17-acre development opportunity for sale in 01 Executive Summary

02 Property Description

03 Market & Location Overview CONTACTS.

DAVID HARDY, CCIM Managing Director +1 502 412 7644 [email protected]

MICHAEL SOMERVELL Associate +1 502 412 7659 [email protected] SUMMARY

720 W MUHAMMAD ALI BLVD. CBRE, Inc. is pleased to present this excellent opportunity to acquire the Greyhound site in downtown Louisville. The site consists of two buildings totaling 27,657 SF. Building #1 is the Bus Terminal (19,295 SF) Building #2 is a Storage Warehouse (8,362 SF) situated on 3.17 acres of land.

PROPERTY SUMMARY.

Price $3,011,500 Gross Building Area 27,657 SF

Property Name Greyhound Bus Terminal Year Built 1970

720 W. Muhammad Ali Blvd. Address Zoning Designation C-3, Commercial Louisville, KY 40203 Current Use Bus Terminal Land Area 3.17 Acres DESCRIPTION

720 W MUHAMMAD ALI BLVD. THE PROPERTY The property is located in the Central Business District of Louisville, KY and is one of the largest available sites for redevelopment in Downtown Louisville. The property has two buildings on the site totaling over 27,000 SF on 3.17 acres.

MUHAMMAH ALI BLVD

May 07, 2019 12:15

May 07, 2019 12:15

confidential

Erin Nagle

confidential

Erin Nagle

CBRE

CBRE EIGHTH STREET EIGHTH SEVENTH SEVENTH STREET

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LOCATION OVERVIEW

720 W MUHAMMAD ALI BLVD. MARKET OVERVIEW.

THE CBD IS ANCHORED BY: THE LOUISVILLE CBD The highly-educated, thriving and top-ranked Louisville CBD is both the KINDRED HEALTHCARE LG&E/KU economic center of the State of and the Louisville MSA. City planners, business leaders and the medical community began laying the groundwork PNC BANK GOVERNMENT AGENCIES decades ago for what has become a dynamic, compact CBD rivaling other MERCER ATRIA SENIOR LIVING comparable sized CBDs. This epicenter continues to grow exponentially with $1B invested in both recently completed and projects under construction. FROST BROWN TODD FIFTH THIRD BANK More than $16B has been invested in CBD projects since 1990. BAIRD HUMANA With a current employment base of more than 140,000 in the CBD and approximately 110,000 residents in the Louisville CBD, the area enjoys activity at all hours of the day. Household formation is comprised of residents new to the Louisville area as well as former suburban dwellers, highly educated millennials, empty nesters and all points in between who are increasingly seeking proximity to employment and a rich urban experience.

With cultural districts that feature synergistic #10 Best City shopping, dining and entertainment as well as for Jobs walkable world-class sports venues, the signature -Glassdoor Waterfront Park and a growing business community, CBD OFFICE MARKET (Q2(Q3 2019)2020) Louisville features one of most complete, highly- 9.3M SF $18.91$17.02 amenitized, compact and desirable mid-size CBDs in total cbd inventory avg. Lease Rate the nation. 40,411 SF 20.7% Demand: msa tenants currently in 14.3% Vacancy Rate the market MULTIFAMILY DEMAND IN DOWNTOWN LOUISVILLE DOWNTOWN HOTEL BOOM Multifamily demand in Louisville is at an all-time high, driving new Louisville is experiencing a tourism boom and has seen housing and mixed-use developments that are attracting highly a need to construct new hotels to meet this demand. educated, highly compensated residents and adding to the MSA’s In August of 2018, Kentucky International Convention growth and vibrancy. Center completed a $180 million expansion and upgrade with 34% more exhibit space that has an Strong demand in the CBD, fueled largely by “suburban to urban“ estimated $246.6 million economic impact on the city. preferences, continues to drive low vacancy rates and all-time high Three additional downtown hotel projects with over rental rates (see Residences at the Omni to right). Properties delivered 550 new rooms have been recently completed to meet to the market in the last 12 months have achieved an average asking rate new convention center and tourism demands. Another of $1,414 per unit, $1.48 PSF, which is 60% above average rents at existing 679 rooms are currently planned for development in properties. Today’s levels of new multifamily supply are challenged to downtown Louisville. satisfy the growing demand to live in the Louisville MSA. URBAN BOURBON RENAISSANCE & One of the most notable projects in the immediate vicinity of 720 W REVITALIZATION Muhammad Ali Blvd is The Edge on 4th. The new seven-story, 232 unit The story of bourbon’s rebirth is the story of downtown multifamily complex on Fourth Street between Guthrie and Chestnut streets Louisville’s renaissance and revitalization. The rising opened in 2018. The project includes an outdoor courtyard, pool, picnic area popularity of bourbon and has evoked a tourism and hot tub, a clubhouse with a billiards room, a fitness/yoga center and a boom which has impacted new hotel construction golf simulation area. There is also a top floor event space called Club Edge as well as new multifamily developments and retail which includes a balcony, fire pit and gaming area. Tenants also have access amenities in the Central Business District and nearby to a pet spa, pet park, and bicycle storage units. sections of downtown.

The Edge on 4th Multifamily Development LOCATION OVERVIEW.

METROPOLITAN AREA HIGHLIGHTS As of 2019, the Louisville metropolitan area had a population of 1.27 million, a labor force of 664,722 people, and is the largest population center in the state of Kentucky. The Greater Louisville Area encompasses seven counties in Kentucky and Southern Indiana along the Ohio River, covers 2,564 square miles, and provides all the advantages of a diverse metro region. Louisville is one of the most thriving cities in the United States because of its central location, excellent transportation system, fast-growing industry sectors and diverse economy.

STRONG, STABLE & DIVERSIFIED ECONOMY The city experienced a successful shift from a primarily industrial economy to a balanced economy with a strong service sector. This shift has helped dampen urban population loss experienced in similar cities and even helped garner healthy population growth in the area. Louisville has developed a strong and stable economy due in part to its strategic location and superior distribution infrastructure system. The city has built on this strength and has become one of the nation’s leading centers for logistics, focusing not only on moving goods, but on all phases of supply chain management (e.g., storing, billing, shipping, etc.). Also, the healthcare and food-service industries have consistently driven economic growth in the region. In fact, six out of the ten largest employers operate in the healthcare sector. More recently, the area’s economy has diversified, bringing with it more skilled and high-tech employment opportunities. PREMIER HEALTH/BIOMEDICINE INDUSTRY Health/biomedicine is the largest local industry sector, with more than 2,000 health-related enterprises employing approximately 72,000 people. Much of the sector is concentrated downtown in the Louisville Medical Center, a 25-block complex that includes six major hospitals. The Medical School, and a host of clinics, R&D facilities, treatment centers, and laboratories. Humana Inc., a managed healthcare company on the Fortune 100 list, has its headquarters in downtown Louisville. With nearly 13,000 local employees, Humana Inc. is the largest publicly traded company based in Louisville. Norton Healthcare is Louisville’s third largest employer with over 140 locations throughout the Greater Louisville and Southern Indiana.

MANUFACTURING REVIVAL Louisville has been recognized as one of the top places in the nation experiencing a rebound in manufacturing. The city was ranked seventh on the Forbes 2015 “Big Cities Leading a U.S. Manufacturing Revival” list due to impressive output numbers generated from the manufacturing industry. One notable manufacturer located in the Louisville area is The Ford Motor Company which operates an automobile assembly plant near the airport that originally opened in 1955 and the Kentucky Truck plant that opened on Louisville’s east side in 1969. The plants employ more than 14,000 individuals and, in 2019 announced an expansion of the assembly line that would add 550 jobs to the plant’s operations. Additionally, over the last several years approximately 285 auto industry re-location or expansion announcements have occurred in Kentucky, representing over 17,000 new jobs and nearly $4 billion in capital investment. The area’s central location and highly developed distribution and logistics infrastructure make it a strategic location for many related businesses.

LARGEST EMPLOYER: UNITED PARCEL SERVICE (UPS) LOUISVILLE UPS is the area’s largest employer with over 22,000 local employees, and CONSISTENTLY RANKS their presence in the market has played an enormous role in developing Louisville’s reputation as a worldwide hub for logistics, shipping, and AMONG THE TOP CITIES transportation. In 2002, the company completed its $1 billion expansion of IN THE U.S. its new “Worldport” sort facility at Louisville International Airport. By 2006, #1 Best City for Top 10 Food City UPS needed to again expand Worldport and did so in a two-phase, $1 billion Manufacturing project. The first phase expanded their all-points air hub by 37% to 416,000 —National Geographic —Forbes packages per hour. The second phase was completed in 2010 and grew #10 Best City for Tech their facility to an incredible 5.2 million square feet, with a perimeter of 7.2 #9 Best Run City miles. The $2+ billion development, one of the country’s largest economic Jobs —WalletHub development projects in recent years, created more than 14,000 new jobs —Glassdoor in the community. The economic impact of this development has only #9 Best City for #10 City Where Pay enhanced the area’s already superior logistics infrastructure and served as Job Seekers Goes The Farthest a catalyst for additional public and private investment into the area. —ZipRecruiter —Glassdoor THRIVING TOURISM & CONVENTION INDUSTRIES Louisville has always been a thriving business industry, but the downtown area has evolved into a major tourist and convention destination. Recent studies have shown that more than 12 million people visit Louisville annually, which results in a yearly economic impact of $1.4 billion supporting about 22,000 local jobs. Home to the venerable and Louisville Slugger & Factory, Louisville has transformed Main Street into a variable museum row and entertainment destination. Attractions include the Louisville Science Center, , Louisville Slugger Museum, and Frazier International History Museum. The Kentucky International Convention Center, located in downtown Louisville, has over 2,000 hotel rooms connected by skywalk, plus an additional 2,879 rooms within six blocks. The Kentucky Exposition Center, adjacent to Louisville International Airport, is the sixth largest center in the nation sporting over1.2 million square feet of space and is home to six of the nation’s top 30 trade shows.

A SELECTION OF LOUISVILLE ATTRACTIONS Kentucky International Convention Center – Connected to 2,300 hotel rooms with an additional 2,879 hotels rooms within six blocks, this extensively renovated convention center offers 300,000 square feet of meeting space, 190,000 square feet of exhibit space, a 30,000-square-foot ballroom, and 51 meeting rooms.

KFC Yum! Center – 22,000-seat arena situated along the Ohio River is home to the men’s and women’s basketball teams for the University of Louisville and hosts several other sports events and live entertainment shows.

Fourth Street Live! – 350,000-square-foot entertainment and retail complex is located along Fourth Street and includes a wide variety of bars, restaurants, retail outlets, and public gathering areas.

The Muhammad Ali Center – $80 million, 100,000-square-foot museum and cultural center was built as a tribute to the champion boxer, Muhammad Ali, and is located in Louisville’s Museum Row in the West Main District.

Louisville Slugger Museum & Factory – Also located in Louisville’s Museum Row, this 16,000-square- foot museum showcases the history of the Louisville Slugger brand of bats made by Hillerich & Bradsby.

Frazier History Museum – Also located in Louisville’s Museum Row, this 75,000-square-foot museum is an affiliate of the Smithsonian Institute and houses United States and United Kingdom arms, armor, and other historical objects from the past 1,000 years.

Louisville Slugger Field – Opened in 2000, this 13,000-seat stadium is home to the Louisville Bats, the AAA affiliate of the Cincinnati Reds MLB organization. THE Greater Louisville’s flourishing arts community has gained national and international acclaim for its professional theatre, opera, ballet, and orchestra. Actor’s Theatre of Louisville, recognized worldwide as one of the country’s leading theatres, is the site of the renowned Humana Festival of New American Plays. The Kentucky Center for the Arts is one of the nation’s premier facilities for performing arts, and the Greater Louisville Fund for the Arts is the oldest and most successful arts fund drive in the country. The Speed Museum, Kentucky’s oldest and largest art museum, recently underwent a $50 million expansion project.

SPORTS & RECREATION Louisville’s best-known sporting event is the held annually at Churchill Downs. The race is known in the United States as “The Most Exciting Two Minutes in Sports.” The Derby is preceded by a two-week long festival that Esquire Magazine has called “the biggest party in the south.” Louisville also hosted the 1988, 1991, 1994, 1998, 2006, 2010, and 2011 Breeder’s Cup races. Valhalla Golf Club was the site of the 1996, 2000, and 2014 PGA Championship and the 2008 Ryder Cup. Papa John’s , home to the University of Louisville football team, is viewed as one of the premier stadiums of its kind in the country. Louisville Slugger Field, which opened in spring of 2000, is a state-of-the-art baseball park located just east of downtown on the Ohio River. Waterfront Park, along the Ohio River in downtown Louisville, is a multi-million dollar recreational area that includes acres of walking and biking paths, a Lincoln memorial, splash park, playground, and marina. KFC Yum! Center, completed in 2010, this $240 million, 22,000-seat arena situated along the Ohio River is home to the men’s and women’s basketball teams for the University of Louisville. Louisville City FC, a highly successful professional soccer franchise, completed its new 14,000 seat stadium in 2020 and hosted several matches. The stadium is the centerpiece of a 40-acre, $200 million mixed-use development adjacent to Louisville’s Waterfront Park near downtown.

STRENGTHS

DEMOGRAPHICS. INTERESTING STATS.

1.3M 10.1% Total Population 5-Year Employment 24 17,608 Colleges/Universities Acres of Metro Parks Growth

3.7% 4TH 10 325,773 Unemployment Lowest Cost of Bourbon Distillery Distillery Rate Living in U.S. Experiences located in Experience Visitors – Move.org, 2019 Downtown Louisville 2nd Most Affordable Office Rents in Major Markets in the U.S. —CBRE

LOUISVILLE ACCOLADES. Bourbon Tourism Growing Rapidly 100% #11 Human Rights Campaign Scorecard Best City for College Grads Development of a New for Inclusivity, 4 Years in a Row — Smart Asset, 2019 Stadium for the USL Soccer Team, Louisville City FC

Top City for Women Top City Where Renovated Convention in Technology Millenials are Moving Center + Foodie — SmartAsset, 2018 — SmartAsset, 2018 Reputation = A Lot of Downtown Conventions INVESTOR CONFIDENTIALITY & NON-DISCLOSURE STATEMENT CBRE, Inc. operates within a global family of companies with many subsidiaries The Owner expressly reserves the right, at its sole discretion, to reject any or all and/or related entities (each an “Affiliate”) engaging in a broad range of expressions of interest or offers to purchase the Property, and/or to terminate commercial real estate businesses including, but not limited to, brokerage services, discussions with any entity at any time with or without notice which may arise as a property and facilities management, valuation, investment fund management result of review of this Memorandum. The Owner shall have no legal commitment and development. At times different Affiliates may represent various clients with or obligation to any entity reviewing this Memorandum or making an offer to competing interests in the same transaction. For example, this Memorandum purchase the Property unless and until written agreement(s) for the purchase of may be received by our Affiliates, including CBRE Investors, Inc. or Trammell the Property have been fully executed, delivered and approved by the Owner and Crow Company. Those, or other, Affiliates may express an interest in the property any conditions to the Owner’s obligations therein have been satisfied or waived. described in this Memorandum (the “Property”) may submit an offer to purchase the Property and may be the successful bidder for the Property. You hereby By receipt of this Memorandum, you agree that this Memorandum and its contents acknowledge that possibility and agree that neither CBRE, Inc. nor any involved are of a confidential nature, that you will hold and treat it in the strictest confidence Affiliate will have any obligation to disclose to you the involvement of any Affiliate and that you will not disclose this Memorandum or any of its contents to any other in the sale or purchase of the Property. In all instances, however, CBRE, Inc. will act entity without the prior written authorization of the Owner or CBRE, Inc. You also in the best interest of the client(s) it represents in the transaction described in this agree that you will not use this Memorandum or any of its contents in any manner Memorandum and will not act in concert with or otherwise conduct its business in detrimental to the interest of the Owner or CBRE, Inc. a way that benefits any Affiliate to the detriment of any other offeror or prospective Purchaser acknowledges that CBRE is acting on behalf of Owner as exclusive offeror, but rather will conduct its business in a manner consistent with the law and broker in connection with the sale, and also acknowledges that CBRE is not the any fiduciary duties owed to the client(s) it represents in the transaction described agent of the Purchaser. Purchaser agrees to pay all brokerage commissions, in this Memorandum. finder’s fees, and other compensation to which any broker (except CBRE) finder This is a confidential Memorandum intended solely for your limited use and benefit or other person may be entitled in connection with the sale of the Property if such in determining whether you desire to express further interest in the acquisition of claim or claims for commissions, fees or other compensation are based in whole the Property.This Memorandum contains selected information pertaining to the or in part on dealings with Purchaser or any of its representatives; and Purchaser Property and does not purport to be a representation of the state of affairs of the agrees to indemnify and hold harmless CBRE and Owner, their respective affiliates, Property or the owner of the Property (the “Owner”), to be all-inclusive or to contain successors, and assigns, employees, officers, and directors against and from any all or part of the information which prospective investors may require to evaluate loss, liability or expense, including reasonable attorney’s fees arising out of any a purchase of real property. All financial projections and information are provided claim or claims by any broker, finder or similar agent for commissions, fees, or other for general reference purposes only and are based on assumptions relating to compensation for bringing about any sale of the property to Purchaser if such the general economy, market conditions, competition and other factors beyond claim or claims are based in whole or in part on dealings with Purchaser or any of its the control of the Owner and CBRE, Inc. Therefore, all projections, assumptions representatives. and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the DISCLAIMER Property will be made available to interested and qualified prospective purchasers. © 2020 CBRE, Inc. The information contained in this document has been obtained In this Memorandum, certain documents, including leases and other materials, are from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, described in summary form. These summaries do not purport to be complete nor Inc. has not verified it and makes no guarantee, warranty or representation about necessarily accurate descriptions of the full agreements referenced. Interested it. It is your responsibility to independently confirm its accuracy and completeness. parties are expected to review all such summaries and other documents of Any projections, opinions, assumptions or estimates used are for example only and whatever nature independently and not rely on the contents of this Memorandum do not represent the current or future performance of the property. The value of in any manner. this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a Neither the Owner or CBRE, Inc, nor any of their respective directors, officers, careful, independent investigation of the property to determine to your satisfaction Affiliates or representatives make any representation or warranty, expressed or the suitability of the property for your needs. CBRE and the CBRE logo are service implied, as to the accuracy or completeness of this Memorandum or any of its marks of CBRE, Inc. and/or affiliated or related companies in the United States and contents, and no legal commitment or obligation shall arise by reason of your other countries. All other marks displayed on this document are the property of receipt of this Memorandum or use of its contents; and you are to rely solely on your their respective owners. investigations and inspections of the Property in evaluating a possible purchase of the real property.

MUHAMMAD ALI BLVD

LOUISVILLE, KY 40202 CONTACTS.

DAVID HARDY, CCIM © 2020 CBRE, Inc. All rights reserved. This information has been Managing Director obtained from sources believed reliable, but has not been verified +1 502 412 7644 for accuracy or completeness. You should conduct a careful, [email protected] independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk. CBRE MICHAEL SOMERVELL and the CBRE logo are service marks of CBRE, Inc. All other marks Associate displayed on this document are the property of their respective +1 502 412 7659 owners, and the use of such logos does not imply any affiliation with [email protected] or endorsement of CBRE. Photos herein are the property of their respective owners. Use of these images without the express written consent of the owner is prohibited. PMStudio_Oct2020