CBRE Investment Management’s Strategic Partners U.S. Value 9, in partnership with Fairbourne Properties, has recently purchased Paddock Shops in Louisville, Kentucky. This grocery-anchored community shopping center spans over 353,665 square feet and is situated at 4055 Summit Plaza Drive.
Paddock Shops boasts an impressive tenant mix of retailers from the grocery, fashion, restaurant and home goods industries with a current occupancy rate of 88 percent. The property is conveniently located just nine miles away from downtown Louisville.
Colin Rosenbaum , senior director of Americas Direct Commercial Acquisitions for CBRE Investment Management stated that the retail sector nationwide is experiencing a strong resurgence with positive fundamentals. He also noted that suburban retail centers have shown resilience and growth over recent years.
According to CBRE’s Q3 Retail Report for the United States in 2023 , there has been a significant increase (34 percent quarter-over-quarter) in net absorption of space within the national retail market while overall availability rates have dropped to their lowest point in at least eighteen years.
This acquisition by CBRE IM Fund aligns perfectly with these favorable trends seen within the retail industry as reported by Connect CRE .
