The Lane Report -- Real Estate & Development August 1998

REAL ESTATE & DEVELOPMENT -- August '98

Changes in the Commercial Real Estate Market

Like Lexington's changing landscape, the management end of the local commercial real estate market has undergone some extensive changes as well. Listed below are some of the shifts that have taken place in recent months:

Lisa J. Kitchen has been appointed general manager of the 420,000-square-foot Lexington portfolio of LaSalle Partners Management Services, Inc. Prior to joiningLaSallePartners, Kitchen served as senior manager and managing broker for the newly-formed CB Richard Ellis company and managing broker for HFH, Inc.

MadeIon Cormney, formerly affiliated with Faulkner Hinton & Associates, is now associated with The Coleman Group.

Steve Bean has been named president of Haymaker Commercial Real Estate. Bean has been a broker with the Haymaker Company for six years.

Karen Bell, former area manager for LaSalle Partners, has opened a new firm. KBR Real Estate Services' primary focus is on commercial tenant representation.

Jeff Stidham, former head of the Kentucky office of Koll Company (now CB Richard Ellis), has joined with the Dallas-based Koll Real Estate Group and Columbus, Ohio-based Equity Capital Advisors to form Stidham Commercial Partners. The new firm's focus is on commercial brokerage development and finance.

Nicklies & Company, a Louisville commercial real estate firm, has partnered with CB Commercial, the largest U.S. national real estate company. Since than, CB Commercial has joined forces with Richard Ellis – the largest international real estate company – thereby giving the Louisville partnership a new name: CB Richard Ellis/Nicklies.

–Campbell Wood

Condominiums Offered for Sale to UK Students

With its target market being university students, the final touches are bein added to the new Campus View Condominiums just in time for the annual influx of UK Students. Located on South Broadway, just south of Virginia Avenue, each of the 32 condos (all of which have three bedrooms and two baths) features 1,045 square feet and is priced at around $89,000 per unit. Each unit includes a washer/dryer, dishwasher, microwave, range and refrigerator.

Campus View, which is being developed by CJB Enterprises, is one of several new apartment/condominium complexes that been developed in the area over the past several years.

"We sort of have a student enclave here," says Fred McCulley of CJB. "And students seem to attract more students."

Property Transactions

1973 Plaudit Place 2.68 acres (vacant) Grantor: Preston W. Madden et al Grantee: CRM Hospitality LLC $1,045,000	771 Corporate Drive 10-story office building Grantor: Corporate Plaza Limited Grantee: Plaza, LLC $10,750,000 ($87.96/square foot)

1915-1919 Nicholasville Road & 100 Goodrich Ave. .91 acres (vacant; former restaurant demolished 3/98) Grantor: EW, LLC Grantee: Isaac 1915 LLC $550,000	3513-3525 Lansdowne Dr. (Donabrook Plaza Shopping Center) 4 acres/174.676 square feet Grantor: Moneywatch XIV Ltd. Grantee: William M. Arvin et al $2,200,000 ($57.11/square foot)

Highland Lakes Subdivision 25 residential lots Grantor: Pinnacle Development Inc. Grantee: Barlow Homes, Inc. $831,500 ($33,260/lot)	1713 Jaggie Fox Way 7.70 acres Grantor: Boiling Springs Industrial Park Inc. Grantee: Tempur-Pedic Real Estate Inc. $ 500,500

5837 Jacks Creek Road 363.40 acre farm (includes 1,221-square-foot-house; 784-square-foot tenant house, three tobacco barns; two machinery buildings) Grantor: Denton Farms, Inc. Grantee: Harry M. & Juliana Whitman $900,000

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