Prominent Shelbyville Road office buildings sell for $43M

A private equity firm that redeveloped a site off Hurstbourne with new retail, residential and hospitality has sold the property’s two office buildings.

Cincinnati-based Viking Partners Hurstbourne LLC recently sold Hurstbourne Park, at 9200 Shelbyville Road, and Hurstbourne Place, at 9300 Shelbyville Road. The buyer was Albany Road Real Estate Partners Fund III, based out of Boston, Massachusetts, a news release said.

The buildings, which comprise 343,835 square feet, sold for $42.5 million, according to the deed. Craig Collins and Austin English of Cushman & Wakefield | Commercial Kentucky, and Cody Hundertmark of Cushman & Wakefield of Illinois, represented the seller.

The buildings were 94% occupied, the release said. Hurstbourne Place, also known as the Flash Cube Building, is home to RunSwitch PR, DMLO CPAs, and Kentucky Planning Partners, among others. Hurstbourne Park has tenants like CareerStaff Unlimited, Stone Legal Group PLLC and ProLink Staffing.

The release said the portfolio had received offers from groups across the U.S.

“Real estate investors recognize that these buildings are ‘ground zero’ for Louisville business,” Collins said in the release.

The Class A office buildings are located in the Hurstbourne/Eastpoint suburban submarket, according to the release. That is the largest submarket in Louisville with over 5 million square feet of office inventory.

Viking Partners purchased Hurstbourne Park and Hurstbourne Place in 2016 as part of a larger, 27-acre site. We previously reported Viking Partners invested roughly $100 million in the redevelopment of the office park, which included new retail and restaurants.

Since Viking Partners ownership began, two hotels have been constructed on the property as well. Luxury apartments Rialto on Hurstbourne was built in 2019 by Hills Properties Inc., and it was a key feature in the redevelopment plan of the business park. Also in 2019, Evansville, Indiana-based Dunn Hospitality Group acquired 1.5 acres of land to build a Hyatt House hotel in the office park as well.

“Viking Partners has done an excellent job of developing this site with retail services, hotel and luxury apartments, providing the best walkability in the City of Louisville,” Collins said in the release.

Cushman & Wakefield team successfully brokered the sale of three other buildings on the larger Hurstbourne site for Viking Partners, the release said. Albany Roads’ Nashville office was instrumental in the acquisition of Hurstbourne Park and Hurstbourne Place.