Louisville, KY | Non-Performing Note Secured By CBD Office Building | Closed on RealINSIGHT Marketplace

  • Feb 03, 2020
  • Marketplace Closings

633,650 SF, 35-Story CBD Office Tower Receives 208 Signed Confidentiality Agreements And 35 Total Bids

The tallest building in Louisville, KY Closed on RealINSIGHT MarketplaceRealINSIGHT Marketplace, the preeminent commercial real estate sale and auction platform, rounded out 2019 with the closing of the non-performing note for 400 West Market Tower, the top business address in Louisville, Kentucky, for 127% of appraised value.

The 633,650 SF, 35-story CBD office tower is the tallest building in the Louisville market making it an iconic feature on the downtown skyline. With solid in-place cash flow and recent renovations, this was a rare opportunity given the few prominent office towers currently available nationwide. The office tower featured the “Who’s-Who” of law and consulting firms, financial and technology companies.

RealINSIGHT Marketplace partnered with Newmark Knight Frank to market the Property to a national buyer pool. The targeted marketing plan included digital and print and was customized to uncover the most likely buyers.

These marketing efforts generated 208 signed confidentiality agreements, 21 Registered Bidders and 35 bids over a two-day online CRE auction event that ended on November 6, 2019. Ultimately, the strong activity and interest resulted in a sale price 36% over Reserve, exceeding Seller expectations.

“The RealINSIGHT Marketplace online auction website enhanced our marketing efforts on this generational institutional loan sale opportunity, providing a structured sales process for qualified bidders. The exposure generated through the website and marketing team resulted in an execution well above reserve price.” Added John Howley, Executive Managing Director at Newmark Knight Frank, “We have always found this platform an excellent complement to our loan sale efforts, especially with the support of the experienced Marketplace Team."

To learn more, please visit the Asset Page or reach out to the Marketplace team at info@rimarketplace.com for more details.

About RealINSIGHT Marketplace:  RealINSIGHT Marketplace is the preeminent platform for CRE auction transactions, bringing Buyers, Sellers, and Brokers together to efficiently list, market, and close deals. Marketplace allows local, national, and international investors the opportunity to easily review and bid on commercial real estate assets throughout the country. The online auction website is managed by a dedicated team of commercial real estate experts with over $11B in online real estate sales. RealINSIGHT Marketplace has completed over $2.7B transactions since its inception in early 2017.