Plans are underway for a multi-million-dollar renovation
Speedway IN, April 4th, 2023
KennMar is pleased to announce that it has acquired the 5/3 Tower in downtown Louisville, Kentucky with the assistance of INVST LLC, an SEC Registered Investment Advisor based in Indianapolis, IN. Located at 401 S. 4th Street in the heart of Louisville’s Fourth Street Live entertainment district, this iconic office building stands 26 stories tall and totals 347,000 square feet.
“This is our second acquisition in the office sector within the past 12 months and we are excited about the opportunity to expand our footprint into the Louisville market by purchasing one of the most well-recognized and well-located office properties in the city,” stated Brent Benge, President & C.E.O. of KennMar. “We continue to remain bullish on the office sector and have plans to upgrade the building beginning as early as this summer.”
Situated just steps away from one of the most popular entertainment districts in the city, the property is also within walking distance of the KFC Yum! Center, the Kentucky Center for Performing Arts, Louisville Slugger Field and the Louisville Waterfront Park.
“KennMar has executed on a thoughtful business plan with the acquisition of this property; we’re looking forward to their ownership and progressive vision for the asset,” said JLL Senior Vice President Doug Owen. “This transaction demonstrates continued demand from investors for quality multi-tenant assets that offer value-add upside by way of filling remaining vacancies. This also exhibits ongoing commitment from investors, like KennMar, to invest in downtown Louisville.”
The acquisition of 5/3 Tower fits well within KennMar’s investment philosophy which it calls “F.O.C.U.S. on G.O.O.D.SM” By acquiring, enhancing, and managing prominent commercial real estate properties, the company balances the need to preserve and grow asset values for its clients with its social responsibility and desire to make a positive impact in the community.
Doug Owen with JLL represented KennMar in the purchase of 5/3 Tower and will be marketing the property on its behalf.
5/3 Tower aligns with the types of properties tenants are actively seeking today, as it hosts a variety of amenities focused on employee engagement and wellbeing. Amenities include a conferencing center, fitness center, Wi-Fi-enabled tenant lounge on the 10th floor with expansive skyline views, and access to convenient, covered parking options.