LOUISVILLE, KY-DBSI-Discovery Real Estate Services, a tenant-in-common sponsor based in Boise, ID, has purchased the 144,632-sf Stony Brook South shopping center here for $22.4 million. The sale of the center, at 3500 South Hurstbourne Parkway, from owner Hurstmile LLC represents a cost of $155 per sf.

Larry Hausman, an investment specialist with Marcus & Millichap Real Estate Investment Services, represented both parties in the transaction. He says that the seller was a partnership that felt it had earned the appreciation it needed to move on. “They felt like they could appreciate their investment faster in other assets,” he tells GlobeSt.com.

The center is 6 years old and 100% occupied, Hausman says. It’s a good deal, he says, because it’s in the direction of new growth. “This is a nice suburban area, with lots of new condo developments,” he says. “This property is just a hair outside of the primo area of Hurstbourne Parkway, it’s just a little bit south of ground zero for retail.”

Tenants include Dick’s Sporting Goods, Marshall’s, Dress Barn, Rack Room Shoes and PetSmart. The center leases for about $12 to $16 per sf, “which for big box is actually pretty strong,” Hausman says.

He says the Louisville retail market is doing great. “We’ve had really low vacancy and increasing rents, there’s nowhere I’d rather be. All my clients are institutions. My average time on the market is about a week,” Hausman says.

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