Hagan Properties

Providing quality shopping center, apartment and self-storage locations since 1990

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In The News

Shelbyville Road Plaza owner eyes $8 million development next to Ford’s Kentucky Truck Plant

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MAY
15

By Marty Finley  – Reporter, Louisville Business First
May 15, 2018, 11:50am EDT Updated May 16, 2018, 3:31pm

The owner of Shelbyville Road Plaza and Middletown Station already has proven that it can produce in the retail and multifamily sectors.

So now the company is diving into a new challenge: The expanding self-storage industry.

Louisville-based Hagan Properties Inc. proposed the construction of a 130,000-square-foot self-storage facility on five acres at 2801 Chamberlain Lane and 3014 N. Winchester Acres Road, said Tommy Edwards, a retail and self-storage developer with Hagan Properties. The properties, next to Ford Motor Co.'s Kentucky Truck Plant, are owned by Huong X. Pham and Johannes W. Appelboom, according to Jefferson County property records.

Edwards said Tuesday that Hagan has the two properties under contract and hopes to start construction by the end of the year or early 2019 and to be open by mid-2019. The self-storage development will be housed in multiple buildings and will be anchored by a multi-story, climate-controlled facility. Hagan has not finalized the number of buildings or units.

But Edwards said the facility will house individual drive-up units as well as covered parking for boats and RVs. Hagan has estimated the cost at $8 million, with design being led by Green Design architects of Okeechobee, Fla.

Green Design specializes in self-storage design and completes more than 150 projects of this type annually, Edwards said.

To separate itself from the pack, Hagan plans to use high-end building materials, upscale LED lighting and a state-of-the-art security system to create a safe and welcoming atmosphere for clients, Edwards said, noting that some self-storage units do not seem safe after dark.

“They don’t have the sexy curb appeal, and that’s what we’re trying to change,” he said.

Edwards said Hagan is pursuing this project because the firm feels it would complement its existing multifamily properties and is a way for the company to diversify. As I , Hagan has started construction of a 470-unit apartment complex called Victory Knoll near Southeast Christian Church, estimated to cost $64 million.

Hagan Properties also built the 356-unit 9910 Sawyer Apartments, a sprawling upscale apartment complex that backs up to E.P. “Tom” Sawyer State Park.

“Self storage is a growing asset class, and we feel we can compete very well in it,” Edwards said. “Our goal is always to be the category leader in each asset class.”

Hagan will be the sole owner of the new complex, but the firm has tapped Salt Lake City-based Inc. as the leasing agent and property manager. Extra Space Storage NYSE: EXR) is one of the largest self-storage providers in the country, with nearly 1,500 facilities.

“Extra Space’s brand and operating platform combined with Hagan’s extensive development experience will provide a superior product and level of service to the people of Louisville,” Dylan Taylor, manager of third party management for Extra Space Storage, said in a statement.

A general contractor has not been chosen.

Louisville’s self-storage industry has been expanding in lockstep with the growth of new apartments. Self-storage units are popping up across the city, and we are starting to see more facilities of this type on the East End. For instance, Citadel Storage Partners I L.P., a Delaware limited partnership, is with about 145,000 square feet at 1403 Browns Lane that will have nearly 1,000 storage units. That complex is slated to open later this year.

And Kinetic Properties Inc. recently of 80,000 square feet of storage space in the nearly 250,000-square-foot Distillery Commons at Lexington Road and Payne Street into climate-controlled self-storage units.

First units at $64M East End apartments to debut this year

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First units at $64M East End apartments to debut this year

APR
9

By Marty Finley – Reporter, Louisville Business First
Apr 9, 2018, 3:00pm

A $64 million apartment project will transform 35 acres of vacant land near Southeast Christian Church and bring nearly 500 more apartment units to East Louisville.

The first units are expected to debut in November, with the project wrapping up in late 2020.

Louisville-based Hagan Properties Inc. started on site work for the 470-unit Victory Knoll last month and will start installing the footers and foundations for the first buildings this month, said Wendy Hagan, an owner and developer with Hagan Properties. The site is on Ellingsworth Lane near Blankenbaker Parkway and Interstate 64.

Hagan told me the one-, two- and three-bedroom units will be spread across 21 buildings, most of which will have three stories. Rents will start at about $975 for a one-bedroom unit, $1,275 for a two-bedroom unit and $1,600 for a three-bedroom unit.

The units will range in size from 788 square feet to nearly 1,400 square feet and will be outfitted with stainless steel appliances, European cabinetry, French doors, large patio spaces with outdoor storage closets, linen closets and large walk-in closets.

Hagan said the entire footprint of the apartment development will be more than 700,000 square feet, including a 6,000-square-foot clubhouse. Planned community amenities include a small cafe, electric car charging stations, fitness center, pet salon, bike repair center, outdoor kitchen, outdoor lounge area with fire pit and cabanas, dog park, playground and a community garden.

Dallas-based BGO Architects is the architect for the project, and Central Bank is the lead lender. Hagan handles its own general contracting work.

Victory Knoll has been in the planning stages for years, and the site was chosen after a market feasibility study found it was one of the best undeveloped sites left in Louisville for apartment housing.

"We think it’s an underserved area with mostly older apartment communities," Hagan said, noting it's near shopping and dining in Middletown. "With all the growth in the Middletown and Blankenbaker Parkway corridor, we think demand will be high."

Victory Knoll comes after Hagan constructed the 356-unit 9910 Sawyer Apartments, a sprawling upscale apartment complex that backs up to E.P. "Tom" Sawyer State Park and encompasses nearly 400,000 square feet of apartment space.

2017 Best Retail Project: Quest Outdoors Superstore

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April
28

By Cary Stemle – Business First contributor
Apr 28, 2017, 6:00am

Quest Outdoors Supercenter
Address: Shelbyville Road Plaza, 4600 Shelbyville Road, Louisville
Cost:$500,000 from Hagan Properties, plus additional $250,000 to $300,000 from Quest Outdoors Superstore
Size: 29,000 square feet
Owner, lead developer: Hagan Properties
Architect and design firm: Rob Donhoff, Donhoff Kargl Nall Architects
General contractor: Personal Framers LLC
Buyer broker: N/A
Seller broker: Hagan Properties

With the opening of the Quest Outdoors Superstore in May 2016, Hagan Properties completed its remodel of Shelbyville Road Plaza, the largest open-air shopping center in Louisville.

Hagan Properties has owned and operated the center since 1991, said Tommy Edwards, retail representative for Hagan Properties.

A Quest Outdoors store had operated at the center for about five years in a 9,000-square-foot spot. But Ryan and Michelle King purchased and consolidated its three Louisville locations into one 29,000-square-foot superstore, taking over the prominent corner spot last occupied by a Borders bookstore.

“There are a few retailers in Louisville, when you think of true retailers, that are really local. Quest Outdoors immediately comes to mind,” said Edwards. “That spot started as a local thing with Hawley-Cooke Booksellers, and Quest brings it full circle.”

Hagan Properties worked with “as many local contractors, architects, artists, woodworkers, etc. … as possible,” Edwards said.

Architect Rob Donhoff with DKN Architects designed the space, using reclaimed and environmentally friendly materials where possible.

“It’s fun to work with creative architects who can conceptualize space,” Edwards said.

The Quest Outdoors Superstore uses a store -within-a-store strategy, with Base Camp Coffee Shop featuring Quills Coffee and treats from Plehns bakery and Nancy’s Bagels, Quest Watersports, Quest Fly Fishing, Trails End Outlet and Quest Outdoors.

Local artists have contributed artwork.

“You’ll find a lot of local flair,” Edwards said. “There are a lot of different local elements with photography and local artists who have done work at Forecastle Festival.”

With its one-year anniversary in the spot approaching, Edwards said the store has been a great success.

“They’ve achieved sales that they’d never seen before,” he said. “It’s just a really nice story to watch and be part of.”

Middletown shopping center to undergo another major expansion

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April
24

By Marty Finley – Reporter, Louisville Business First
Apr 24, 2017, 2:26pm EDT Updated Apr 24, 2017, 2:50pm

The sprawling Middletown Station shopping center on Shelbyville Road is expanding again.

Louisville-based Hagan Properties Inc. plans to break ground in the next few weeks on the single-story, 22,400 square-foot Middletown Shops 7 retail center at Middletown Station, which has minimal vacancy.

Tommy Edwards, a retail leasing representative for Hagan Properties, said the expansion should be finished this fall and could accommodate one single tenant or as many as 15 smaller tenants. Churchill McGee LLC, which has offices in Lexington and Louisville, is the general contractor. Construction costs have not been finalized.

Middletown Station is anchored by a Wal-Mart Supercenter and Target store off Shelbyville Road near the Gene Snyder Freeway. Together, Target and Wal-Mart account for about 360,000 square feet of the shopping center, which has more than 600,000 square feet. Bassett Home Furnishings also has a large store there.

Middletown Station has multiple buildings that house a mix of restaurants, retailers and medical users. For example, I reported in September that Norton Healthcare Inc. had taken a 13,000-square-foot building there to relocate its Norton Children's Hospital Medical Associates – Middletown from a smaller space it previously leased nearby.

Edwards said no tenants have yet been finalized for the new retail center but that Hagan Properties will pursue retailers, restaurants, medical users and other types of specialty users, such as banks.

To date, Hagan Properties has constructed five strip centers at Middletown Station and has 10 more acres of buildable land near Target, where it has been authorized to construct another 130,000 square feet. Edwards has said that space will be constructed as the market demands it.

Hagan Properties also owns and manages Shelbyville Road Plaza in St. Matthews. And I recently reported that the company is building an 8,000-square-foot office building at 12610 La Grange Road, a roughly three-acre site owned by Hagan Properties at the corner of Reamers and Westport roads. The facility will serve as Hagan's new headquarters, and the company plans to move there this summer.

Wendy Hagan, an owner and developer with Hagan Properties, said the complex will have an "ultra-contemporary design," using glass, steel and aluminum components. The office will have 13 to 18 employees, she said. Hagan told me Wednesday that the company has 10 employees now but plans to bring on several more people by the end of the year.

Shelbyville Road Plaza nabs new tenant

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APR
14

By Bridgett Weaver – Reporter, Louisville Business First
Apr 14, 2017, 2:37pm EDT

The woman behind CycleBar in St. Matthews is opening a second workout concept just a few doors down from her spinning studio.

Katie Ryser will open Club Pilates in June at 4600 Shelbyville Road, Suite 116, right beside Trader Joe’s. It is a franchise of a concept that is based in Orange County, Calif.

Club Pilates will operate in a 2,400-square-foot space, which is about to undergo an extensive renovation. Tommy Edwards with Hagan Properties Inc. handled the leasing deal. Ryser declined to discuss terms of the lease.

Ryser said construction crews will be gutting and renovating the inside of the building over the next month. It will include a studio with 12 reformers (a pilates-specific piece of training equipment) and a private room with two reformers that include a tower attachment.

She said the workout traditionally is a very serious one, but she hopes to offer a more fun and light-hearted experience with music and energy.

Although the pilates workout system is traditionally considered a women’s workout, Ryser said the goal is to offer a good, thorough workout option for everyone — even men.

“Pilates has sort of a weird reputation as being pretty exclusive and something for older, wealthy women. But it’s not that way at all,” Ryder said. “It’s actually a strength training, core-building, muscle-elongating practice that is a very important part of almost every professional athlete’s workout.”

Both men and women can really benefit from the workout.

“There never needs to be a gender assignment to this type of fitness, to any type of fitness,” Ryser said. “And we love shattering stereotypes.”

She said the goal is to make it more accessible to the community as a whole instead of the wealthier clients by offering a lower price-point than most specialty gyms.

“The way we make it work is with a lot of classes and a lot of clients,” Ryser said.

Ryser just opened the CycleBar in November and said the spinning studio has been successful.

“The success from CycleBar really gave us the chance to branch into pilates, which is really not a strong presence in Louisville,” she said. “(Pilates) is so integral in the coastal cities and it’s time to bring that to Louisville and get Louisville a little more up to speed.”

She said when the studio opens in June it will start with 28 classes per week, but will quickly ramp up to 60 per week. Prices will range from $169 for a monthly unlimited pass to $79 for 4 classes a month. Ryser said the first 50 members to sign up will get 20 percent off for their first year.