PAST SALES
Former Coca-Cola Bottling Plant - 1661 W. Hill Street, Louisville, KY 40258
CORPORATE ASSETS
THE CHALLENGE: Spread over three buildings, the Louisville Coca-Cola Plant covers a total area of 318,000 square feet. While primarily housing warehouse and manufacturing spaces, the setup also includes drive-in truck bays and stunning art deco-style offices. The property boasts approximately 200 parking spots that are available for use. In 1916, instead of operating from Hill street, Coca-Cola Bottling Co. Consolidated invested a whopping $12 million in revamping an unused warehouse in Jefferson Riverport International business park situated in Southwest Louisville. This move allowed them to transfer their 350 employees to the new set-up. Afterward, the company decided to retire this non-revenue-generating asset from the company’s portfolio. After remaining vacant for two years, Coca-Cola took the Hill Street plant to auction.
SOLUTION: Phil Ammon, a local auction specialist, partnered with the FRE platform to conduct an auction for the Louisville Coca-Cola Plant. To maximize interest, they employed a two-stage accelerated marketing strategy, which commenced with a sealed bid deadline and concluded with a request for the highest and best offer. The marketing campaign attracted local, regional, and national attention through a range of promoted materials, including a website dedicated to the sale, e-campaigns distributed to over 200,000 brokers and investors across the country, and advertisements in both national and
OUTCOME: TGreat exposure and interest were garnered by the auction, resulting in the participation of both local and regional bidders. The challenging property had been on the market for some time, causing potential buyers to become disinterested. With low expectations, Coca-Cola set a minimum asking price of $599,000. However, the final bid accepted at the auction exceeded expectations at $1.2 million.
GOVERNMENT BUILDINGS
THE CHALLENGE: Originally a bowling alley, this property had since been converted into a library and a government office building, leased by the city of Louisville. However, tensions between the landlord
and tenant were high, and the city was not willing to renew the lease under the current ownership. Therefore, it became crucial for the property to find a new owner who could navigate the unique guidelines and regulations set by the city and continue to lease the building.
THE SOLUTION: Following a meeting with the owners, it was concluded that a sealed-bid auction would be the most suitable format to meet the client’s desired timeline. Hence, we initiated an accelerated marketing program, which involved launching an extensive advertising campaign
across local, regional, and national publications, creating a dedicated property website, and implementing a proactive broker and investor e-campaign that reached out to 200,000 brokers and investors nationwide through email blasts.
RESULTS: The advertising efforts generated two parties interested in submitting pre-auction offers as well as others committing to bid under the terms and conditions specified by the auction guidelines. The property was placed under contract and sold to an Indiana investor for $5.25 Million.
Former East Government Center
200 Juneau Drive, Louisville, KY 40243
Former A. Arnold & Son Headquqrters
12201 Westport Road
Louisville, KY 40245
INACTIVE MARKET
THE CHALLENGE: A. Arnold and Sons Logistics relocated their main trucking operations to a
different site, leaving their former headquarters and truck maintenance facility vacant. After two years on the market without any offers, the property was beginning to show signs of market fatigue. While
the previous agent had executed an adequate marketing campaign through the traditional “treaty
sale” listing format, the company’s leadership still neeed to liquidate the property before the
listing expired.
THE SOLUTION: Upon conferring with the owner, the decision was made to list the property for auction. The seller determined that a total sale price of $1.3 million for the land and improvements would be a favorable outcome. As the accelerated marketing campaign was being prepared for
launch, prominent signs promoting the auction were erected in front of the property, facing
Westport Road.
OUTCOME: After the large auction signs were erected in front of the property facing Westport Road, the owner of a neighboring commercial building took notice and inquired about the sale. They then made a pre-auction offer that was agreeable to the seller. All terms and conditions of the auction remained the same, and the property sold with no contingencies. When asked about their lack of interest during the past listing period, the buyer admitted that the absence of urgency had been a factor. However, the competitive nature of the auction format forced their hand to make an offer in order not to miss out on the opportunity to own the property.
LAND / PARCELS
THE CHALLENGE: The partnership that owned a 15.23 acre retail land was at a turning point. As their partnership had expired, they were now up against a 90-day dissolution clause and had to decide quickly on selling the rest of their properties.
THE SOLUTION: The sale of the land pads was expected to be challenging, given the primary anchor tenant was a dark Winn-Dixie grocery store that was subject to development restrictions. To increase
the visibility of the auction, extensive marketing campaigns targeting national and local investors and brokers were launched. The objective was to generate high demand, enticing local buyers, and bringing out-of-town investors to the bidding table. The seller hoped for a total sale price of
$1 million for the five pads, considering it to be a favorable outcome.
OUTCOME: Despite receiving an offer of $955,000 for all 15+ acres on the morning of the auction, the client declined the offer. However, by the end of the auction, all five pads had been sold to four buyers - three local and one from out of the area. The auction turned out to be a resounding success, generating a total of $1,272,755, which was over 25% above the client’s expectation.
Tanyard Springs Development
12201 Westport Road
Louisville, KY 40229
The Mercantile Gallery Lofts
309 East Market Street
Louisville, KY 40202
ESTATES / RESIDENTIAL
THE CHALLENGE: The Louisville Mercantile Gallery Lofts consists of 40 lofts and studios. Despite its attractive features, the property had been on the market for two years and was beginning to show signs of market fatigue. The seller was seeking to sell the property as part of a long-standing estate
closeout, hoping to liquidate the estate’s remaining assets.
THE SOLUTION: Local auction specialist Phil Ammon signed the property for auction, and upon doing so, contacted all past interested parties. A two-stage accelerated marketing program was implemented which set a sealed bid deadline for one day and a request for highest and best offer the next. The sale was advertised extensively through local, regional and national publications. It was additionally supported with a property-specific website, e-campaign distributed to over 200,000 brokers and investors nationwide. Local publications were implemented as well.
OUTCOME: The property in question was pre-purchased by a former
NFL player who had previously shown interest in it but did not wish
to compete with other interested buyers during the auction.
The seller agreed to the pre-auction offer, and the property was
eventually sold and closed within 18 days of the initial transaction.
