Westport Village officially has a new owner.
Atlanta-based Hendon Properties bought the 168,781-square-foot East End shopping center for $23.75 million on May 17, according to Jefferson County property records.
Hendon Properties is a full-service development, brokerage and management company with a focus on retail, according to its website. The company owns 15 properties in Georgia, Virginia, Tennessee, North Carolina, Florida and South Carolina. Westport Village is its first in Kentucky.
“We purchase or develop all over the country, but this is our first time in Kentucky. We like the center very much. We think Louisville is a good market,” said Charlie Hendon, president of Hendon Properties.
Per a post on the company’s website, Hendon, with funding help from Alabama-based investment firm Harbert Management Corp., will invest additional money into upgrading and leasing the vacant square footage at Westport Village.
The company will handle any deferred maintenance, but Hendon said the details of the renovations are contingent on what new tenants request.
“We will do whatever is required based on the situation,” he said, which could include splitting up existing space.
Hendon told Insider Louisville he likes the mix of local and regional businesses operating at Westport Village and will look for tenants that fit that mold to fill the 45,000 square feet of vacant space at the shopping center. The company already has some bites.
“We already have interest from potential users for about all of that,” Hendon said, cautioning that deals haven’t been signed.
Hendon Properties will have a local representative on-site at all times to handle tenant concerns and already has reached out to current tenants.
“We just tried to introduce ourselves and tell them who we are and what our experience is and we intend on being a good landlord and responsive to their needs,” Hendon said. “I think that the tenants will be pleased with who we are and what we do.”
When asked whether Hendon Properties plans to flip Westport Village, Hendon said: “We intend to hold this property for no less than five years, maybe longer.”
IL reached out to InvenTrust Properties on Wednesday to see if there was any news regarding the pending sale and again this afternoon after WDRB broke the news of the sale, but the company has not returned calls for comment.
InventTrust Properties bought Westport Village from Louisville-based developer Underhill Associates in 2013. Tenants lodged complaints against the company’s management, and some even filed a lawsuit against Camelot Acquisitions, the company InvesTrust Properties operates under in Louisville.
As part of the sale, the lawsuit was settled, but the terms are confidential, WDRB reported.