Thompson Thrift Retail Group Sells Multi-Tenant Retail Building in Central Kentucky

SOMERSET, Ky. (May 4, 2020) – Thompson Thrift Retail Group (TTRG), a wholly owned company of Indianapolis-based Thompson Thrift, announced today that it sold a multi-tenant retail building in Somerset, Ky for $2.625 million to an undisclosed private buyer.

Located at 2007 S. Highway 27, the approximately 7,000-square-foot building is fully leased to GNC, Kay Jewelers and Visionworks and is shadow-anchored by Lowe’s Home Improvement and a Wal-Mart Supercenter. Thompson Thrift acquired the land in 2015 and completed construction in 2016.

“We think our ability to close deals in a challenging environment highlights that there is always a market for well-located, high-quality assets with national credit tenants,” said Brad Bisser, senior vice president property management with Thompson Thrift.

TTRG is a full-service real estate development company focused on ground-up commercial and mixed-use development across the Midwest, Southeast and Southwest. During the past 30+ years, Thompson Thrift has invested more than $2.2 billion into local communities and has become known as a trusted partner committed to developing high-quality, attractive retail and multifamily projects.

“We pursued this opportunity thanks to our broker partners Kevin Mayhugh and Kevin Schreiber at the Shopping Center Group who had retail clients interested in the Somerset area,” stated Chris Hake, senior vice president, director of the Southwest region for Thompson Thrift. “Their desire to expand into the Somerset market became the impetus to pursue our second development in the market.”

Dylan Mallory with Hanley Investment Group represented TTRG on the sale.

TTRG Sells Hotel PAD at The Stations

Courtyard by Marriott will join new office, townhome and retail development adjacent to Fishers District

Thompson Thrift Retail Group (TTRG) announced today that it has closed on the sale of the hotel pad at The Stations, a $60-million mixed-use development in the Indianapolis suburb of Fishers, IN. The buyer, Indiana-based Dunn Hospitality, will spend $20 million to build a 145-room Courtyard by Marriott that it plans to open in the latter half of 2021.

The Courtyard will feature meeting space, expansive fitness facilities, an indoor pool, room service and a bistro bar offering sit-down meals throughout the day. The new hotel is expected to accommodate the expanding business and leisure travel needs of the rapidly growing Fishers suburb.

“The fundamentals of this area continue to be compelling for a wide variety of uses,” said Eric Wojak, development director for Thompson Thrift. “Our adjacent mixed-use development, Fishers District, has quickly become a destination of choice for consumers, tenants and travelers seeking quality dining and retail options, walkable amenities and convenient access to the nearby interstate. Having a hotel for the business traveler located behind the future office building is a great fit for the project.”

David Dunn, president and chief operating officer of Dunn Hospitality, stated, “We were well-positioned with funding in place that allowed us to move forward amid the current economic climate. We think our development timeline will enable us to build this project while the economy recovers and bring another award-winning hotel to market at an opportune time.”

Later this year, TTRG expects to begin construction of a class-A, four-story office building with 60,000 square feet of demisable office space. The building will feature an expansive lobby with elevators, outdoor work areas on the top floor of the building, excellent visibility from 116th Street along with building and street signage opportunities. TTRG is also completing initial site work on the back portion of the property for Pulte Homes to develop 37 three-story townhomes.

With convenient access from I-69 and 116th Street, The Stations offers businesses and travelers a central location with proximity to Indiana’s only Topgolf and IKEA, which together attract nearly 1.5 million visitors each year. The Stations is adjacent to Fishers District, a TTRG project with over 100,000 square feet of unique retail and dining options, 260 multifamily units and a 211-room dual-brand Hyatt Place/Hyatt House that was also developed by Dunn Hospitality.

“We are thrilled to be the exclusive hospitality partner for Thompson Thrift’s Fishers projects,” said Dunn. “We share their vision for creating high-performing destinations that offer world-class experiences for everyone that visits.”

The master planned Station and Fisher’s District projects are reflective of a robust growth strategy focused on areas with impressive demographics and a demand for quality commercial options.

About Dunn Hospitality Group

Dunn Hospitality Group was founded in 1978 by brothers John and Bob Dunn, and has evolved its business to include hotel development, operations and management. With an unrelenting focus on quality and a keen understanding of each respective market, Dunn Hospitality is known for creating high-performing properties that lead their respective asset class. The company has developed over 40 award-winning hotels, the majority with Hilton Family Hotels, Marriott Branded Hotels, Intercontinental Hotel Group and Hyatt Hotels with locations throughout Indiana, Kentucky and Illinois. For additional information about the company, please visit www.dunnhospitalitygroup.com.

Watermark Residential Begins Development of 276-Unit Class A Multifamily Community in Kansas City, Missouri

Watermark Residential Begins Development of 276-Unit Class A Multifamily Community in Kansas City, Missouri

The Element by Watermark is slated for completion in November 2021

KANSAS CITY, Mo. (March 24, 2020) – Watermark Residential, a wholly owned affiliate of Thompson Thrift and one of the nation’s leading multifamily developers, announced today the acquisition of 23 acres of land in Kansas City, Missouri where they plan to develop The Element by Watermark, a 276-unit class A apartment community.

Located in Platte County at 8101 Northwest Barrybrooke Drive, the site is strategically situated just east of I-29, the major north-south thoroughfare, providing convenient access to major city employers and the Kansas City International Airport. Platte County is the fastest growing county in Missouri and has experienced population growth double that of the U.S. average.

“The Kansas City area is experiencing prolific growth, and there is a significant shortage of new supply as more people move into this area seeking quality multifamily rentals,” said Paul Thrift, president and chief executive officer of Thompson Thrift and Watermark Residential. “There are no other projects under construction in this submarket, except for our own Watermark at Tiffany Springs, which has already commenced its lease up.”

The Element by Watermark lies within the highly rated Park Hill school district and is within walking distance of a newly developed Edgewood Farms retail center that includes AMC, Freddy’s Frozen Custard, Main Event Entertainment, One Life Fitness and Texas Roadhouse.

Watermark’s planned multifamily community will consist of three-story, garden-style apartment buildings offering one-, two- and three-bedroom apartment homes. The apartment homes will feature upgraded finishes including gourmet bar-kitchens with granite countertops, stainless steel appliance packages, walk-in closets and full-size washers and dryers. Community amenities will include a clubhouse, 24-hour fitness center with state-of-the-art equipment, a resort-quality swimming pool with cabana and pet-friendly “bark park” and doggie spa.

Josh Purvis, managing partner for Watermark Residential, added, “Kansas City is a great fit for Watermark, which seeks to develop multifamily communities that stand out from the competition. We look forward to seeing this new development ramp up quickly.”

Since 2010 Watermark Residential has constructed more than 40 communities totaling over 11,000 multifamily apartment homes. The company has consistently focused on developments in areas experiencing rapid job growth, increased rental demand and barriers to new supply. Element at Watermark will be the company’s third multifamily development in Missouri.