Winebrenner Property Management LLC acquires former Plumbers Supply Company properties

LOUISVILLE, Ky., Feb. 2, 2024 /PRNewswire/ -- Winebrenner Capital Management LLC announced today the acquisition of four parcels formerly owned by Werst Realty LLC and operated by Plumbers Supply Company by one of Winebrenner's subsidiaries, Winebrenner Property Management LLC. The purchase represents over 4 acres and nearly 120,000 square feet of buildings. "The Werst family has been wonderful stewards of the properties, and we look forward and are honored to be guiding the next chapter," said Earl G. Winebrenner III, Managing Member of Winebrenner Capital Management LLC. Last year, Winebrenner completed a $43 million project on East Main St., just one block away from the newly acquired properties.

It has been a huge success built from the ground up consisting of a 137-unit luxury apartment building, Martin on Main, with an award-winning restaurant, Nami Korean Steakhouse, that Winebrenner owns on the first floor, and space for additional tenants. Winebrenner enlisted award winning, celebrity Chef Edward Lee to operate Nami. With Chef Lee's unique and innovative culinary flair, Winebrenner says that Nami has brought an elevated dining experience to NuLu's culinary scene. With a commitment to preserve the area's rich history, Winebrenner plans to apply the same unique and innovative approach to this new project as well. With a nod to the past and a wink to the future, Winebrenner is on a mission to see both the NuLu and Butchertown neighborhoods thrive all the while preserving a slice of history. Winebrenner also went on to thank their many clients that believe in the possibilities and have invested in the Winebrenner real estate partnerships to make them realities. "Thanks to our investing clients we were able to procure the largest and most iconic opportunity in what we believe to be Louisville's hottest growth market," said Winebrenner. Terms were not disclosed but no financing was used.

Werst Agrees

"After nearly a century at our Main Street location we decided to move to a more efficient location for our primary warehouse to the Watterson Park area of Bishops Lane. We relocated our downtown service center a block south on Market Street. Through a methodical process, our family determined that selling the Main Street properties to Winebrenner will add to the exciting transformation of NuLu. The sales process went smoothly all the way through closing. Based upon their previous projects we look forward to the future of these properties under the leadership of Winebrenner," said Jay Werst, Chairman of Plumbers Supply Company.

Reactions

Scott Howe, partner and principal broker of EOS Commercial Real Estate, has worked with the team at Winebrenner in the past and shares their enthusiasm. "This acquisition is a win for the buyer, the seller and the city, a true win-win-win set up. The potential for so many different applications and uses here makes this one of the more exciting projects to be involved with in this part of the country, let alone the City of Louisville. The NuLu area is short on space for retail, hospitality, and just quality density. Currently extremely limited on Market St., the spillover hitting Main St. and Jefferson St. is really starting to take hold. Located on E Main St. and E Market St., this site will provide a solid East end cap for NuLu with a gateway to Butchertown, the Stadium District, Phoenix Hill, the Highlands and Downtown. As a bookend to the already burgeoning area of NuLu, with nearly $1 billion in process or proposed development, this will be an exciting one to see through!" said Howe.

Winebrenner has already had his architect, Mitchell Kersting, AIA of WorK Architecture, on-site to explore the possibilities and Kersting is excited. "Our team at WorK Architecture is proud to be part of Winebrenner's positive investment into another impactful development. The Plumbers Supply site, like many of the remaining urban sites in Louisville, has been primed for change for years. The potential of this project is unbounded. And in contrast, typically, the focus is on a single building. Whereas here, we have an entire city block as well as several adjacent lots to reimagine. We've learned that depending on one's experience in Louisville, the site is often described as a 'gateway,' a 'beacon,' a 'bookend,' etc., and we are eager to see these local experiences reenvisioned in the architecture." said Kersting.

Next Steps

Winebrenner has no preconceived notions of the final developments. "We've viewed the closing as the launching point of the project. We will immediately activate the two parking lots at Main and Wenzel Streets as public paid parking. These 66 spaces will be new to the neighborhood and help provide needed parking for local businesses and residents," said Winebrenner. Riverside Parking, Inc. will be the parking manager for Winebrenner.

Winebrenner has already started to receive interest from various parties that want to be involved in the project's potential. "Many have seen our development of the 137 luxury apartments at Martin on Main at 835 East Main Street as well as our ownership of Nami Modern Korean Steakhouse and want to be part of the next big thing," said Winebrenner. "Ultimately due to its size, we envision developing some portions ourselves, joint venturing on others, and selling some as well," said Winebrenner.

Kersting likes the history at the site. "This site has had uninterrupted use since as far back as 1865 when it was The Peoples Foundry, then a Saddlery Company in the 1890s, and a candy company from 1897 to 1941 when it then became the Plumbers Supply Company we know today, nearly a century later. The structure stands today as open, warehouse-style floor plates, providing unrestricted opportunity," said Kersting. Winebrenner noted that his great grandfather launched the family's cabinet business in 1946, three blocks away on East Market, so it's likely the respective families did business together in their early days.

Advisors

Winebrenner was represented by Tanner Nichols, Attorney at Law with Frost Brown Todd LLP.

About Winebrenner Property Management LLC

Winebrenner Property Management LLC is a subsidiary of Winebrenner Capital Management LLC, an SEC Registered Investment Adviser. In addition to traditional wealth management services, Winebrenner offers accredited clients the opportunity to invest directly in real estate through their many partnerships. Its principal, Earl G. Winebrenner III, has been in the investment industry for over 35 years. For more information visit www.wcmria.com.

Media contact:
Earl G. Winebrenner III
Managing Member
[email protected]

SOURCE Winebrenner Capital Management