Marcus & Millichap Brokers Auction Sale of 25,274 SF Office Property in Louisville Leased to Chewy
Why this matters
Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.
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On the RET wire
- Disclosed office deal value tracked in September 2026: $9B across 40 reported transactions. All Office coverage →
- 156 stories mentioning Marcus & Millichap on the wire in the past 90 days. Marcus & Millichap coverage →
Computed from Real Estate Trail’s own tracked coverage
LOUISVILLE, KY. — Marcus & Millichap has brokered the auction sale of a 25,274-square-foot office property located at 3621 Fern Valley Road in Louisville. Chewy Inc., the online retailer for pet food and medications,…
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