Paddock Shops

Paddock Shops is a lifestyle-oriented shopping complex in the eastern part of Louisville, Kentucky. The property was originally developed and operated under the name The Summit of Louisville and formally opened on November 1, 2001. Rather than functioning as a conventional enclosed mall, it was designed as an open-air retail center with Mediterranean-inspired storefronts, centralized parking, and a collection of large-format stores, junior anchors, restaurants, and smaller specialty retailers. Its principal entrance is located along Kentucky Route 22, placing the center on a major commercial corridor in Louisville’s east end. The complex occupies approximately 40 acres and contains about 367,500 square feet of retail space. Its physical layout is organized around a central parking area bordered by low-rise storefronts. This configuration, together with the lifestyle-center positioning, emphasizes vehicle accessibility and an outdoor shopping environment rather than an enclosed mall experience. The center’s tenant mix has included national retailers such as Bed Bath & Beyond, Barnes & Noble, Earth Fare, Office Depot, Ulta Cosmetics, and DSW. Bed Bath & Beyond was identified as the largest anchor by floor area, while Barnes & Noble, Earth Fare, and Office Depot occupied somewhat smaller anchor spaces. Ulta Cosmetics and DSW served as junior anchors. For much of its first operating period, the property was owned by a subsidiary of Prudential and managed by Bayer Properties, a Birmingham, Alabama-based commercial-property manager. In May 2013, Boston-based CPT Capital Management acquired the center in a transaction reported at $111.5 million. Management responsibilities initially shifted from Bayer Properties to Wilkow. Following the acquisition, the new ownership and management sought to reposition the property and create a more locally distinctive identity. An online public vote offered several possible names, including Paddock Shops, Oaks Town Center, and Shops of Louisville, as well as a write-in option. Paddock Shops won with nearly 30 percent of the vote, and the new name and signage were announced and installed in August 2013. The renaming marked the center’s transition from The Summit of Louisville to Paddock Shops, while retaining its role as an open-air retail destination in Louisville’s east end. Tenant changes have occurred over time. Office Depot closed its location on May 16, 2015, and Earth Fare also subsequently departed, illustrating the continuing evolution of the center’s retail mix. The property is currently described as owned by CPT Capital Management and managed by Chicago-based Fairbourne Properties. Its identity remains tied to lifestyle retail, accessible regional shopping, and a multi-tenant commercial environment rather than to a single merchandise brand.

Paddock Shops began as The Summit of Louisville, an open-air shopping complex developed in Louisville, Kentucky’s east end. The center formally opened on November 1, 2001. Its design followed the lifestyle-center model, using low-rise Mediterranean-themed storefronts arranged around centralized parking rather than enclosing the retail space within a traditional mall building. The property occupies approximately 40 acres and provides roughly 367,500 square feet of retail space. Its primary entrance is positioned along Kentucky Route 22, a major access route for the surrounding commercial area. The original center was built around a broad tenant mix intended to combine large-format retail with specialty shopping and services. Bed Bath & Beyond was the largest anchor by floor area, with more than 30,000 square feet. Barnes & Noble, Earth Fare, and Office Depot were also identified as smaller anchors, each occupying space in the mid-twenty-thousand-square-foot range. Ulta Cosmetics and DSW operated as junior anchors. These stores gave the property a mix of home goods, books, grocery, office supplies, beauty, and footwear, supplemented by smaller retailers and restaurants. From its opening through May 2013, The Summit of Louisville was owned by a Prudential subsidiary and managed by Bayer Properties of Birmingham, Alabama. A significant ownership and management transition occurred in 2013. CPT Capital Management, based in Boston, acquired the property in a transaction reported by a Louisville business publication at $111.5 million. Wilkow was selected to replace Bayer Properties as manager at the time of the acquisition. The new ownership group used the transition to reconsider the property’s public identity. Rather than selecting a name internally, management organized an online vote. The ballot included Paddock Shops, Oaks Town Center, and Shops of Louisville, together with an opportunity for write-in suggestions. Paddock Shops received nearly 30 percent of the vote. Wilkow announced the result on August 15, 2013, and new signs were installed immediately, completing the rebranding from The Summit of Louisville. The center’s tenant roster continued to change after the renaming. Office Depot closed its store on May 16, 2015, and Earth Fare also departed. These changes reduced the number of original anchor tenants and reflected the ordinary turnover experienced by multi-tenant retail properties. The property is currently described as owned by CPT Capital Management and managed by Fairbourne Properties, a Chicago-based property-management company. Paddock Shops remains a Louisville lifestyle center whose core identity is based on outdoor shopping, accessible parking, national retail tenants, and a destination-oriented east-end location.

• 2015

  Office Depot closes

  [1]Paddock Shopsen.wikipedia.org

  The Office Depot store at the center closed on May 16, 2015.

• 2013

  CPT Capital Management acquires the property

  [1]Paddock Shopsen.wikipedia.org

  CPT Capital Management purchased the center in a transaction reported at $111.5 million, while Wilkow took over property-management duties from Bayer Properties.

• 2013

  The property is renamed Paddock Shops

  [1]Paddock Shopsen.wikipedia.org

  Following an online public vote, the center adopted the name Paddock Shops and installed new signage.

• 2001

  The Summit of Louisville opens

  [1]Paddock Shopsen.wikipedia.org

  The shopping complex formally opened on November 1, 2001, as The Summit of Louisville.

A regional open-air lifestyle shopping center serving Louisville’s east end, combining national anchor retailers, specialty stores, restaurants, and an outdoor destination-style setting.

• Retail real estate · 2001

  Open-air lifestyle shopping center

  Paddock Shops is a 40-acre open-air retail complex with approximately 367,500 square feet of space. Its low-rise, Mediterranean-themed storefronts surround centralized parking and are accessed primarily from Kentucky Route 22. The center combines anchor stores, junior anchors, specialty retailers, restaurants, and service businesses in a destination-oriented lifestyle-center format.

• Retail tenancy · 2001

  Anchor and junior-anchor retail portfolio

  The property’s principal retail offering has historically been provided by large and junior-anchor tenants. Stores identified with the center include Bed Bath & Beyond, Barnes & Noble, Earth Fare, Office Depot, Ulta Cosmetics, and DSW. The mix spans home goods, books, grocery, office supplies, beauty, and footwear, although individual tenants have changed over time.

• 2013Public naming vote

  Louisville, Kentucky

  After the acquisition by CPT Capital Management, management asked the public to select a new identity for The Summit of Louisville. Voters considered Paddock Shops, Oaks Town Center, Shops of Louisville, and write-in alternatives.

  Outcome. Paddock Shops won with nearly 30 percent of the vote, and the new name was publicly announced and placed on the property’s signage.

  Source

• 2015

  Office Depot store closureOther

  Background

  Office Depot had been one of the center’s identified anchor tenants.

  Action taken

  The Office Depot location closed on May 16, 2015.

  Aftermath

  The closure changed the center’s anchor-store lineup; Earth Fare also subsequently departed.

  Source

• 2013

  Acquisition by CPT Capital ManagementM&A

  Background

  The shopping center had been owned by a Prudential subsidiary since its opening and managed by Bayer Properties.

  Action taken

  CPT Capital Management acquired the property in a transaction reported at $111.5 million, and Wilkow replaced Bayer Properties as manager.

  Aftermath

  The ownership change was followed by a public renaming process and the adoption of the Paddock Shops identity.

  Reported acquisition price. $111.5 million (2013 acquisition)

  Source

• 2013

  Rebranding from The Summit of Louisville to Paddock ShopsStrategy

  Background

  New ownership and management sought a new public name after the property changed hands.

  Action taken

  Management conducted an online vote among several proposed names and adopted Paddock Shops after it received the largest share of votes.

  Aftermath

  New signage was installed and the shopping center operated under the Paddock Shops name.

  Source

• 2026-11-02

  Kimco Realty acquires two Louisville shopping centers[2]Kimco Realty收购路易斯维尔两座购物中心manilatimes.net

  Reported: 2026-11-02

  Kimco Realty announced its $295 million acquisition of Paddock Shops and Shelbyville Road Plaza, two grocery-anchored shopping centers in Louisville, Kentucky.

1. 1Paddock Shopsen.wikipedia.org
2. 2Kimco Realty收购路易斯维尔两座购物中心manilatimes.net