W. P. Carey Pays $102M for Louisville Industrial Asset
W. P. Carey has acquired I-64 Commerce Center’s Building A, a 1 million-square-foot cross-dock industrial facility in Shelbyville, Ky., from Flint Development. The Class A asset traded for $102 million, according to Shelby County public records. Colliers represented the seller.
I-64 Commerce Center is a two-building, 1.5 million-square-foot industrial campus that came online last year. In September, Flint sold the park’s Building B, a 477,600-square-foot facility, to Ford Motor Co. for $42.3 million, the same information source shows.
Both facilities have identical 40-foot clear heights, 54- by 50-foot column spacing and truck courts with 185-foot depth. Between them, the two buildings feature 154 dock-high doors and eight drive-in doors, as well as 507 car and 346 trailer parking spaces. An additional 133 dock-high doors may be added in the future throughout the pair.
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Located at 139 Logistics Drive, the park is roughly 28 miles east of downtown Louisville, Ky., and about 38 miles from the Louisville Riverport Authority, whose transfer terminal is designed to handle more than 4 million tons of commodities a year at a rate of 2,000 tons per hour.
The Colliers team negotiating on behalf of Flint Development included Principals & Vice Chairs Jeff Devine and Steven Disse, together with Vice Chair Alex Cantu and Executive Vice President Alex Davenport.
Fully leased to a leading solar energy firm
Canadian Solar—one of the world’s largest renewable and solar energy companies—fully leased the 1 million-square-foot facility and plans to invest up to $500 million to develop its battery assembly capabilities. The property currently serves as a critical distribution node for the firm’s $800 million manufacturing facility in Jeffersonville, Ind.
The River Ridge Commerce Center facility in Indiana is Canadian Solar’s main U.S. manufacturing property, which is slated to be operational by the end of 2025. The factory will produce an annual output of 5 GW, which is equivalent to roughly 20,000 high-power modules per day.
Louisville’s industrial vacancy drops
During the third quarter, the total industrial investment volume clocked in at $104 million in Greater Louisville across four transactions, according to a report by CBRE. One of the deals was Guess? Inc’s 506,440-square-feet sale-leaseback to Exeter Property Group for $40 million.
In the three-month period ending in September, the metro witnessed 3.6 million square feet of industrial leasing activity, bringing its vacancy rate to 3.4 percent—down 90 basis points year-over-year.
Meanwhile, developers brought online 283,500 square feet of industrial space in the metro, the same source shows. The market still had more than 3.7 million square feet in the pipeline as of September.
One facility that debuted earlier this year in Greater Louisville is Arvato’s 970,000-square-foot warehouse in Shepherdsville, Ky. The new warehouse expanded the German-based firm’s network in the metro to more than 2.4 million square feet.
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