Construction Begins on 315,147 SF Facility in Louisville
On May 22, Dermody Properties held a groundbreaking for LogistiCenter Louisville, a 315,147-square-foot distribution facility in the Renaissance South Business Park near the Louisville International Airport.
LogistiCenter Louisville will feature 32’ clear height, 60 dock doors, 4 drive-in doors, 336 car parking stalls and 73 trailer stalls.
“LogistiCenter Louisville will be a state-of-the-art industrial facility with multiple transportation and design advantages,” said Brian Quigley, partner, Dermody Properties Midwest Region Office. “The location of the building is across the street from the UPS ground sorting facility, Centennial Hub, adjacent to the Louisville Airport and less than one half mile to I-65.”
Dermody Properties purchased the land earlier this year from the Louisville Renaissance Zone Corporation (LRZC), a Louisville International Airport affiliated agency that oversees the development of the airport’s Renaissance South Business Park. The business park is a 450-acre complex located immediately south of the Louisville International Airport. Renaissance South Business Park is also near United Parcel Service’s (UPS) air-cargo hub, Worldport, and its ground sorting facility, Centennial Hub. The site’s proximity to these major transportation and shipping hubs makes it an excellent location for distribution operations.
“We are delighted to welcome Dermody Properties and their LogistiCenter Louisville facility to the growing list of successful projects in the Renaissance South Business Park near Louisville International Airport,” said Phil Lynch, Chairman of the Board for LRZC.
“We are pleased to be breaking ground on our second facility in the Louisville area,” said Douglas A. Kiersey, Jr., president of Dermody Properties. “It is another milestone in our national development strategy to create state-of-the-art industrial facilities in key logistics markets.”
Construction is expected to be complete in September 2014. Dermody Properties will develop the project in partnership with PCCP, LLC, an integrated real estate finance and investment management firm.
Pictured, from left: Greg Arnold (Dermody Properties), Paul Hemmer (Hemmer Construction), Brian Quigley (Dermody Properties), Phil Lynch (Louisville Renaissance Zone Corporation), Michael Dermody (Dermody Properties), Skip Miller (Louisville Renaissance Zone Corporation), Councilwoman Vickie Aubrey Welch (District 13, Louisville Metro Council), Douglas Kiersey, Jr. (Dermody Properties), Melanie Gangel (PCCP), Mike Russell (Dermody Properties), Ellen Hesen (Office of Mayor Greg Fischer, Louisville Metro), Kevin Grove (CBRE Louisville)
PCCP, LLC is Dermody Properties’ strategic capital partner on the project. This is Dermody Properties’ third investment with PCCP.
LogistiCenter is a national trademark brand, owned and developed by Dermody Properties. It represents the firm’s business philosophy of developing Class A distribution facilities that meet the supply-chain requirements of the most innovative companies. All LogistiCenter facilities are designed to meet best practices in sustainable design and construction, and incorporate building features, such as additional clear height and extra trailer and car parking, that enable companies to execute their operations more effectively and efficiently.
CBRE Louisville is representing Dermody Properties as the project’s broker.
PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has over $6 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Sacramento and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns. Since its inception in 1998, PCCP has successfully raised, invested and managed approximately $9 billion of institutional capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with proven operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.