Dermody Properties Acquires 18.4 Acres in Louisville
Will Develop LogistiCenter Louisville near Louisville International Airport
LOUISVILLE, Ky. — Dermody Properties recently announced the purchase of 18.4 acres in Renaissance South Business Park near the Louisville International Airport. Dermody Properties will develop a 316,491 square foot warehousing and distribution facility, known as LogistiCenter Louisville, on the site.
Dermody Properties purchased the land 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. The business park is also near United Parcel Service’s (UPS) Worldport air-cargo hub 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.
“This location offers immediate access to the Louisville airport, the UPS Worldport hub and I-65, making it a premier location for an e-commerce fulfillment center in the Midwest United States,” said Brian Quigley, partner, Dermody Properties Midwest Region Office. “Renaissance South Business Park is a transportation-advantaged location, which will drive logistics savings in both time and money for our customers.”
Dermody Properties intends to break ground on LogistiCenter Louisville in March 2014 and expects construction to be completed early this fall. Dermody Properties will develop the project in partnership with PCCP, LLC, an integrated real estate finance and investment management firm.
“The development of LogistiCenter Louisville is consistent with our strategy of providing new Class A industrial product in key logistics markets with sustainable demand drivers,” said Douglas A. Kiersey, Jr., president of Dermody Properties.
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.
Brian Quigley, partner of Dermody Properties’ Midwest Region, managed the transaction for Dermody Properties. Dermody Properties was represented by Doug Butcher, Kevin Grove and Tom Sims of CBRE Louisville.