News
Dermody Properties Announces 624,000 SF Spec Development
CHICAGO, Ill. – Dermody Properties recently announced the purchase of 35.875 acres in the Louisville, Ky. region. The national industrial development firm will begin development on a 624,000 square foot industrial building on a speculative basis. The site, in the Settlers Point Business Park in Shepherdsville, Ky., is located at the full four-way interchange of I-65 and Kentucky Highway 44. This location has excellent proximity to both the Louisville Airport and the UPS Worldport Hub. The project will be developed and managed by Dermody Properties’ Midwest Region office in Chicago, Ill.
“After scouring the market for development-ready land sites to meet the underserved 300,000 to 600,000 square foot size range, Dermody Properties came to the conclusion that this transportation-advantaged location was the very best site on which to develop a large-scale, high-quality industrial building in the Louisville market,” said Brian Quigley, partner, Dermody Properties Midwest Region office. “This distribution center will offer a modern 36-foot clear height designed for sophisticated users to operate two or three mezzanine levels for picking and packaging both bulk and individual inventory items for same day delivery.”
Dermody Properties is purchasing and developing the project in concert with Granite Real Estate Investment Trust (REIT). Granite is a Canadian-based REIT engaged in the ownership and management of predominantly industrial properties in North America and Europe. Granite owns approximately 29 million square feet in 107 rental income properties.
LogistiCenter at I-65 is located within a 287-acre high-quality, mature business park with excellent access to I-65 and multiple hotels, shops and restaurants nearby. The park is only 12 miles south of the Louisville airport, 15 miles south of downtown Louisville and is also home to the UPS Worldport Hub. This is the last remaining large-scale industrial development site in the park.
The building will have a 36-foot clear height and will be cross-docked, with 60 dock doors expandable to 117. It will be configurable to allow for up to four separate users. The high-profile location has 1,800 feet of frontage along I-65.
It is anticipated that Dermody Properties will break ground in June 2013 and that the building will be completed by the fourth quarter of 2014.
“From a logistics perspective, we intend to offer the best solution for large-scale distribution companies, specifically Internet fulfillment companies, who are attracted to ground and air transportation infrastructure in the metropolitan Louisville area,” said Douglas A. Kiersey, Jr., president of Dermody Properties. “E-commerce continues to drive demand in the region, and we are developing an ideal location for a new or expanding Internet fulfillment center.”
The project is being marketed by Tom Sims of the CBRE – Louisville office, Kovert Hawkins Architects will lead the design team and Summit Construction will be the general contractor.