Plans to break ground this month
SHEPHERDSVILLE, Ky. (June 12, 2013) – Nevada-based Dermody Properties has purchased 36 acres in Shepherdsville’s Settlers Point Business Park, where it plans to begin development of a 624,000-s.f. speculative building.
“After scouring the market for development-ready land sites to meet the underserved 300,000 to 600,000-s.f. size range, DermodyProperties 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 at 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.”
Settlers Point Business Park is located at the interchange of I-65 and Kentucky Highway 44 and is only 12 miles south of the Louisville International Airport and the UPS Worldport hub. The Dermody site, which has 1,800 feet of frontage along I-65, is the last remaining large-scale industrial development site in the park.
“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.”
Dermody Properties plans to break ground on the project this month and expects the structure to be complete by the fourth quarter of 2014. 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.
Dermody is purchasing and developing the project in concert with Granite Real Estate Investment Trust (REIT). Granite is a Canada-based REIT engaged in the ownership and management of predominantly industrial properties in North America and Europe. Granite owns approximately 29 million s.f. in 107 rental income properties.
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