LOUISVILLE, Ky. (May 23, 2014) –Dermody Properties, a national industrial development firm headquartered in Reno, Nev., held a groundbreaking ceremony Thursday for LogistiCenter Louisville, a 315,147-s.f. distribution facility in the Renaissance South Business Park near the Louisville International Airport.
LogistiCenter Louisville will feature 32-feet clear height, 60 dock doors, four 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 Corp. (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.
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.