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Strong Quarter Fuels Expansion at Park 65

LOUISVILLE, KY-ProLogis credits third quarter showing, with leases signed, in plans to expand at Park 65 and into Cedar Grove Business Park.

By Danielle Anderson | Updated on October 24, 2006

(To read more on the industrial market, click here.)

LOUISVILLE, KY-ProLogis, which recently began construction on a 273,000 sf expansion at ProLogis Park 65, also has started working on plans to erect a 500,000-sf building in nearby Cedar Grove Business Park. The decision to expand in the Louisville market was fueled in part by strong third-quarter leasing activity at its master-planned distribution park near Kentucky’s Louisville International Airport.

Last quarter, the Denver-based provider of distribution facilities and services inked deals totaling more than 550,000 sf at ProLogis Park 65, eight miles south of the airport on Interstate 65. The transactions included a lease for 161,000 sf with UPS Supply Chain Solutions Inc., a package delivery company and supply chain service provider, and an expansion to 275,000 sf from 200,000 sf by AmerisourceBergen Specialty Group, a Dallas-based provider of specialty pharmaceutical services. Terms of the transactions were not released, but space at the park lists for $3.35/sf with a $2/sf tenant improvement allowance.

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