LOUISVILLE—Exeter Property Group just purchased a five-building, 582,541-square-foot Bluegrass Industrial Portfolio in the Louisville area for $31.9 million from SparrowHawk Real Estate. The Conshohocken, PA-based Exeter buys warehouse and logistics facilities across North America and Europe, and the move into Louisville is in some ways not a surprise. The intense competition for industrial properties has many buyers looking at opportunities in secondary and tertiary markets.
“This was a very attractive value-add opportunity in Louisville's premier industrial submarket,” says John Huguenard, international director, JLL. He and managing directors Sean Devaney and Powell Spears led the JLL capital markets team which completed the deal. “The location, combined with the upside opportunity to bring the portfolio to market rents, drove a lot of investor interest.”
The portfolio contains properties in the Airport and East submarkets. Both benefit from the five interstates that converge within Louisville's city limits, Huguenard adds. And both submarkets also allow for easy access to Louisville International Airport.
A diverse roster of credit tenants in industries ranging from retail to technology occupies the portfolio. The buildings range from 71,340 square feet to 190,000 square feet and have recently undergone capital improvements including repaved parking lots, new roofs on four of the buildings, upgraded lighting and HVAC replacement.
As reported in GlobeSt.com, in 2016 the Louisville metro area's industrial Inventory grew by 8.7%, making it the fastest growing market in the Midwest. By contrast, Chicago's grew around 3%.
LOUISVILLE—Exeter Property Group just purchased a five-building, 582,541-square-foot Bluegrass Industrial Portfolio in the Louisville area for $31.9 million from SparrowHawk Real Estate. The Conshohocken, PA-based Exeter buys warehouse and logistics facilities across North America and Europe, and the move into Louisville is in some ways not a surprise. The intense competition for industrial properties has many buyers looking at opportunities in secondary and tertiary markets.
“This was a very attractive value-add opportunity in Louisville's premier industrial submarket,” says John Huguenard, international director, JLL. He and managing directors Sean Devaney and Powell Spears led the JLL capital markets team which completed the deal. “The location, combined with the upside opportunity to bring the portfolio to market rents, drove a lot of investor interest.”
The portfolio contains properties in the Airport and East submarkets. Both benefit from the five interstates that converge within Louisville's city limits, Huguenard adds. And both submarkets also allow for easy access to Louisville International Airport.
A diverse roster of credit tenants in industries ranging from retail to technology occupies the portfolio. The buildings range from 71,340 square feet to 190,000 square feet and have recently undergone capital improvements including repaved parking lots, new roofs on four of the buildings, upgraded lighting and HVAC replacement.
As reported in GlobeSt.com, in 2016 the Louisville metro area's industrial Inventory grew by 8.7%, making it the fastest growing market in the Midwest. By contrast, Chicago's grew around 3%.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
