LOUISVILLE—Molto Properties has just acquired 30.42 acres of land at Air Commerce Business Park in Louisville, and plans to soon break ground on a 677,685 square foot logistics building. The Oakbrook Terrace, IL-based industrial real estate firm has a lot of experience in the region, which in 2016 was the fastest growing market in the Midwest.
“This is the third project we've done in Louisville,” Michael Powers, chief investment officer, tells GlobeSt.com, and user interest has been quite strong. “The other two buildings were leased up during construction.”
Molto will partner with Chicago-based Verus Partners on the new building, which will feature 36' clear heights, trailer parking on both sides and parking for about 350 cars. The site is centrally located with easy access to interstates, 4.5 miles from the UPS Worldport and 7.7 miles from Louisville International Airport.
“If you're an e-commerce user, and do a lot of business with UPS, you can serve much of the greater Midwest out of Louisville,” adds Powers.
“This acquisition will help us achieve almost two million square feet of development in this strategic location which utilizes critical transportation networks that are in high demand by industrial users,” says Todd Naccarato, managing principal and founder of Molto.
The Louisville industrial market continues to boast strong fundamentals. The overall market experienced 1,288,143 square feet of net absorption through the first half of 2017, according to CBRE. Furthermore, strong demand from users coupled with limited available space continues to push rents to near records levels across the market. The Southside/Airport submarket, where Air Commerce Business Park is located, remains tight with a 3.4% vacancy rate.
Molto retained CBRE to market and lease this third phase, which it plans to complete in the second quarter 2018.
LOUISVILLE—Molto Properties has just acquired 30.42 acres of land at Air Commerce Business Park in Louisville, and plans to soon break ground on a 677,685 square foot logistics building. The Oakbrook Terrace, IL-based industrial real estate firm has a lot of experience in the region, which in 2016 was the fastest growing market in the Midwest.
“This is the third project we've done in Louisville,” Michael Powers, chief investment officer, tells GlobeSt.com, and user interest has been quite strong. “The other two buildings were leased up during construction.”
Molto will partner with Chicago-based Verus Partners on the new building, which will feature 36' clear heights, trailer parking on both sides and parking for about 350 cars. The site is centrally located with easy access to interstates, 4.5 miles from the UPS Worldport and 7.7 miles from Louisville International Airport.
“If you're an e-commerce user, and do a lot of business with UPS, you can serve much of the greater Midwest out of Louisville,” adds Powers.
“This acquisition will help us achieve almost two million square feet of development in this strategic location which utilizes critical transportation networks that are in high demand by industrial users,” says Todd Naccarato, managing principal and founder of Molto.
The Louisville industrial market continues to boast strong fundamentals. The overall market experienced 1,288,143 square feet of net absorption through the first half of 2017, according to CBRE. Furthermore, strong demand from users coupled with limited available space continues to push rents to near records levels across the market. The Southside/Airport submarket, where Air Commerce Business Park is located, remains tight with a 3.4% vacancy rate.
Molto retained CBRE to market and lease this third phase, which it plans to complete in the second quarter 2018.
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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.
