Dermody Properties recently purchased 18.4 acres in Renaissance South Business Park near the Louisville International Airport. Dermody Properties will develop a 316,491-square-foot warehousing and distribution facility, known as LogistiCenter Louisville, on the site.
Dermody Properties purchased the land from the Louisville Renaissance Zone Corporation, 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, near UPS’ Worldport air-cargo hub and its ground-sorting facility, Centennial Hub.
Dermody Properties plans to break ground on LogistiCenter Louisville in March of 2014 and expects construction to be completed early this fall. Dermody Properties will develop the project in partnership with PCCP, LLC, an integrated real estate finance and investment management firm.
“The development of LogistiCenter Louisville is consistent with our strategy of providing new Class A industrial product in key logistics markets with sustainable demand drivers,” said Douglas Kiersey Jr., president of Dermody Properties, in written statement.
Brian Quigley, partner of Dermody Properties’ Midwest region, managed the transaction for Dermody Properties. Dermody Properties was represented by Doug Butcher, Kevin Grove and Tom Sims of CBRE Louisville.