LOUISVILLE—Louisville may not be the most well-known industrial market in the nation, but Molto Properties is having great success in the region. The Oakbrook Terrace, IL-based company and its partner Verus Partners have just sold Airport Commerce Center One, their new 622,426 square foot cross-dock facility, located just two miles south of Louisville International Airport, for an undisclosed amount to Stone Mountain Industrial Park, Inc., an affiliate of Pattillo Industrial Real Estate.
Chris Riley of the National Investment Partners at CBRE marketed the property for sale.
“Our investment in the Louisville market was based on a belief that e-commerce will continue to revolutionize how and where retailers distribute goods to consumers,” Todd Naccarato, managing principal of Molto, tells GlobeSt.com. “As a former owner of a business distributing goods to retailers we saw the attraction of proximity to a strong labor pool and the transportation benefits of Louisville.”
Molto purchased the 83-acre site in 2014 and completed this facility in December 2015. It was the company’s first development in Louisville, and it got off to a great start. Hillsdale Furniture, a designer, importer and marketer of bedroom, dining room, occasional and accent furniture, agreed to occupy 74% of the facility even before it was finished. Verus Partners was the project’s development manager.
And the partners have already decided to push ahead with additional development. Molto and Verus broke ground on Airport Commerce Center Two, a 645,840 square foot facility in November 2015. Pepper Construction was selected as general contractor. The companies expect to complete the building in November 2016.
“We are excited by the success of our first project in Louisville, and first project with Verus Partners,” Naccarato adds. “We would like to thank Kevin Grove, Doug Butcher and Chris Riley of CBRE for their important contribution to the Project’s successful leasing and sale.”
The facility features a 36′ clear height, 7” unreinforced floor slab, motion sensor activated T5 lighting, 86 dock doors and 120 trailer stalls. The site is located in the Louisville Renaissance Zone, a 470-acre business park.