Molto Properties announces today the acquisition of 30.42 acres of land and the groundbreaking on a 677,685 square foot logistics building located in the Air Commerce Business Park in Louisville, Kentucky.
Molto Properties launches Phase III in the Air Commerce Business Park with its Development Partner, Verus Partners. The building will feature 36’ clear height, trailer parking and ample car parking. The site is centrally located with easy access to interstates, 4.5 miles from the UPS Worldport and 7.7 miles Louisville International Airport.
“We are excited to start our third building in the Louisville market and appreciate the opportunity to have worked once again with Louisville Renaissance Zone Corporation.” Says Todd Naccarato, Managing Principal and Founder of Molto Properties. “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.”
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. 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 Properties retained CBRE to market and lease Phase III due to be completed Q2 2018.