Developer to start spec warehouse after pending lease deal closes

Louisville developer Lee Wilburn and his company, Crossdock Development Inc. have plans to begin work on a large speculative warehouse at River Ridge Commerce Center as soon as he leases the space he has available in the Southern Indiana business park.

By John R. Karman III  –  Reporter, Louisville Business First

Feb 8, 2013

Wilburn said this week that a deal is “imminent” to sign a tenant for the 450,000-square-foot building he owns at 700 Patrol Road in Jeffersonville’s River Ridge. It previously was leased to the U.S. Census Bureau, which moved out after completing its work on the 2010 census.

Wilburn declined to identify the potential tenant. He expects an agreement to be reached in the next month.

Crossdock’s next building, at 800 Patrol Road, will have more than 666,000 square feet, Wilburn said. It will be geared toward companies in the distribution and light manufacturing industries.

Business First previously reported that the planned warehouse would be 702,000 square feet, but Wilburn said the size was reduced slightly in the design phase.

Bulk spaces at a premium

Commercial real estate brokers who work in the industrial market have been clamoring for more development in the area for the last few years.

The former Census Bureau site at River Ridge is one of only two bulk spaces available in the region. The other is located in Shepherdsville.

Jerry Acy, executive director of the River Ridge Development Authority, the body that oversees the business park, said the need for more spec space there is great.

Most companies pursuing expansion or relocation plans are looking to move quickly into existing space or into a facility that is “readily adaptable,” he explained. “To us, (a spec building) is a great resource.”

More interest as economy improves

Acy said interest in large industrial buildings, such as the one planned by Wilburn, is growing as the economy improves.

“We continue to see a lot of activity and interest on almost a daily basis,” he said. “It’s good to have available space as an option” for companies exploring expansion projects.

Acy pointed out that there soon could be multiple options at River Ridge for growing businesses.

The owners of America Place Business Park in Jeffersonville plan to break ground in March on a 150,000-square-foot industrial building at River Ridge.

Louisville-based Capstone Realty Inc., which has developed several facilities in the park, also has plans to build another large distribution center this year.

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