By Eleanor Tolbert – Reporter, Louisville Business First
Nov 21, 2022
An industrial building in Shepherdsville, Kentucky, from a Louisville developer recently sold.
Locally-owned Crossdock Development sold a 572,000-square-foot industrial building at 458 Amazon.com Blvd. in Shepherdsville. The buyer was TradeLane Properties.
Robert Walker and Jake Mills, brokers with Cushman & Wakefield | Commercial Kentucky represented Crossdock in the sale. Walker told me the building is currently vacant, and Commercial Kentucky is staying on to lease the space.
“TradeLane Properties] bought it as an investment property, and they bought it vacant, so they are going to be offering the building for lease,” Walker said. “We will continue to market the property, as they will be aggressively pursuing a tenant for the building.”
Walker declined to disclose the sale price of the building.
Construction on the property finished up in late September, Walker said. Louisville Business First reported in 2020 when Crossdock Development, led by founder and president Lee Wilburn, announced its plans to construct the building. At the time, it was estimated to cost $40 million.
According to TradeLane’s website, this is its first property in Louisville. The Illinois-based company owns facilities in Columbus, Ohio, Chicago and Cincinnati.
A news release said the acquisition of the building is consistent with TradeLane Properties’ strategy of investing in select major Central U.S. logistics markets with the opportunity to add value through dedicated in-house capabilities including leasing, accounting, construction and property management teams.
“The industrial market in Louisville is very strong,” Walker said. “I think, even with interest rates increasing, people view Louisville as a strong, steady market to invest.”
More development in Shepherdsville
Crossdock has even more projects in the works for Shepherdsville. Walker said the firm has 147 acres almost adjacent to its recently sold property that will likely hold a three-building development.
Building one will be 220,000 square feet, building two will be 310,000 square feet and building three will be 736,000 square feet. Walker said all three will have great exposure to Intestate 65.
The developer just recently closed on the land, and Walker said the project has most of the approvals. LBF previously reported Crossdock had about $400 million worth of projects in the pipeline for Louisville, Cincinnati and Denver, Colorado.
