Developer on track to finish $26 million River Ridge warehouse by spring

Lee Wilburn and his company, Louisville-based Crossdock Development Inc., have no shortage of work to do. But their list just got a bit longer.

By Marty Finley  –  Reporter, Louisville Business First

Jan 21, 2015 Updated Jun 18, 2015, 11:56am EDT

On Tuesday, Wilburn told Business First that the industrial and commercial real estate development firm is on track to finish warehouse space at 800 Patrol Road in Jeffersonville’s River Ridge Commerce Center within the next 90 days.

It’s being developed for light manufacturing and distribution and has been in the works for a few years now.

The building, projected at 668,000 square feet, has about 464,000 square feet under roof now. Wilburn said CrossDock is spending about $40 per square foot, which would make it a $26 million project.

He said he has finalized a lease with a tenant who will occupy 320,000 square feet when the building is completed. He declined to identify the tenant.

“I always tell people, I’m in in the development business,” he said. “I’m not in the announcement business.”

After that leasing, about half of the space will be left to lease, and Wilburn said interest is high among potential users who are seeking a high-efficiency building with loading bays he described as the largest in the area.

“The phones are ringing,” he said.

CrossDock has been one of River Ridge’s most active developers. The company’s projects inclue the Standard Register Co. building at 700 Patrol Road and a specialty pharmacy fulfillment center f or Catamaran LLC. Catamaran Corp., a pharmacy-benefit management company, needed the new fulfillment facility at 1050 Patrol Road for its BriovaRx division, which created about 200 jobs.

And Wilburn has been leading the development of the 300,000-square-foot plant for Autoneum. The Swiss company makes acoustic and thermal insulation for auto manufacturers. Wilburn said that building is nearly complete.

As Business First previously reported, commercial real estate brokers who work in the industrial market have clamored for more development in the area over the past few years. Jerry Acy, executive director of the River Ridge Development Authority, has said the park needed more spec space.

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