Industrial spec building planned for River Ridge
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Colorado-based Broe Real Estate Group has begun work on a $27 million industrial speculative building at the River Ridge Commerce Center in Jeffersonville. The commercial real estate firm said Wednesday it has completed the land acquisition for the 19.5-acre site.
Broe says the 300,000-square-foot Class A industrial facility will support the needs of logistics, manufacturing, research and technology tenants. The building will include rear load access, 36-foot clearance and trailer parking space.
The firm says location of the 6,000-acre business park within the Louisville metropolitan area was very attractive for development.
“Demand for high quality industrial space in the Louisville, Kentucky market is at an all-time high while vacancy rates within Southern Indiana and Kentucky remain at historic low levels,” Broe Real Estate Group Executive Vice President Reagan Shanley said in a news release. “This spec project brings critical supply online to serve the sustained market demand and the need for modern logistics space.”
The facility will be designed to accommodate single or dual tenant occupancy, Broe said. The firm is estimating a summer 2023 start to construction with completion slated for the first quarter of 2024.
The new building is Broe’s first foray into industrial warehouse development in the Louisville market. The firm’s railroad affiliate, OmniTrax, took over railway operations at River Ridge last year.
“The River Ridge Commerce Center continues to be a magnet for growth thanks to our unparalleled logistics efficiencies and multimodal access to central U.S. Markets,” said River Ridge Development Authority Executive Director Jerry Acy. “Broe Real Estate’s debut industrial project in the north end of the Commerce Center is a major development milestone and will build upon our growing reputation as a world class location for business.”
Broe has tapped a project design team that includes architect Ware Malcomb in California and Indianapolis-based engineering firm American Structurepoint.