Dermody industrial facility could be fully leased by early 2015

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Courtesy of Dermody Properties

A Nevada-based industrial development firm expects this industrial building in the Renaissance South Business Park in Louisville could be fully leased by early 2015.

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Marty Finley

Reporter- Louisville Business First

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Back in September, I spoke to Brian Quigley, a Midwest partner with Nevada-based industrial development firm Dermody Properties, who said the company was on schedule to complete a roughly 315,000-square-foot industrial building in Renaissance South Business Park near Louisville Regional Airport.

Quigley told me in an email today that the building is now complete, having met its October deadline. No tenants have been confirmed yet, but Quigley projected that the facility would be fully leased during the first quarter of 2015.

"We are now actively marketing the building with CBRE Louisville to tenants, and we have had very strong interest from multiple undisclosed users," Quigley said in the e-mail.

The building, which Quigley has said is well-insulated with energy-efficient lighting fixtures, was developed to accommodate one large tenant or multiple smaller tenants. Quigley previously said it might be an attractive site for food-preparation companies or auto suppliers.

Dermody, which develops industrial developments across the country, was attracted to Louisville because it has a relatively low industrial vacancy rate in comparison with other cities nationally, Quigley told me in September.

Business First previously reported that Dermody spent $2.3 million to acquire 18.4 acres in the business park, which is owned and managed by Louisville Renaissance Zone Corp., an affiliate of the Louisville Regional Airport Authority.

Earlier this week, I reported that the park closed on its largest business deal yet as the Renaissance Zone Corp. sold roughly 84 acres to Air Commerce LLC for about $10.5 million. Chicago-based Verus Partners LLC in conjunction with another Illinois company, industrial real estate firm Molto Properties LLC, are planning to construct two 622,000-square-foot buildings, suitable for logistics and warehousing operations, on the site, said Skip Miller, president of Renaissance Zone Corp.

The park also is home to facilities operated by United Parcel Service Inc. (NYSE: UPS), Ford Motor Co. (NYSE: F) and Kansas City, Mo.-based Ground Freight Expeditors LLC.

Marty Finley covers economic development, commercial real estate, government, education and sports business.