An unnamed pharmaceutical services provider leased 273,000 square feet in the recently completed ProLogis Park 65, a 1.2-million-square-foot, two-building industrial park located near the Louisville Airport. The deal, which closed in January, brings the property to full occupancy. A ProLogis spokesperson declined to comment on the name of the leasing company due to a confidentiality agreement.
"We are pleased to announce significant leasing activity in Louisville," says Darin Manning, first vice president and market officer for ProLogis, in a release statement. "The market is an attractive choice for our customers due to its availability of labor and strategic location in the Midwest along Interstates 65 and 71."
According to Q4 statistics by Cushman & Wakefield, Vacancy in Louisville hovers just below 10%, with the airport sector doing slightly better at 5.7%. With these four lease, ProLogis is fairing better than the average, with a vacancy rate of 3%.
APL Logistics, leased an additional 167,000 square feet at ProLogis Park Cedar Grove in Shepherdsville, Ky., adding to their current lease in the property. The third-party logistics company now occupies an entire 382,000-square-foot building. Worldwide, APL occupies nearly 5.6 million square feet in ProLogis properties.
A 300,000-square-foot lease at Riverport Distribution Center was signed by an industrial controls manufacturer. Additionally a third-party logistics provider in the pharmaceutical industry took 273,000 square feet in ProLogis' Park I-65. Both of the firm's names have been withheld for confidentiality. Some of ProLogis' other tenants in the area include Exel Logistics, Kellogg's and Master Lock Co.
The spokesperson couldn't give a time frame for how long the various properties sat vacant but did say "not long."
Even with occupancy at 97%, the company doesn't have plans to start building in the area anytime soon. "ProLogis is still working on de-leveraging its balance sheet and conserving capital resources," the spokesperson tells GlobeSt.com. "This means no new development starts for the foreseeable future."
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