Louisville Kentucky Real Estate

College Industrial Park has been purchased by Exeter Property group, a Pennsylvania based company. This park is located west of U of L’s Belknap Campus. The development is one of the oldest in Louisville KY. The property is currently approximately 30% occupied. Exeter intends to buoy the current tenant base immediately and triple the amount of tenants within the next 12 months. Exeter will be opening a new Mid-South regional office in Louisville to help oversee the progress for this development. This office will also oversee developments in Nashville TN, Memphis TN, Columbus OH, and St. Louis MO.

This is the 4th large property that Exeter has purchased in Louisville Kentucky in the past 6 months. They purchased 2 properties at the Jefferson Riverport International Business Park in May and July. And they purchased College Industrial Park on September 20 containing 48 acres for approximately $21.4 million. College Industrial Park has lost several tenants over the past year including ThyssenKrupp who vacated after their 1 year lease was up.

Exeter has plans to initially handle the leasing of the properties themselves. After an undisclosed period, they plan on hiring real estate brokers to help them with the marketing and re-development of the various properties. Exeter plans on making some changes/additions to the various real estate developments as some are considered to be functionally obsolete by today’s standards. Adding 6-8 new truck docks will help alleviate some of that concern.