Kentucky Turnpike Logistics Portfolio

Jones Lang LaSalle (“JLL”), as exclusive advisor to ownership, has been retained to market for sale the fee-simple interest in the Kentucky Turnpike Logistics Portfolio (the “Properties”, the “Portfolio”, or the “Offering”), a 1.8 million square foot collection of three, Class A distribution assets located in Shepherdsville, KY, just south of Louisville. The Portfolio is 100% leased to two unique tenants with 2.9 years WALT and over 3.0% average annual rent escalations. This rent roll provides future ownership with near-term stabilization and annual income growth, with the potential to meaningfully enhance going-in yields by taking advantage of significantly below-market in-place rents and no fixed-rate options.

The Bullitt County industrial submarket has emerged as Louisville’s primary big box industrial submarket with a 3.0% vacancy rate and over 1 MSF of absorption YTD. The Louisville market as a whole remains exceedingly tight for big box space, with no current Class A availability market-wide over 500,000 SF and just two speculative projects under construction in that size range – a testament to a lack of developable big-box sites given the market’s topography. With immediate access to I-65 and a deep, blue-collar labor pool, Shepherdsville has encouraged the investment of blue-chip users, including Amazon, Walmart, UPS, and Best Buy, among others, and has affirmed its position as one of the tightest industrial submarkets in the country.