Hunt Midwest Sells First Industrial Development in Louisville, KY for $43M
The fully leased building sold at a record price in the CRE company’s first Kentucky-based development
Louisville, Kentucky — March 3, 2022 — Kansas City-based commercial real estate company Hunt Midwest recently completed the sale of Blankenbaker Logistics Center, a 322,831-square-foot, cross dock industrial project, for $43 million ($134 per square foot) to Bixby Land Company, a privately held REIT based in Newport Beach, California. Piston Automotive signed a full building lease prior to construction completion.
Located in Blankenbaker Station, a Class A, mixed-use business park in eastern Jefferson County, Blankenbaker Logistics Center offers convenient access to I-64, I-265, UPS Worldport, Ford’s Kentucky Truck Plant, GE Appliance Park, Ford’s Kentucky Assembly Plant and an adjacent 300,000-square-foot FedEx Ground terminal.
Blankenbaker Logistics Center represents the first development by Hunt Midwest in the Kentucky market with company plans to expand further in Louisville. The project’s record sale arrives in step with an expansion into the Southeast corridor following Hunt Midwest’s success in the U.S.’s Midwestern and Southern regions. Hunt Midwest brings extensive development expertise to the Louisville market with more than five decades of experience in industrial, self-storage, residential, senior housing and multifamily projects.
“Hunt Midwest’s record sale of the Blankenbaker Logistics Center is reflective of the value that our company has continued to contribute to Southeastern regions — and the bullish drive that has accounted for our success to date,” said Hunt Midwest President & CEO Ora Reynolds. “We chose the Blankenbaker Logistics Center site as our first spec project in Louisville based on the multitude of demand drivers, close proximity to labor and the lack of available Class A building inventory in the Bluegrass submarket.”
“Blankenbaker Logistics Center was the closest existing entitled site to the Ford Kentucky Truck Plant, making the development highly desirable for companies in the automotive industry,” added Tony Borchers, Hunt Midwest’s Vice President of Acquisitions & Developments. “Our strategy was affirmed when Piston Automotive chose this expansion to accommodate continued market demand.”
Hunt Midwest was represented by agents Chris Riley and Kevin Grove of CBRE. Bixby Land Company from Ventura, California was unrepresented in the transaction.
About Hunt Midwest
Hunt Midwest is a Kansas City-based, privately held real estate development company with six decades of expertise in industrial, self-storage, residential, multifamily, and senior living communities, totaling more than $1 billion of developed projects in multiple geographic markets. Hunt Midwest leverages its reputation, relationships, and resources to create successful real estate solutions.
Hunt Midwest is part of the Lamar Hunt Family’s diverse portfolio of entities involved in real estate, sports/media, energy/resources and private equity investments. Additional marquee entities include the Kansas City Chiefs, Hunt Southwest, FC Dallas Soccer Club, Toyota Stadium, Chicago Bulls and United Center. Learn more at HuntMidwest.com.