- W.P. Carey purchased the 1 MSF Building A at I-64 Commerce Center from Flint Development for $102M, with Colliers representing the seller.
- Canadian Solar, a major renewable energy firm, fully leases the facility to support its battery assembly and distribution operations, linked to its new manufacturing plant in Indiana.
- The Greater Louisville area’s industrial vacancy rate dropped to 3.4% in Q3, reflecting strong demand amid new construction and expanding tenant activity.
According to Commercial Search, W.P. Carey (WPC) has closed on the purchase of Building A at the I-64 Commerce Center in Shelbyville, KY, a 1 MSF cross-dock facility, from Flint Development for $102M.
Represented by Colliers (CIGI), the deal highlights the growing appeal of Louisville’s industrial market. The property is located just 28 miles from downtown Louisville and near the Louisville Riverport Authority, a significant logistics hub.
By The Numbers
The I-64 Commerce Center campus, spanning 1.5 MSF, includes two buildings, each offering 40-foot clear heights and 54-by-50-foot column spacing, with extensive truck courts.
The site’s layout is designed to accommodate high-volume industrial tenants, featuring 154 dock-high doors, eight drive-in doors, and over 850 parking spaces combined.
Flint Development previously sold the 477.6 KSF Building B to Ford Motor Co. (F) in September for $42.3M.
Anchor Tenant
The newly acquired Building A is fully leased to Canadian Solar (CSIQ), one of the world’s largest solar energy firms. The company plans to invest up to $500M in the site to support its battery assembly operations, which will serve its $800M Jeffersonville, IN, manufacturing facility.
The Indiana factory, expected to be operational by 2025, aims to produce 5 GW of solar modules annually, strengthening Canadian Solar’s U.S. presence.
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Record-Low Vacancies
Louisville’s industrial market continued to attract significant investment in Q3, with $104M in total transaction volume across four major deals.
The market reported 3.6 MSF in leasing activity and saw its industrial vacancy rate drop to 3.4%, down 90 bps from the previous year. In the same period, 283.5 KSF of new space was delivered, while over 3.7 MSF remained under construction.
Looking Ahead
Louisville’s industrial sector has been buoyed by major new developments. Arvato opened a 970 KSF warehouse in Shepherdsville earlier this year, expanding the German logistics provider’s footprint in the metro to over 2.4 MSF, contributing to the metro’s robust supply pipeline.
With W.P. Carey’s latest acquisition and Canadian Solar’s significant investment in battery and module production, Louisville’s industrial sector is set to see continued demand, driven by strategic location advantages and a favorable vacancy environment.’s recovery. As both parties present diverging tax strategies, the U.S. CRE market’s fortunes may hinge on the outcome of the 2024 election.
