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W. P. Carey Acquires Industrial Facility In Shelbyville, KY For $102 Million From Flint Development

Property Image
SOLD
$102,000,000
Alex Cantu
Steven (Steve) Disse
Jeff Devine
+ 1

Kentucky

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Industrial1,000,000 SF
Sold 10/28/2024
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Property Image
SOLD

W. P. Carey Acquires Industrial Facility In Shelbyville, KY For $102 Million From Flint Development

139 Logistics Drive

See Similar Deals
Industrial1,000,000 SF
Sold 10/28/2024
Alex Cantu
Steven (Steve) Disse
Jeff Devine
+ 1
the dealplayerscompscontact
Contact now

Summary

KENTUCKY
Asset Type:Industrial
Price Per Square Foot:$102
Total Square Footage:1,000,000 SF
Transaction Type:Sale

W. P. Carey acquired a 1 million-square-foot industrial asset located at 139 Logistics Drive in Shelbyville, KY, for a total of $102 million. The property is fully leased to Canadian Solar, which will utilize the facility to enhance its U.S. battery assembly capabilities.

Summary of transaction details:

This transaction involved several key individuals and firms, including the brokerage team from Colliers, consisting of Alex Cantu, Alex Davenport, Jeff Devine, and Steven Disse, who represented the buyer in this significant deal.

Players

Jeff Devine
Colliers
Jeff Devine
10 deals$696.3M volume
BROKER
Steven (Steve) Disse
Colliers
Steven Disse
7 deals$566.1M volume
BROKER
Alex Cantu
Colliers
Alex Cantu
8 deals$624.8M volume
BROKER
Alex Davenport
Colliers
Alex Davenport
7 deals$359.9M volume(317) 713-2104
BROKER

Details

SOLD
IMAGE: 10/28/2024 ADDRESS: 139 Logistics Drive MARKET: Shelbyville, KY ASSET TYPE: Industrial BUYER: W. P. Carey SELLER: Flint Development BROKERS: Alex Cantu, Alex Davenport, Jeff Devine & Steven Disse - Colliers SALE PRICE: $102,000,000 SF: 1,000,000 ~ PPSF: $102 NOTE: W.P. Carey acquired the 1 million-square-foot Building A at I-64 Commerce Center in Shelbyville, Ky., for $102 million from Flint Development, with Canadian Solar fully leasing the facility to expand its U.S. battery assembly capabilities.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$5,440,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$362,384.45
Cash-on-Cash Return-1.27%
Monthly Debt Service$483,532.04
Annual Debt Service$5,802,384.46