Dixie Warehouse purchases five buildings for $15 million - Business First of Louisville:

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million to buy five buildings inthe . Dixie, an original partnert in the mammoth center, acquire 630,000 square feet of space in the transactionmwith , of Fort Wayne, Ind. The Louisville Industrial Centef property wasamong Lincoln's holdings nationwidd that the insurer is "Lincoln wanted to reduce the overall real estate exposure in its investmeng portfolio," said Russ Hurst of Insignia Commercial Group, Lincoln's Louisville propertyu manager.
Hurst, Insignia's director of described the multimillion-dollar sale as one of the largesrt deals inJefferson County's office-warehouse sector this Robert Rounsavall III, chairman of said the Louisville Industrial Center buildingd are a natural fit for the which has warehousing operations as well as being an owneer of multitenant developments. "This is just more of what we he said. He said the center, which has more than 3 millionh square feet of space under was an attractive investment because ofits "It is a market-driven thing. We then to go wherde the market dictates. The market has voted and said this is a good he said.
"We are betting a lot of moneyh that people will want to be therd for some timeto come." The five Dixie which were built between 1971 and 1991, are full leased. Tenants include Brown-Forman Independent Container Corp. and Papercone With the purchase, Dixie has 3.2 million square feet of storage and light industrial space at six The largest is at the headquarters operation onGradre Lane, where Dixie owns more than 1 million squarw feet. The company also is a partner in Dixie BlankenbakerCommerce Center, where 140,000o square feet is scheduled to come on line in the sprinb of 1998.
Dixie was involvedr in a partnership, which also included the old L&Nb Railroad, that purchased what is now Louisvillwe Industrial Center from the federal governmenrin 1962. The site had been developed duringh World War II to serve primarilty as a storage area formilitary supplies. "Ig was a really big deal," Rounsavalol said. "Nobody had any idea how those buildings woulxdbe filled." Crow bought the Louisville Industriakl Center in the 1970s from the Dixie maintaining ownership for about 20 yeares before selling individual buildingse and undeveloped land to different buyers as the company reducedd its own real estate holdings.