MDH Partners today announces the lease-up of Park 65 Business Center, a 260,000-square-foot distribution center located at 100 Brooks Way in Louisville, Kentucky. The firm originally purchased the facility in 2019 when it was 30% leased. RP Construction Services (RPCS) has leased the remaining 180,000 square feet. Robert Walker and Greg Charmoli with Cushman & Wakefield represented the Landlord.
“Park 65 Business Center had the largest existing vacancy of any of our assets in our Fund 1 portfolio,” said Raymond Hill, Vice President of Asset Management at MDH Partners. “We’re thrilled to have reached our goal of full occupancy as RCPS expands its distribution and logistics arm. We look forward to watching them grow to reach new heights of success.”
The new facility will accommodate RPCS’ growing selection of solar tracker inventory and allow the company to augment its single-axis tracker kitting and pre-assembly operations. Louisville’s proximity to suppliers and solar markets in the eastern United States will support RPCS’ continued ability to offer best-in-class lead times to its EPC and developer customers. RPCS’ Louisville facility begins operations this month.
“This larger space allows us to be more creative with our kitting solutions and stay ahead of the enormous demand that we see in our industry,” says Wesley Allen, Senior Director of Supply Chain and Logistics Execution (SCALE), RPCS’ division that oversees warehousing and distribution efforts. “As utility solar project pipelines continue to shift and grow, we are supporting our customers with a smarter, more flexible single-axis tracker design and procurement solution. Their success is our success.”
According to Cushman & Wakefield, the first quarter of 2023’s overall leasing activity was 2.8 million square feet. Overall net absorption was two million square feet, marking the 31st consecutive quarter of positive net absorption. The overall vacancy rate decreased 100 basis points from 4.1 to 3.1% as tenants leased up vacant space throughout the market.
MDH Partners currently owns nearly 570,000 square feet of industrial assets in Kentucky. MDH Partners has remained active this year, acquiring nearly five million square feet of industrial assets throughout the U.S. since January. The firm recently expanded its portfolio into new markets including California, Minnesota, Maryland, Indiana and Pennsylvania, and currently owns more than 101 assets across 20 states.
About RP Construction Services
RP Construction Services, LLC (RPCS) is the nation’s leading value-added distributor of utility-scale solar equipment. RPCS offers the industry’s best solar tracker technologies supported by a suite of project enablement services including design engineering, warehousing and logistics, pre-assembly, and mechanical installation to provide solar EPCs, developers, and utilities with simple, high-performance solar tracking solutions. Since 2014, RPCS has delivered more than 4GW of fully engineered single-axis solar tracking systems to customer sites in more than 41 U.S. states and Canada. Our team currently consists of more than 200 individuals working throughout the United States to accelerate and simplify solar deployment. Connect with RPCS on LinkedIn or learn more at www.rpcs.com. RPCS is a proud member of the Quanta Services family of companies.
About MDH Partners
MDH Partners is an Atlanta-based real estate investment company managing its discretionary funds targeting industrial real estate across the United States on behalf of its institutional investors. Founded in 2005 as the successor to a fifty-year-old local real estate development company, MDH Partners has led and/or participated in over $6 billion (80 million square feet) of acquisitions, developments, and asset management as an advisor and investor. For more information, visit www.mdhpartners.com.
