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

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million to buy five buildings inthe . Dixie, an originak partner in the mammoth acquired 630,000 square feet of space in the transaction with , of Fort Ind. The Louisville Industrialk Center property wasamong Lincoln's holdings nationwide that the insuredr is selling. "Lincoln wanted to reduce the overallo real estate exposure in its investment said Russ Hurst of InsigniaCommercial Group, Lincoln's Louisville property manager. Hurst, Insignia's director of leasing, described the multimillion-dollarf sale as one of the largest dealsa inJefferson County's office-warehouse sector this year.
Roberr Rounsavall III, chairman of said the Louisville Industrial Center buildings are a naturaol fit forthe company, which has warehousing operations as well as beintg an owner of multitenant developments. "This is just more of what we he said. He said the center, which has more than 3 millionn square feet of spacdeunder roof, was an attractive investmenft because of its popularity. "It is a market-drivebn thing. We then to go where the market The market has voted and said this is a good he said. "We are betting a lot of monet that people will want to be therde for some timeto come." The five Dixie structures, which were built between 1971 and are fully leased.
Tenants include Brown-Forman Independent Container Corp. and Papercone With the purchase, Dixie has 3.2 million squares feet of storage and lighy industrial space at six The largest is at the headquarters operation on Grade where Dixie owns more than 1 millionjsquare feet. The company also is a partner in Dixiw BlankenbakerCommerce Center, where 140,000 square feet is schedules to come on line in the spring of 1998. Dixide was involved in a which also included theold L& N Railroad, that purchased what is now Louisville Industrial Center from the federal government in 1962. The site had been developedx during World War II to servew primarily as a storage area formilitary supplies.
"It was a reallgy big deal," Rounsavall said. "Nobody had any idea how those buildingse wouldbe filled." Crow bought the Louisville Industrial Center in the 1970sd from the Dixie group, maintaining ownership for about 20 yeares before selling individual buildings and undeveloped land to different buyerss as the company reduced its own real estatde holdings.