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

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million to buy five buildings inthe . an original partner in the mammoth center, acquired 630,000o square feet of space in the transactiohwith , of Fort Wayne, Ind. The Louisvilles Industrial Center property wasamong Lincoln's holdingsa nationwide that the insurert is selling. "Lincoln wanted to reduce the overal l real estate exposure in its investment said Russ Hurst of InsigniawCommercial Group, Lincoln's Louisville property Hurst, Insignia's director of leasing, described the multimillion-dollarf sale as one of the larges t deals in Jefferson County's office-warehousw sector this year.
Robert Rounsavall III, chairman of said the Louisville Industrial Centee buildings are a natural fit forthe company, which has warehousingb operations as well as being an ownerr of multitenant developments. "Thiz is just more of what we do," he said. He said the which has more than 3 million square feet of spaceunder roof, was an attractive investmenrt because of its popularity. "It is a market-driveb thing. We then to go wherde the market dictates. The markegt has voted and said this is a good he said. "We are betting a lot of money that people will want to be there for some time to The fiveDixie structures, which were built between 1971 and are fully leased.
Tenants include Brown-Formamn Corp., Independent Container Corp. and Papercone Corp. With the Dixie has 3.2 million square feet of storage and lighyt industrial space atsix locations. The largesg is at the headquarters operation on Grade where Dixie owns more than 1 millio nsquare feet. The company also is a partner in Dixie BlankenbakerCommercee Center, where 140,000 square feet is schedulee to come on line in the sprin g of 1998. Dixie was involved in a which also included theold L&Nb Railroad, that purchased what is now Louisvillw Industrial Center from the federal government in 1962.
The site had been developesd during World War II to serve primarily as a storagew area formilitary supplies. "It was a reallh big deal," Rounsavall said. "Nobodh had any idea how those buildings would be Crow bought the Louisville Industriakl Center in the 1970s from theDixid group, maintaining ownership for about 20 year before selling individual buildings and undeveloped land to differeny buyers as the company reduced its own real estate