Skip to main content

Office Warehouse

Commonwealth Business Center

11001 & 11003 Bluegrass Pkwy, Louisville, KY 40299

Listing Price: $13,461,000

Cap Rate
8.00%
Gross SF
128,459
Price/Gross SF
$104.79
Lot Size
15.31 acres
Year Built
1985
Rentable SF
128,459

Investment Overview

Marcus & Millichap is pleased to present to market, available for sale, the Commonwealth Business Center – a two building, multi-tenant flex center totaling 128,459 square-feet. The subject property is currently running at 86% occupancy on all NNN leases with Annual Rental Increases and positioned with assumable, non-recourse, CMBS debt at a 4.85% interest rate. The Commonwealth Business Center is in Louisville, Kentucky, within the Bluegrass Industrial Park on the prominent east end. Constructed in 1987, the Subject Property is an all brick, two-story flex center and renovated in 2016. It fits the needs of this sub-market maintaining great historical occupancy and recent new leases. The Commonwealth Business Center is currently occupied by a strong mix of medical, professional, and industrial users that provide a strong in-place cash flow with real upside potential in built-in rent growth and replaceable below-market rents for the Investor. Market: The Commonwealth Business Center located in the Louisville Metropolitan Statistical Area. Louisville’s MSA is Kentucky’s most populated region with more than 628,000 residents and expected to grow an additional 2.7% by the end of 2025, per the 2020 census. The Commonwealth Business Center is positioned as a community-serving Class B Office/Industrial Flex Center located within the Bluegrass Industrial Park which is home to over 850 total businesses with over 30,000 employees. Location: The Commonwealth Business Center is located just off of major Interstate I-64 in Louisville’s premier Industrial Park on the east end of town – a densely populated commercial corridor– with immediate access to Interstates 64, and 265 is a major draw to the tenants, paired with strong retail corridors and restaurants; a large reason this property has maintained its high historical occupancy, while also securing new tenants throughout the years. Property Features: Commonwealth Business Center is one of the rare, two story, flex centers in the area that has immediate access to major interstates, retail corridors, and office parks. The subject property offers 30 drive-in doors, 6 dock doors with 20-foot clear heights, highway visibility and signage. The Commonwealth Business Center is situated on just over 15 acres and features over 900 surface parking spaces. Stable Current Tenant Mix: Commonwealth Business Center is currently 86% occupied on all NNN leases with annual rental increases by a strong mix of national and regional tenants in the construction, logistical, medical, and telecommunication fields that demonstrates the long-term commitment of the tenants in this location as well as the continued market demand for this space through various leasing cycles in recent years. One of our largest tenants is 13.41% of the GLA has been at this location since 1990 and our other largest tenant is 10.76% of the GLA just executed their option to be at the building an additional three years, running through May 2026.

Investment Highlights

  • 86% Occupied, Two Building, 128,459 Square-Foot Flex Center | Louisville MSA
  • Assumable, Non-Recourse CMBS Loan | Well Below Market at 4.85% Interest Rate
  • Strategically Positioned Along I-64 & I-265 Corridor | Bluegrass Industrial Park
  • Diverse National & Regional Tenant-Mix| Construction, Medical Supply, Logistics and Telecommunication
  • All Tenants on NNN Leases | Majority Feature Annual Rent Bumps
  • Value-Add Upside | Vacancy Lease-Up | Increasing Current Below-Market Rental Rates
  • 30 Drive-In Doors | 6 Dock Doors | 20' Clear Heights | Highway Visibility | Over 15 Acres

Exclusively Listed By

Broker of Record

  • Colby Haugness

    First Vice President Investments

    (816) 410-1010

    License(s) KY: 242197

    Kentucky

Office Warehouse

Commonwealth Business Center

Listing Price: $13,461,000

Cap Rate
8.00%
Gross SF
128,459
Price/Gross SF
$104.79
Lot Size
15.31 acres
Year Built
1985
Rentable SF
128,459

Investment Highlights

  • 86% Occupied, Two Building, 128,459 Square-Foot Flex Center | Louisville MSA
  • Assumable, Non-Recourse CMBS Loan | Well Below Market at 4.85% Interest Rate
  • Strategically Positioned Along I-64 & I-265 Corridor | Bluegrass Industrial Park
  • Diverse National & Regional Tenant-Mix| Construction, Medical Supply, Logistics and Telecommunication
  • All Tenants on NNN Leases | Majority Feature Annual Rent Bumps
  • Value-Add Upside | Vacancy Lease-Up | Increasing Current Below-Market Rental Rates
  • 30 Drive-In Doors | 6 Dock Doors | 20' Clear Heights | Highway Visibility | Over 15 Acres

Investment Overview

Marcus & Millichap is pleased to present to market, available for sale, the Commonwealth Business Center – a two building, multi-tenant flex center totaling 128,459 square-feet. The subject property is currently running at 86% occupancy on all NNN leases with Annual Rental Increases and positioned with assumable, non-recourse, CMBS debt at a 4.85% interest rate. The Commonwealth Business Center is in Louisville, Kentucky, within the Bluegrass Industrial Park on the prominent east end. Constructed in 1987, the Subject Property is an all brick, two-story flex center and renovated in 2016. It fits the needs of this sub-market maintaining great historical occupancy and recent new leases. The Commonwealth Business Center is currently occupied by a strong mix of medical, professional, and industrial users that provide a strong in-place cash flow with real upside potential in built-in rent growth and replaceable below-market rents for the Investor. Market: The Commonwealth Business Center located in the Louisville Metropolitan Statistical Area. Louisville’s MSA is Kentucky’s most populated region with more than 628,000 residents and expected to grow an additional 2.7% by the end of 2025, per the 2020 census. The Commonwealth Business Center is positioned as a community-serving Class B Office/Industrial Flex Center located within the Bluegrass Industrial Park which is home to over 850 total businesses with over 30,000 employees. Location: The Commonwealth Business Center is located just off of major Interstate I-64 in Louisville’s premier Industrial Park on the east end of town – a densely populated commercial corridor– with immediate access to Interstates 64, and 265 is a major draw to the tenants, paired with strong retail corridors and restaurants; a large reason this property has maintained its high historical occupancy, while also securing new tenants throughout the years. Property Features: Commonwealth Business Center is one of the rare, two story, flex centers in the area that has immediate access to major interstates, retail corridors, and office parks. The subject property offers 30 drive-in doors, 6 dock doors with 20-foot clear heights, highway visibility and signage. The Commonwealth Business Center is situated on just over 15 acres and features over 900 surface parking spaces. Stable Current Tenant Mix: Commonwealth Business Center is currently 86% occupied on all NNN leases with annual rental increases by a strong mix of national and regional tenants in the construction, logistical, medical, and telecommunication fields that demonstrates the long-term commitment of the tenants in this location as well as the continued market demand for this space through various leasing cycles in recent years. One of our largest tenants is 13.41% of the GLA has been at this location since 1990 and our other largest tenant is 10.76% of the GLA just executed their option to be at the building an additional three years, running through May 2026.

Exclusively Listed By

Broker of Record

  • Colby Haugness

    First Vice President Investments

    (816) 410-1010

    License(s): KY: 242197

    Kentucky

MM Texture Background
MM Textured Background Lower