Colliers has arranged the disposition of Gray Industrial Center Building 2, a newly completed industrial facility in Shelbyville, Kentucky, totaling 302,400 square feet. The property is located at 530 Logistics Drive, about 30 miles east of Louisville, positioning the asset within reach of a major regional distribution hub.
The building was delivered as a build-to-suit distribution facility and is fully leased to Kuehne+Nagel, a global logistics provider. The long-term tenancy by a single logistics operator anchors the asset with an established user focused on regional and national supply chain operations.
Colliers Industrial Capital Markets professionals Alex Cantu, Alex Davenport, Jeff Devine, Steve Disse and Tyler Ziebel, along with local CBRE leasing advisors Doug Butcher and Alex Grove, represented Gray Development in the transaction. Their role covered capital markets advisory and leasing expertise, aligning the sale with the completion and occupancy of the facility.
The buyer, ElmTree Funds, acquired the property in a forward-funded transaction that closed upon completion of construction. This structure allowed capital to be committed prior to delivery while ensuring the sale was finalized once the building was completed and fully leased to Kuehne+Nagel.
Located on approximately 32.19 acres, Gray Industrial Center Building 2 sits roughly one mile from Interstate 64, providing direct connectivity to the I-64 corridor. The site offers efficient access to Louisville International Airport and UPS Worldport, reinforcing the property’s suitability for logistics and distribution uses tied to regional and national air and ground transportation networks.
Commenting on the transaction, Alex Cantu noted that Gray Industrial Center Building 2 reflects ongoing demand for build-to-suit industrial product in strategically located markets such as Shelbyville, where access to the broader Louisville region continues to attract occupiers and institutional capital. Cantu also observed that forward-funded acquisitions of newly completed, fully leased assets remain appealing to investors seeking modern industrial facilities with long-term tenancy and supportive market fundamentals.
The transaction underscores how institutional buyers are targeting contemporary industrial properties located near key interstate corridors and air cargo infrastructure, particularly where tenancy is secured by logistics operators with global footprints. The Shelbyville location, coupled with direct access to major transportation infrastructure serving Louisville, positions Gray Industrial Center Building 2 as part of a broader industrial network serving regional distribution needs.
