Hydra Trucking and Warehousing signed a lease to take the entire 506,000-square-foot industrial warehouse at 300 Hilton Drive, in the 6,000-acre River Ridge Commerce Center in Jeffersonville.
The building was constructed recently and is owned by an affiliate of national industrial real estate firm Exeter Property Group.
Phil Charmoli, a senior director with Louisville’s Cushman & Wakefield-Commercial Kentucky, represented Hydra on the lease. Financial terms of the deal were not disclosed.
The company will operate at River Ridge as Hydra Warehouse of Jeffersonville LLC. It looked at several buildings in River Ridge, and Charmoli said this building worked best for its ability to meet Hydra’s demand for space.
Hydra provides third-party trucking and warehousing services for a number of clients, including companies in the bourbon industry in Kentucky. The family-owned business is led by Frank Dodd, who was not available for comment on the deal Wednesday.
Charmoli said this building is an expansion of Hydra’s operations in the Louisville area. It already leases about 362,000 square feet at Jefferson Riverport International. There, the company operates a food-grade warehouse, where it can store empty glass liquor bottles, glass soft drink bottles, plastic bottles, pharmaceutical coolers and raw materials.
“They wanted a presence over in Indiana as well as Kentucky,” Charmoli said.
He expects Hydra to move into the building in the next few months after improvements are made, adding that the facility likely will employ several dozen people.
“Our location is invaluable to logistics firms and this is yet another sign of the economic growth happening here,” River Ridge Executive Director Jerry Acy said in a statement. “We look forward to a long partnership with Hydra.”
This is the latest in what has been a record-setting year for Louisville’s industrial market. Commercial Kentucky President Steve Gray told me last week that overall net absorption of industrial space was 7 million square feet through the third quarter.