JLL Closes Northeastern Kentucky Warehouse Sale

Flowserve facility in Grayson, Ky. Image courtesy of JLL

JLL has finalized the $6.2 million sale of a 25,000-square-foot, fully leased industrial property in Argillite, Ky. Director Alex Geanakos, Senior Director Jason DeWitt, Senior Managing Director Brian Shanfeld and Managing Directors Trent Agnew and Alex Sharrin negotiated the deal on behalf of the seller, Investment & Development Ventures. A private investor acquired the building in a 1031 exchange.

Located on 3 acres along East Park Drive, the single-story warehouse delivered earlier this year. The property was custom-built to suit Flowserve’s operations: The facility has four overhead and four jib cranes, compressed air loops and drops and ELO fire suppression. The tenant occupies the property on a double-net lease with an initial expiration date in 2035.

The building is situated within EastPark, a 1,000-acre mixed-use business park along Interstate 64. The site is 9 miles northeast of downtown Grayson, Ky. Additionally, the property is roughly 17 miles west of the intersection of the Kentucky, Ohio and West Virginia state borders.

Earlier this month, JLL’s Agnew negotiated the disposition of Ridge Distribution Center, a 327,000-square-foot warehouse in San Antonio. The broker assisted the seller, Koontz Corp., in the transaction to Exeter Property Group.