LOUISVILLE, Ky. (WDRB) -- A New York investment group purchased two warehouses in the Park Hill neighborhood from Dayton Hydraulic Company and re-signed a lease with the current tenant.
American Industrial LLC co-owner Roget Lerner told WDRB News the group has been looking at Louisville as a potential investment market for more than a year now. The leadership team toured the warehouses at Dixie Highway and West Burnett Avenue in July 2020, and the sale closed last month for $3.65 million.
Accu-Tec has been operating out of the warehouses for the last 15 years, and American Industrial signed a new lease with the company in January. The new lease gives the packaging and distribution company multiple options for working out of the warehouses through 2029.
Lerner said his team was intentionally looking to invest in older industrial properties across the country, but he was drawn to the Louisville area because his wife is from New Albany, Indiana. Along with his familiarity with the region, Lerner believes west Louisville and the Park Hill neighborhood will see significant growth over the next two years from city investment and private development.
“There’s potential to play a role and participate in the improvement and growth here, and we want to be part of that," he said. "So we’re looking at how can we improve the manufacturing properties and attract companies to invest in the area."
Accu-Tec currently uses the entire 11-acre property. Over the next few months, American Industrial is reviewing any potential improvements and upgrades that can be made to the property for the future.
While some companies often overlook the west Louisville because the buildings are older — many built between 1920-40 — Lerner said American Industrial was drawn to the area’s manufacturing history. New York is riddled with older properties that can’t be torn down, so American Industrial has experience redoing old buildings for modern growth, Lerner said.
“Just because a property is older doesn’t mean it’s obsolete," he said. "The question for Louisville’s future is how can these older properties be repurposed to play a role in that future."
Lerner said American Industrial hopes to expand its investment footprint in Louisville, and the group is currently in discussions with sellers of other properties in west Louisville. Those opportunities are for advanced manufacturing, but he said the company is not opposed to investing in other industries or parts of the commonwealth in the future.
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