The document provides an analysis of the Q3 2019 Louisville industrial real estate market. It summarizes that speculative development announcements increased during the quarter, with over 1 million square feet of new construction planned. Absorption remains steady, though below record levels from 2018, and vacancy rates are expected to rise to around 10% due to increased supply. Overall the industrial market remains strong.

1. Industrial
Outlook
An in-depth look at the
Louisville industrial market.
Analysis includes leasing,
sales, construction and
employment.
Louisville | Q3 2019
JLL Research

2. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Q3 2019
Insight
Louisville Industrial Outlook
The third quarter was defined by speculative development announcements,
as both local and institutional investors continue to believe in Louisville as a
top-tier secondary market. Core5 broke ground on the 1,038,240-square-
foot Bourbon Logistics Center One building in Bullitt County. This will be the
first speculative building over one-million square feet to hit the market.
Additionally, Nicklies Development broke ground on a speculative facility
over 900,000 square feet in the airport. With these announcements, as well
as other spec buildings that are expected to break ground in late-2019 or
early-2020, we expect near record deliveries over the next 12-18 months.
Leasing remains steady; however, absorption is unlikely to reach the historic
levels of 2018. Dow officially moved into 700 Omega Parkway and Niagara
Bottling moved into its owner-occupied facility in River Ridge. Several
smaller leases were signed, predominantly in the East End and Riverport
submarkets. Given the number of active tenants currently looking within
Louisville, we expect absorption to remain steady through year-end.
After a flurry of activity in the second quarter on the investment side, things
cooled somewhat in the third quarter. Pinchal purchased the vacant
250,000-square-foot building in River Ridge that was developed by Gray
Construction and Exeter continued its buying velocity with the purchase of
the Class B building at 4500 Progress Boulevard.
Outlook
The Louisville industrial market remains strong as speculative development
continues. However, given the expected deliveries over the next 12-18
months, the vacancy rate could increase towards 10.0 percent. The steady
tenant demand over the past six-months is encouraging but does not reach
the peak levels we experienced in 2018. Overall, the industrial market is
remains solid we expect that to continue for the remainder of 2019, into
early-2020.
Fundamentals Forecast
YTD net absorption 4,343,029 s.f. ▼
QTD net absorption 995,532 s.f. ▼
Under construction 3,401,048 s.f. ▼
Total vacancy 7.33 % ▼
Average asking rent (NNN) $3.91 p.s.f. ▲
Tenant improvements Stable ▶
0
4,000,000
8,000,000
2015 2016 2017 2018 2019
Supply and demand (s.f.) Net absorption
Deliveries
Development ramps up as absorption remains steady
5.7%
8.7%
11.7%
9.4%
7.3%
2015 2016 2017 2018 2019
Total vacancy
$3.20
$3.40
$3.60
$3.80
$4.00
2014 2015 2016 2017 2018 2019
Average asking rents ($/s.f.)
© 2019 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Top trends and activity
• Dow occupied the 527,250-square-foot building at 700 Omega Parkway.
• Core5 Industrial Partners broke ground on Louisville’s first one-million-
square-foot speculative building.
• Locally based Nicklies Development broke ground on a spec building
over 900,000 square feet in the Airport.

3. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Inventory
(s.f.)
YTD
total net
absorption
(s.f.)
YTD
total net
absorption
(% of inventory)
Total
Vacancy (%)
Average
total asking
rent
($ p.s.f.)
YTD
completions
(s.f.)
Under
construction
(s.f.)
Airport 24,304,863 1,607,500 6.6% 3.2% $4.11 447,000 834,728
Bullitt County 13,647,026 -302,500 -2.2% 12.4% $4.06 0 572,000
East 5,985,608 0 0.0% 0.0% $5.95 0 150,040
Riverport 12,557,133 636,380 5.1% 7.0% $3.62 230,000 0
Southern Indiana 11,316,172 1,406,117 12.4% 12.2% $3.76 1,100,000 619,000
Louisville Totals 67,810,802 3,347,497 4.9% 7.0% $3.90 1,777,000 2,175,768
Analyzes all industrial buidings greater than 100,000 s.f. with a minimum clear height of 24'
2,234,648
1,934,181 2,059,001
2,742,889
3,029,702
3,843,783
2,568,298
5,710,124
4,343,029
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
2011 2012 2013 2014 2015 2016 2017 2018 Q3, 2019
Q3 2019
Statistics
Louisville Industrial Outlook
9.2%
8.3%
7.2%
6.6%
5.7%
8.7%
11.7%
9.4%
7.3%
2.0%
5.0%
8.0%
11.0%
14.0%
2011 2012 2013 2014 2015 2016 2017 2018 Q3 2019
© 2019 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Total Vacancy Rate %
Total Net Absorption
Inventory
(s.f.)
YTD
total net
absorption
(s.f.)
YTD
total net
absorption
(% of inventory)
Total
Vacancy (%)
Average
total asking
rent
($ p.s.f.)
YTD
completions
(s.f.)
Under
construction
(s.f.)
Airport 24,304,863 1,607,500 6.6% 3.9% $4.00 447,000 2,212,808
Bullitt County 13,647,026 -58,250 -0.4% 10.6% $4.10 0 1,038,240
East 6,135,648 238,920 3.9% 1.4% $5.95 150,040 0
Riverport 12,557,133 640,742 5.1% 8.7% $3.63 230,000 0
Southern Indiana 11,785,172 1,914,117 16.2% 12.2% $3.77 1,569,000 150,000
Louisville Totals 68,429,842 4,343,029 6.3% 7.3% $3.91 2,396,040 3,401,048
Analyzes all industrial buidings greater than 100,000 s.f. with a minimum clear height of 24'

4. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
$187,037,809
10
$68
5.75%-6.25%
98.5%
2.5%
Top sales transactions last 12 months
Size (s.f.) $ p.s.f. Sale date
2621 Technology Drive WPT Industrial REIT WPT Capital Advisors 224,000 $17,900,000 $80 Sep-18
120 Velocity Way Granite Capital Browning 721,000 $68 Dec-18
7251 Logistics Drive Paul & Eleanor Sade Trust Panattoni 356,000 $66 May-18
250 Hilton Drive GLP Van Trust 592,800 $38,400,000 $65 Apr-18
857 Park Loop Road* Colony Capital Dermody 546,000 $26,489,801 $47 Feb-19
Dream Industrial REIT Transwestern 302,500 $13,491,668 $45 Feb-19
1234 Gardiner Lane GSK Properties 162,000 $4,610,000 $28 Dec-18
Sales price $
12 month sales volume $ by submarket
$48,696,340
*Purchased as part of portfolio
Dry Ridge Capital
$23,500,000
3208 E. Blue Lick Road*
Building address Buyer company
Transactions details
Seller company
Average Class A sale price p.s.f.
12 month transaction volume at a glance
Total volume
Number of transactions
Average Class A cap rate
Sales activity by building type last 12 months
Warehouse/Dist. sales volume as % of
total
Manufacturing sales volume as % of
total
Top sellers (s.f.)Top buyers (s.f.)
$182,287,809
$4,750,000
0 s.f.
500,000 s.f.
1,000,000 s.f.
1,500,000 s.f.
2,000,000 s.f.
2,500,000 s.f.
3,000,000 s.f.
3,500,000 s.f.
$0
$50,000,000
$100,000,000
$150,000,000
$200,000,000
Warehouse / Distribution Manufacturing
Sum of Price ($) Sum of RBA (SF)
20%
16%
15%13%
10%
8%
6%
Granite GLP
Colony Capital Sazerac
Paul & Eleanor Sade Trust Dream Industrial REIT
WPT Industrial REIT GSK Properties
Sperber Familly Trust Greif
20%
16%
15%13%
10%
8%
6%
Browning Van Trust
Dermody New Mill Capital Holdings
Panattoni Transwestern
WPT Capital Advisors Dry Ridge Capital
Atalaya Investments Alemap
$88,677,809
$43,150,000
$27,200,000
$17,900,000
$10,110,000
Bullitt County
Southern Indiana
Riverport
East
Airport
Q3 2019
Sales
Louisville Industrial Outlook
This report analyzes all industrial sales > 75,000 s.f. year-to-date
© 2019 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
$187,037,809
10
$68
5.75%-6.25%
98.5%
2.5%
Top sales transactions last 12 months
Size (s.f.) $ p.s.f. Sale date
2621 Technology Drive WPT Industrial REIT WPT Capital Advisors 224,000 $17,900,000 $80 Sep-18
120 Velocity Way Granite Capital Browning 721,000 $68 Dec-18
7251 Logistics Drive Paul & Eleanor Sade Trust Panattoni 356,000 $66 May-18
250 Hilton Drive GLP Van Trust 592,800 $38,400,000 $65 Apr-18
857 Park Loop Road* Colony Capital Dermody 546,000 $26,489,801 $47 Feb-19
Dream Industrial REIT Transwestern 302,500 $13,491,668 $45 Feb-19
1234 Gardiner Lane GSK Properties 162,000 $4,610,000 $28 Dec-18
Sales price $
12 month sales volume $ by submarket
$48,696,340
*Purchased as part of portfolio
Dry Ridge Capital
$23,500,000
3208 E. Blue Lick Road*
Building address Buyer company
Transactions details
Seller company
Average Class A sale price p.s.f.
12 month transaction volume at a glance
Total volume
Number of transactions
Average Class A cap rate
Sales activity by building type last 12 months
Warehouse/Dist. sales volume as % of
total
Manufacturing sales volume as % of
total
Top sellers (s.f.)Top buyers (s.f.)
$182,287,809
$4,750,000
0 s.f.
500,000 s.f.
1,000,000 s.f.
1,500,000 s.f.
2,000,000 s.f.
2,500,000 s.f.
3,000,000 s.f.
3,500,000 s.f.
$0
$50,000,000
$100,000,000
$150,000,000
$200,000,000
Warehouse / Distribution Manufacturing
Sum of Price ($) Sum of RBA (SF)
20%
16%
15%13%
10%
8%
6%
Granite GLP
Colony Capital Sazerac
Paul & Eleanor Sade Trust Dream Industrial REIT
WPT Industrial REIT GSK Properties
Sperber Familly Trust Greif
20%
16%
15%13%
10%
8%
6%
Browning Van Trust
Dermody New Mill Capital Holdings
Panattoni Transwestern
WPT Capital Advisors Dry Ridge Capital
Atalaya Investments Alemap
$88,677,809
$43,150,000
$27,200,000
$17,900,000
$10,110,000
Bullitt County
Southern Indiana
Riverport
East
Airport
$179,237,809
10
$66
5.00% - 5.75%
100.0%
0.0%
Top sales transactions last 12 months
Size (s.f.) $ p.s.f. Sale date
Stoltz Real Estate Jefferson United 210,000 $17,850,000 $85 May-19
WPT Industrial REIT WPT Capital Advisors 224,000 $17,900,000 $80 Sep-18
9101 Minor Lane IAC 324,991 $77 May-19
120 Velocity Way Granite Capital Browning 721,000 $68 Dec-18
100 Brooks Way MDH 259,960 $16,500,000 $64 May-19
857 Park Loop Road* Colony Capital Dermody 546,000 $26,489,801 $47 Feb-19
Dream Industrial REIT Transwestern 302,500 $13,491,668 $45 Feb-19
2621 Technology Drive
5101 Jeff Commerce Drive
$48,696,340
Kelly Development
3208 E. Blue Lick Road*
*Purchased as part of portfolio
Building address Buyer company
Transactions details
Seller company
12 month sales volume $ by submarket
Average Class A sale price p.s.f.
12 month transaction volume at a glance
Total volume
Number of transactions
Average Class A cap rate range
Sales activity by building type last 12 months
Warehouse/Dist. sales volume as % of
total
Manufacturing sales volume as % of
total
Johnson Development
Top sellers (s.f.)Top buyers (s.f.)
Sales price $
$24,500,000
$179,237,809
3,007,971 s.f.
0 s.f.
500,000 s.f.
1,000,000 s.f.
1,500,000 s.f.
2,000,000 s.f.
2,500,000 s.f.
3,000,000 s.f.
3,500,000 s.f.
$0
$50,000,000
$100,000,000
$150,000,000
$200,000,000
Warehouse / Distribution
Sum of Price ($) Sum of RBA (SF)
24%
18%
11%
10%
9%
8%
7%
Granite Colony Capital
IAC Dream Industrial REIT
MDH WPT Industrial REIT
Stoltz Real Estate GSK Properties
Sperber Familly Trust Greif
24%
18%
11%
10%
9%
7%
7%
Browning Dermody
Kelly Development Transwestern
Johnson Development WPT Capital Advisors
Jefferson United Dry Ridge Capital
Atalaya Investments Alemap
$105,177,809
$52,460,000
$17,900,000
$3,700,000
Bullitt County
Airport
East
Riverport
$186,537,809
11
$66
5.00% - 5.75%
100.0%
0.0%
Top sales transactions last 12 months
Size (s.f.) $ p.s.f. Sale date
Stoltz Real Estate Jefferson United 210,000 $17,850,000 $85 May-19
WPT Industrial REIT WPT Capital Advisors 224,000 $17,900,000 $80 Sep-18
9101 Minor Lane IAC 324,991 $77 May-19
120 Velocity Way Granite Capital Browning 721,000 $68 Dec-18
100 Brooks Way MDH 259,960 $16,500,000 $64 May-19
857 Park Loop Road* Colony Capital Dermody 546,000 $26,489,801 $47 Feb-19
Dream Industrial REIT Transwestern 302,500 $13,491,668 $45 Feb-19
Sales price $
$24,500,000
Top sellers (s.f.)Top buyers (s.f.)
Average Class A sale price p.s.f.
12 month transaction volume at a glance
Total volume
Number of transactions
Average Class A cap rate range
Sales activity by building type last 12 months
Warehouse/Dist. sales volume as % of
total
Manufacturing sales volume as % of
total
Building address Buyer company
Transactions details
Seller company
12 month sales volume $ by submarket
*Purchased as part of portfolio
2621 Technology Drive
5101 Jeff Commerce Drive
$48,696,340
Kelly Development
3208 E. Blue Lick Road*
Johnson Development
3,122,971 s.f.
$186,537,809
0 s.f.
500,000 s.f.
1,000,000 s.f.
1,500,000 s.f.
2,000,000 s.f.
2,500,000 s.f.
3,000,000 s.f.
3,500,000 s.f.
$0
$50,000,000
$100,000,000
$150,000,000
$200,000,000
Warehouse / Distribution
Sum of Price ($) Sum of RBA (SF)
23%
18%
10%10%
8%
7%
7%
Granite Colony Capital
IAC Dream Industrial REIT
MDH WPT Industrial REIT
Stoltz Real Estate GSK Properties
Sperber Familly Trust Exeter
Greif
23%
17%
10%10%
8%
7%
7%
Browning Dermody
Kelly Development Transwestern
Johnson Development WPT Capital Advisors
Jefferson United Dry Ridge Capital
Atalaya Investments FCI
Alemap
$105,177,809
$52,460,000
$25,200,000
$3,700,000
Bullitt County
Airport
East
Riverport
$212,137,809
11
$66
5.00% - 5.75%
100.0%
0.0%
Top sales transactions last 12 months
Size (s.f.) $ p.s.f. Sale date
Stoltz Real Estate Jefferson United 210,000 $17,850,000 $85 May-19
WPT Industrial REIT WPT Capital Advisors 224,000 $17,900,000 $80 Sep-18
9101 Minor Lane IAC 324,991 $77 May-19
120 Velocity Way Granite Capital Browning 721,000 $68 Dec-18
100 Brooks Way MDH 259,960 $16,500,000 $64 May-19
301 Logistics Avenue* Tratt Opus 426,450 $25,600,000 $60 Jun-19
857 Park Loop Road* Colony Capital Dermody 546,000 $26,489,801 $47 Feb-19
Dream Industrial REIT Transwestern 302,500 $13,491,668 $45 Feb-19
Sales price $
$24,500,000
Top sellers (s.f.)Top buyers (s.f.)
Average Class A sale price p.s.f.
12 month transaction volume at a glance
Total volume
Number of transactions
Average Class A cap rate range
Sales activity by building type last 12 months
Warehouse/Dist. sales volume as % of
total
Manufacturing sales volume as % of
total
Building address Buyer company
Transactions details
Seller company
12 month sales volume $ by submarket
*Purchased as part of portfolio
2621 Technology Drive
5101 Jeff Commerce Drive
$48,696,340
Kelly Development
3208 E. Blue Lick Road*
Johnson Development
3,131,721 s.f.
426,450 s.f.
$186,537,809
$25,600,000
0 s.f.
500,000 s.f.
1,000,000 s.f.
1,500,000 s.f.
2,000,000 s.f.
2,500,000 s.f.
3,000,000 s.f.
3,500,000 s.f.
$0
$50,000,000
$100,000,000
$150,000,000
$200,000,000
Warehouse / Distribution (blank)
Sum of Price ($) Sum of RBA (SF)
20%
15%
12%
9%
9%
7%
6%
6%
Granite Colony Capital
Tratt Properties IAC
Dream Industrial REIT MDH
WPT Industrial REIT Stoltz Real Estate
GSK Properties Sperber Familly Trust
Exeter Greif
20%
15%
12%
9%
9%
7%
6%
6%
Browning Dermody
Opus Kelly Development
Transwestern Johnson Development
WPT Capital Advisors Jefferson United
Dry Ridge Capital Atalaya Investments
FCI Alemap
$105,177,809
$52,460,000
$25,600,000
$25,200,000
$3,700,000
Bullitt County
Airport
Southern Indiana
East
Riverport
$212,137,809
12
$66
5.00% - 5.75%
100.0%
0.0%
Top sales transactions last 12 months
Size (s.f.) $ p.s.f. Sale date
Stoltz Real Estate Jefferson United 210,000 $17,850,000 $85 May-19
WPT Industrial REIT WPT Capital Advisors 224,000 $17,900,000 $80 Sep-18
9101 Minor Lane IAC 324,991 $77 May-19
120 Velocity Way Granite Capital Browning 721,000 $68 Dec-18
100 Brooks Way MDH 259,960 $16,500,000 $64 May-19
301 Logistics Avenue* Tratt Opus 426,450 $25,600,000 $60 Jun-19
857 Park Loop Road* Colony Capital Dermody 546,000 $26,489,801 $47 Feb-19
Dream Industrial REIT Transwestern 302,500 $13,491,668 $45 Feb-19
Sales price $
$24,500,000
Top sellers (s.f.)Top buyers (s.f.)
Average Class A sale price p.s.f.
12+B9:N51 month transaction volume at a glance
Total volume
Number of transactions
Average Class A cap rate range
Sales activity by building type last 12 months
Warehouse/Dist. sales volume as % of
total
Manufacturing sales volume as % of
total
Building address Buyer company
Transactions details
Seller company
12 month sales volume $ by submarket
*Purchased as part of portfolio
2621 Technology Drive
5101 Jeff Commerce Drive
$48,696,340
Kelly Development
3208 E. Blue Lick Road*
Johnson Development
3,131,721 s.f.
426,450 s.f.
$186,537,809
$25,600,000
0 s.f.
500,000 s.f.
1,000,000 s.f.
1,500,000 s.f.
2,000,000 s.f.
2,500,000 s.f.
3,000,000 s.f.
3,500,000 s.f.
$0
$50,000,000
$100,000,000
$150,000,000
$200,000,000
Warehouse / Distribution (blank)
Sum of Price ($) Sum of RBA (SF)
20%
15%
12%
9%
9%
7%
6%
6%
Granite Colony Capital
Tratt Properties IAC
Dream Industrial REIT MDH
WPT Industrial REIT Stoltz Real Estate
GSK Properties Sperber Familly Trust
Exeter Greif
20%
15%
12%
9%
9%
7%
6%
6%
Browning Dermody
Opus Kelly Development
Transwestern Johnson Development
WPT Capital Advisors Jefferson United
Dry Ridge Capital Atalaya Investments
FCI Alemap
$105,177,809
$52,460,000
$25,600,000
$25,200,000
$3,700,000
Bullitt County
Airport
Southern Indiana
East
Riverport
$212,137,809
12
$66
5.00% - 5.75%
100.0%
0.0%
Top sales transactions last 12 months
Size (s.f.) $ p.s.f. Sale date
Stoltz Real Estate Jefferson United 210,000 $17,850,000 $85 May-19
WPT Industrial REIT WPT Capital Advisors 224,000 $17,900,000 $80 Sep-18
9101 Minor Lane IAC 324,991 $77 May-19
120 Velocity Way Granite Capital Browning 721,000 $68 Dec-18
100 Brooks Way MDH 259,960 $16,500,000 $64 May-19
301 Logistics Avenue* Tratt Opus 426,450 $25,600,000 $60 Jun-19
857 Park Loop Road* Colony Capital Dermody 546,000 $26,489,801 $47 Feb-19
Dream Industrial REIT Transwestern 302,500 $13,491,668 $45 Feb-19
2621 Technology Drive
5101 Jeff Commerce Drive
$48,696,340
Kelly Development
3208 E. Blue Lick Road*
Johnson Development
*Purchased as part of portfolio
Building address Buyer company
Transactions details
Seller company
12 month sales volume $ by submarket
Average Class A sale price p.s.f.
Last 12 month transaction volume at a glance
Total volume
Number of transactions
Average Class A cap rate range
Sales activity by building type last 12 months
Warehouse/Dist. sales volume as % of
total
Manufacturing sales volume as % of
total
Sales price $
$24,500,000
Top sellers (s.f.)Top buyers (s.f.)
3,558,171 s.f.
$212,137,809
0 s.f.
500,000 s.f.
1,000,000 s.f.
1,500,000 s.f.
2,000,000 s.f.
2,500,000 s.f.
3,000,000 s.f.
3,500,000 s.f.
4,000,000 s.f.
$0
$50,000,000
$100,000,000
$150,000,000
$200,000,000
$250,000,000
Warehouse / Distribution
Sum of Price ($) Sum of RBA (SF)
20%
15%
12%
9%
9%
7%
6%
6%
Granite Colony Capital
Tratt Properties IAC
Dream Industrial REIT MDH
WPT Industrial REIT Stoltz Real Estate
GSK Properties Sperber Familly Trust
Exeter Greif
20%
15%
12%
9%
9%
7%
6%
6%
Browning Dermody
Opus Kelly Development
Transwestern Johnson Development
WPT Capital Advisors Jefferson United
Dry Ridge Capital Atalaya Investments
FCI Alemap
$105,177,809
$52,460,000
$25,600,000
$25,200,000
$3,700,000
Bullitt County
Airport
Southern Indiana
East
Riverport
$190,537,809
10
$66
5.00% - 5.75%
100.0%
0.0%
Top sales transactions last 12 months
Size (s.f.) $ p.s.f. Sale date
Stoltz Real Estate Jefferson United 210,000 $17,850,000 $85 May-19
WPT Industrial REIT WPT Capital Advisors 224,000 $17,900,000 $80 Sep-18
9101 Minor Lane IAC 324,991 $77 May-19
120 Velocity Way Granite Capital Browning 721,000 $68 Dec-18
100 Brooks Way MDH 259,960 $16,500,000 $64 May-19
301 Logistics Avenue Tratt Opus 426,450 $25,600,000 $60 Jun-19
857 Park Loop Road* Colony Capital Dermody 546,000 $26,489,801 $47 Feb-19
Dream Industrial REIT Transwestern 302,500 $13,491,668 $45 Feb-19
Sales price $
$24,500,000
Top sellers (s.f.)Top buyers (s.f.)
Average Class A sale price p.s.f.
Last 12 month transaction volume at a glance
Total volume
Number of transactions
Average Class A cap rate range
Sales activity by building type last 12 months
Warehouse/Dist. sales volume as % of
total
Manufacturing sales volume as % of
total
Building address Buyer company
Transactions details
Seller company
12 month sales volume $ by submarket
2621 Technology Drive
5101 Jeff Commerce Drive
$48,696,340
Kelly Development
3208 E. Blue Lick Road*
Johnson Development
3,234,171 s.f.
$190,537,809
0 s.f.
500,000 s.f.
1,000,000 s.f.
1,500,000 s.f.
2,000,000 s.f.
2,500,000 s.f.
3,000,000 s.f.
3,500,000 s.f.
$0
$50,000,000
$100,000,000
$150,000,000
$200,000,000
$250,000,000
Warehouse / Distribution
Sum of Price ($) Sum of RBA (SF)
22%
17%
13%10%
9%
8%
7%
Granite Colony Capital
Tratt Properties IAC
Dream Industrial REIT MDH
Stoltz Real Estate GSK Properties
Sperber Familly Trust Exeter
22%
17%
13%10%
9%
8%
6%
Browning Dermody
Opus Kelly Development
Transwestern Johnson Development
Jefferson United Dry Ridge Capital
Atalaya Investments FCI
$105,177,809
$52,460,000
$25,600,000
$7,300,000
Bullitt County
Airport
Southern Indiana
East
$190,537,809
12
$66
5.00% - 5.75%
100.0%
0.0%
Top sales transactions last 12 months
Size (s.f.) $ p.s.f. Sale date
Stoltz Real Estate Jefferson United 210,000 $17,850,000 $85 May-19
WPT Industrial REIT WPT Capital Advisors 224,000 $17,900,000 $80 Sep-18
9101 Minor Lane IAC 324,991 $77 May-19
120 Velocity Way Granite Capital Browning 721,000 $68 Dec-18
100 Brooks Way MDH 259,960 $16,500,000 $64 May-19
301 Logistics Avenue Tratt Opus 426,450 $25,600,000 $60 Jun-19
857 Park Loop Road* Colony Capital Dermody 546,000 $26,489,801 $47 Feb-19
Dream Industrial REIT Transwestern 302,500 $13,491,668 $45 Feb-19
Sales price $
$24,500,000
Top sellers (s.f.)Top buyers (s.f.)
Average Class A sale price p.s.f.
Last 12 month transaction volume at a glance
Total volume
Number of transactions
Average Class A cap rate range
Sales activity by building type last 12 months
Warehouse/Dist. sales volume as % of
total
Manufacturing sales volume as % of
total
Building address Buyer company
Transactions details
Seller company
12 month sales volume $ by submarket
*Purchased as part of portfolio
2621 Technology Drive
5101 Jeff Commerce Drive
$48,696,340
Kelly Development
3208 E. Blue Lick Road*
Johnson Development
3,234,171 s.f.
$190,537,809
0 s.f.
500,000 s.f.
1,000,000 s.f.
1,500,000 s.f.
2,000,000 s.f.
2,500,000 s.f.
3,000,000 s.f.
3,500,000 s.f.
$0
$50,000,000
$100,000,000
$150,000,000
$200,000,000
$250,000,000
Warehouse / Distribution
Sum of Price ($) Sum of RBA (SF)
22%
17%
13%10%
9%
8%
7%
Granite Colony Capital
Tratt Properties IAC
Dream Industrial REIT MDH
Stoltz Real Estate GSK Properties
Sperber Familly Trust Exeter
22%
17%
13%10%
9%
8%
6%
Browning Dermody
Opus Kelly Development
Transwestern Johnson Development
Jefferson United Dry Ridge Capital
Atalaya Investments FCI
$105,177,809
$52,460,000
$25,600,000
$7,300,000
Bullitt County
Airport
Southern Indiana
East
$190,537,809
10
$64
5.00% - 5.75%
100.0%
0.0%
Top sales transactions last 12 months
Size (s.f.) $ p.s.f. Sale date
Stoltz Real Estate Jefferson United 210,000 $17,850,000 $85 May-19
WPT Industrial REIT WPT Capital Advisors 224,000 $17,900,000 $80 Sep-18
9101 Minor Lane IAC 324,991 $77 May-19
120 Velocity Way Granite Capital Browning 721,000 $68 Dec-18
100 Brooks Way MDH 259,960 $16,500,000 $64 May-19
301 Logistics Avenue Tratt Opus 426,450 $25,600,000 $60 Jun-19
857 Park Loop Road* Colony Capital Dermody 546,000 $26,489,801 $47 Feb-19
Dream Industrial REIT Transwestern 302,500 $13,491,668 $45 Feb-19
Sales price $
$24,500,000
Top sellers (s.f.)Top buyers (s.f.)
Average Class A sale price p.s.f.
Last 12 month transaction volume at a glance
Total volume
Number of transactions
Average Class A cap rate range
Sales activity by building type last 12 months
Warehouse/Dist. sales volume as % of
total
Manufacturing sales volume as % of
total
Building address Buyer company
Transactions details
Seller company
12 month sales volume $ by submarket
*Purchased as part of portfolio
2621 Technology Drive
5101 Jeff Commerce Drive
$48,696,340
Kelly Development
3208 E. Blue Lick Road*
Johnson Development
3,234,171 s.f.
$190,537,809
0 s.f.
500,000 s.f.
1,000,000 s.f.
1,500,000 s.f.
2,000,000 s.f.
2,500,000 s.f.
3,000,000 s.f.
3,500,000 s.f.
$0
$50,000,000
$100,000,000
$150,000,000
$200,000,000
$250,000,000
Warehouse / Distribution
Sum of Price ($) Sum of RBA (SF)
22%
17%
13%10%
9%
8%
7%
Granite Colony Capital
Tratt Properties IAC
Dream Industrial REIT MDH
Stoltz Real Estate GSK Properties
Sperber Familly Trust Exeter
22%
17%
13%10%
9%
8%
6%
Browning Dermody
Opus Kelly Development
Transwestern Johnson Development
Jefferson United Dry Ridge Capital
Atalaya Investments FCI
$105,177,809
$52,460,000
$25,600,000
$7,300,000
Bullitt County
Airport
Southern Indiana
East
$197,367,682
12
$64
5.00% - 5.75%
100.0%
0.0%
Top sales transactions last 12 months
Size (s.f.) $ p.s.f. Sale date
Exeter 134,888 $6,289,873 $51 Aug-19
101 Lewman Way Pinchal Gray 250,000 TBD TBD Aug-19
301 Logistics Avenue Tratt Opus 426,450 $25,600,000 $60 Jun-19
Stoltz Real Estate Jefferson United 210,000 $17,850,000 $85 May-19
9101 Minor Lane IAC 324,991 $77 May-19
100 Brooks Way MDH 259,960 $16,500,000 $64 May-19
857 Park Loop Road* Colony Capital Dermody 546,000 $26,489,801 $47 Feb-19
120 Velocity Way Granite Capital Browning 721,000 $68 Dec-18
Trident Capital Group
Top sellers (s.f.)Top buyers (s.f.)
Average Class A sale price p.s.f.
Last 12 months transaction volume at a glance
Total volume
Number of transactions
Average Class A cap rate range
Sales activity by building type last 12 months
Warehouse/Dist. sales volume as % of
total
Manufacturing sales volume as % of
total
*Purchased as part of portfolio
Building address Buyer company
Transactions details
Seller company
12 month sales volume $ by submarket
Sales price $
$24,500,000
4500 Progress Boulevard
5101 Jeff Commerce Drive
$48,696,340
Kelly Development
Johnson Development
$197,367,682
3,619,059 s.f.
0 s.f.
500,000 s.f.
1,000,000 s.f.
1,500,000 s.f.
2,000,000 s.f.
2,500,000 s.f.
3,000,000 s.f.
3,500,000 s.f.
4,000,000 s.f.
$0
$50,000,000
$100,000,000
$150,000,000
$200,000,000
$250,000,000
Warehouse / Distribution
Sum of Price ($) Sum of RBA (SF)
20%
15%
12%
9%
8%
7%
7%
7%
6%
Granite Colony Capital
Tratt Properties IAC
Dream Industrial REIT MDH
Exeter Pinchal
Stoltz Real Estate GSK Properties
Sperber Familly Trust
20%
15%
12%
9%
8%
7%
7%
6%
Browning Dermody
Opus Kelly Development
Transwestern Johnson Development
Gray Jefferson United
Dry Ridge Capital Atalaya Investments
TCG Progress FCI
$105,177,809
$59,289,873
$25,600,000
$7,300,000
Bullitt County
Airport
Southern Indiana
East

5. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Total leased at delivery (%) 29.2%
Total speculative at delivery (s.f.) 764,053
Total BTS at delivery (s.f.) 481,000
Total owner-user at delivery (s.f.) 1,887,000
Total # of properties delivered 9
Asking rental rate (low - high) $4.35 - $5.50
Largest projects delivered past 12 months
Building/Address RBA (s.f.) Delivery date
Leased at
delivery (%)
Medline Distribution Center 1,100,000 Q2 2019 100%
Logistics River Ridge 469,000 Q3 2019 100%
4301 Produce Road 318,000 Q2 2019 100%
2349 E. Miller Lane 251,000 Q4 2018 100%
Gray River Ridge 250,000 Q4 2018 0%
Brooks Logistics Center 235,013 Q4 2018 0%
Total pre-leased (%) 1.5%
Total speculative under construction (s.f.) 3,401,048
Total BTS under construction (s.f.) -
Total Owner-user under construction (s.f.) -
Total # of properties UC 8
Asking rental rate (low - high) $4.10 - $5.00
Largest projects currently under construction
Building RBA (s.f.) Delivery date Pre-leased (%)
Bourbon Logistics Center 1,038,240 Q2 2020 0%
Logistics Airpark 958,000 Q4 2020 0%
Dermody Renaissance South 352,800 Q1 2020 0%
New Cut Center Bldg 2 331,928 Q4 2019 0%
Exeter New Cut 252,080 Q1 2020 0%
Bullitt County Core5 Speculative
Speculative
Speculative
Airport
Airport
Airport
Airport
Speculative
Exeter Property Group
Main Street Realty
Dermody
Nicklies Speculative
Construction typeOwnerSubmarket
Southern Indiana
Airport
Airport
Southern Indiana
Southern Indiana
Gray
Advance Distribution Services
Premier Packaging
Niagara Bottling
Medline
Speculative
Owner-user
New and historical deliveries
Completions in-depth
3,132,053
Total delivered past 12 months (s.f.)
BTS
Owner-user
Owner-user
Submarket
Under construction
3,401,048
Under construction (s.f.)
Under construction in-depth
Upcoming deliveries by year (s.f., excludes YTD completions)
Bullitt County Van Trust Speculative
Owner Construction type
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
2012 2013 2014 2015 2016 2017 2018 2019
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
2019 2020
Speculative
Q3 2019
Construction
Louisville Industrial Outlook
This report analyzes all industrial developments under construction & new deliveries > 100,000 s.f.
© 2019 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.

6. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Q3 2019
Construction
Louisville Industrial Outlook
1
Location: 6200 New Cut Road
Square feet: 331,928
Tenant(s): None
Landlord: Main Street
1
2
Location: 401 Salem Road
Square feet: 150,000
Tenant(s): None
Landlord: America Place
2
3
Address: 4794 S. Preston
Highway
Square feet: 1,038,240
Tenant(s): None
Landlord: Core5
3
© 2019 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
4
4
Address: 2825 Transglobal
Drive
Square feet: 352,800
Tenant(s): None
Landlord: Dermody

7. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
22%
14%
13%12%
11%
11%
7%
Trade, Transportation & Utilities
Educational & Health Services
Professional & Business Services
Manufacturing
Government
Leisure & Hospitality
Financial Activities
Mining, Logging & Construction
Other Services
Information
Q3 2019
Employment
Louisville Industrial Outlook
3.7%U.S. unemployment
1.4%U.S. 12-month job growth
4.6%Louisville unemployment
1.0%Louisville 12-month job growth
4.4%Kentucky unemployment
1.0%Kentucky 12-month job growth
-3.0
2.0
7.0
12.0
17.0
22.0
2014 2015 2016 2017 2018
Trade, Transportation & Utilities Manufacturing
Other Services Mining Logging & Construction
2019
0%
4%
8%
400,000
500,000
600,000
700,000
800,000
2015 2016 2017 2018 2019
Employment Unemployment
Employment vs. unemployment rate
Employment by industry
Job growth (12-month change)
-4,700
-2,400
-300
-200
200
400
1,000
1,200
1,700
6,400
-7,000 -5,000 -3,000 -1,000 1,000 3,000 5,000 7,000
Professional & Business…
Other Services
Information
Leisure & Hospitality
Government
Financial Activities
Manufacturing
Trade, Transportation & Utilities
Mining, Logging & Construction
Educational & Health Services
Job growth*
Historical employment Job growth by sector*
Employment by industry Industrial employment*
* Represents 12-month change in employment. All charts represent the latest economic data available from the Bureau of Labor Statistics as of September 2019.
© 2019 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
-1.0%
-0.3%
0.4%
1.1%
1.8%
2.5%
3.2%
3.9%
2015 2016 2017 2018
Louisville U.S.
2019

8. Andrew Batson
Vice President, Director of Research
+1 216 937 4374
andrew.batson@am.jll.com
Alex Westcott
Research Analyst
+1 502 394 2504
alex.westcott@am.jll.com
About JLL
JLL (NYSE: JLL) is a leading professional services firm that
specializes in real estate and investment management. Our vision
is to reimagine the world of real estate, creating rewarding
opportunities and amazing spaces where people can achieve
their ambitions. In doing so, we will build a better tomorrow for
our clients, our people and our communities. JLL is a Fortune 500
company with annual revenue of $16.3 billion, operations in over
80 countries and a global workforce of over 90,000 as of
December 31, 2018. JLL is the brand name, and a registered
trademark, of Jones Lang LaSalle Incorporated. For further
information, visit jll.com
About JLL Research
JLL’s research team delivers intelligence, analysis and insight
through market-leading reports and services that illuminate
today’s commercial real estate dynamics and identify tomorrow’s
challenges and opportunities. Our more than 400 global research
professionals track and analyze economic and property trends
and forecast future conditions in over 60 countries, producing
unrivalled local and global perspectives. Our research and
expertise, fueled by real-time information and innovative thinking
around the world, creates a competitive advantage for our clients
and drives successful strategies and optimal real estate
decisions.
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.