MR3 Development, a development and management company based in Pittsburgh, has entered a purchase agreement for 15.4 acres at the northeast corner of Paul Garrett and Patrol Road to build a cross-dock facility. Photo provided
CHARLESTOWN — MR3 Development recently entered into a purchase and sale agreement for its first tract of land at the River Ridge Commerce Center, where it plans to build a 210,000-square-foot, cross-dock industrial facility.
MR3 is a development and management company based in Pittsburgh. The firm is a third-generation, family-run business focused on industrial, retail, and life-science and technology office projects. MR3 also has an office in Indianapolis and has active projects in six states.
Its investment at River Ridge represents MR3’s entry into the Louisville/Southern Indiana market. Last month, MR3 executed a purchase and sale agreement for 15.4 acres at the northeast corner of Paul Garrett Avenue and Patrol Road to construct the facility.
The sale will generate about $1.69 million in proceeds for the River Ridge Development Authority. The funding will be used for operations and further infrastructure development to attract companies and jobs to Southern Indiana.
MR3 said its planned cross-dock facility is already generating interest from potential end users.
“We are excited to be entering the Southern Indiana/ Louisville market with our first project being kicked off in the River Ridge Commerce Center,” said Andrew Molnar, MR3’s managing director. “The amenities and location for logistics and work force are a driver for the users who want to locate within the Center.
Driven by the ongoing growth of logistics and e-commerce activity, as well as a significant focus on new American manufacturing operations, the new facility will help meet the increasing demand for cross-dock industrial buildings. Construction is scheduled to be completed by late fall of this year.
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