kommonplace

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Original article here: https://www.courier-journal.com/sto...on-center-purchased-leased-rivian/9177387002/


Huge new Louisville-area distribution center sold, with lease to electric vehicle producer


1-rivian-download.jpeg.jpg


A massive new industrial complex just south of Louisville has been bought by a national commercial real estate firm, with plans for an electric vehicle producer to set up shop inside.

JLL Income Property Trust announced Tuesday afternoon that it has purchased the South Louisville Distribution Center, at 825 Conestoga Parkway. The national group spent $39.5 million on the 327,000-square-foot facility, according to a release from the company.

Company president and CEO Allan Swaringen said the Bullitt County complex's close proximity to Louisville's airport and access to three highways – Interstates 64, 65 and 71 – were key selling points as supply chain disruptions continue to affect business globally.

The site “is an excellent fit within our geographically diversified industrial portfolio given its location near irreplaceable transportation infrastructure, state-of-the-art construction and the positive dynamics of Louisville’s industrial market,” Swaringen said.

95c1-South_Louisville_Distribution_Center_Linkedin.jpg


Rivian, an American electric vehicle production and technology company, will operate out of the facility, according to the release.

Rivian was founded in 2009 and went public last November at an initial offering price of $78 per share. That price skyrocketed past $170 at its peak but has dropped recently after Amazon, which in 2019 agreed to buy up to 100,000 electric delivery vans from the company, said it also would work with another electric vehicle producer, Stellantis, to buy more vans. Rivian's stock price sat at $83.55 as of Tuesday evening.

Rivian, based out of California, has signed a seven-year lease to work out of the Bullitt County complex, according to the release from JLL. Construction of the South Louisville Distribution Center was completed last August, JLL said, and the facility "includes Class A features such as cross docking, 36-foot clear heights and LED lighting."
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kommonplace

kommonplace

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Driver + and Bourbon trail tour anyone?!
Honestly, I almost didn't post this because I wasn't sure it was noteworthy enough especially since you hadn't already posted it!
 

LeoH

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I know it's just a parts warehouse, but hopefully it means we get a Louisville-area service center sooner than later.

I've owned a Model S since 2015, and we're just going to finally get a Tesla service center "in the next 3-5 months". It's made it…difficult…as we came off warranty. 😁
I have 2 Tesla service centers in my area, it did not seem to make the experience better, sorry to disappoint you :)

But if this is a parts warehouse, then hopefully this means we get parts for our R1 in couple of days rather couple of months; I am assuming they will stock the hell out of it.
 

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I have 2 Tesla service centers in my area, it did not seem to make the experience better, sorry to disappoint you
Oh yeah, I have incredibly low expectations of the company now. Our rangers have always been fantastic and taken great care of us. But the company is pretty crap at this point.

What I was referring to was having to spend $400-500 every time I have to have the stupid car hauled up to Cincinnati when something breaks and it's not driveable. Last two were a control arm snapping while backing out of the garage (known problem—asked them to just replace both sides while it was up there) and it not starting due to wire being improperly seated in the harness (from the factory). That last one (them literally pushing a wire back in) cost me $1000 in total, plus a 2 hour drive up in our other vehicle, and a 2 hour drive home.

So while I don't expect the car to suddenly be better, or repairs to be less frequent, I'll be happy to spend less on towing costs and driving time. I'll probably be making use of them soon, anyway, as my trunk cinching motor is making horrible noises. Note that this is the replacement cinching motor for the one I had replaced just over a year ago. …sigh…
 

HokieBird7980

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Makes total sense to me. Both UPS and DHL have central hubs at Louisville airport and can get any part anywhere from Louisville quickly. This is especially important on any international parts they need to bring in, or ship out.
 

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Have they announced what's the intended purpose of the Facility is going to be? I see on the map its almost the middle point between Normal and the future Georgia Facility. Maybe battery pack assembly? or like @OverZealous mentioned maybe parts warehouse? any ideas ?
 
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kommonplace

kommonplace

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Have they announced what's the intended purpose of the Facility is going to be? I see on the map its almost the middle point between Normal and the future Georgia Facility. Maybe battery pack assembly? or like @OverZealous mentioned maybe parts warehouse? any ideas ?
I don't believe they specified (all they reported on is the terms of the lease, and that came from the lessor, not Rivian), but a parts warehouse makes the most sense. It is really close to UPS and other transport hubs for air transport and close to major freeways for ground transport.
 

koersontap

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Also, they're not going to put millions of dollars of manufacturing equipment in a building in which they have a 7 year lease. Only to have to rip it all out if they don't resign the lease in 7 years.
 

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Also, they're not going to put millions of dollars of manufacturing equipment in a building in which they have a 7 year lease. Only to have to rip it all out if they don't resign the lease in 7 years.
I thought about this, but after looking through most of their service centers, most are also leases not purchases, so my thought was i guess it doesn't make sense but neither does building out service centers on leases.
 

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I thought about this, but after looking through most of their service centers, most are also leases not purchases, so my thought was i guess it doesn't make sense but neither does building out service centers on leases.
Meh, service centers are a different beast than a manufacturing assembly line. A few vehicle hoists and some furniture is much more manageable to move if needed.
 

metalic5

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Meh, service centers are a different beast than a manufacturing assembly line. A few vehicle hoists and some furniture is much more manageable to move if needed.
.... very true
 

Guy

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This makes sense as a central location to get spare parts to all parts of the US. Nicely located for New England, Florida, California and PNW areas (and all points in between). Now if they could only make progress on hubs (one which was opened four months ago) and service/delivery centers (six, none official and on their website).
 
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