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, PA. 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 currently 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 workforce 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.
“We welcome another experienced developer who recognizes the value of investing in River Ridge and our community,” said Jerry Acy, executive director of the River Ridge Commerce Center. “MR3 has a strong track record nationally and will help River Ridge build connections in important industry sectors. MR3’s significant investment confirms once again that River Ridge is a great place to do business and a great place to call home.”
“The River Ridge team is great to work with which allows us to deliver for our clients faster than other markets,” Molnar said. “We are truly excited to be part of this community.”