The company's acquisition of the Commonwealth Business Center (CBC) marks its first investment in the Louisville MSA. CBC is comprised of two buildings with a combined 127,323square feet of flex space. Originally developed in 1987, the property underwent significant renovation in 2016. At acquisition, the asset was 88% occupied across its 31 office/warehouse suites. The property will undergo renovations to increase its ratio of warehouse to office space to meet demand and increase occupancy throughout the investment period.

“The Commonwealth Business Center stands as a cornerstone asset as the first closed property in our SEP Industrial Holdings I LLC fund. Nestled in a thriving area of Louisville, it is poised to serve its office/warehouse tenants reliably. This property represents a prime opportunity for us as a high-performing asset with significant upside potential through targeted renovations,” remarked Grant Reaves, Co-Founder and Managing Director of Stoic.