Major Pennsylvania developer makes its first investment in Louisville/Southern Indiana region

By Nicole Childress, Building Kentucky

MR3 Development recently invested in 15.4 acres of land in Charlestown, Ind. at the River Ridge Commerce Center. MR3 is a development and management company based in Pittsburgh, Penn. 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.

“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.”

With the property, MR3 will build a 210,000-square-foot, cross-dock industrial facility, set for completion late this fall.

MR3 said its planned facility is already generating interest from potential end-users and will help meet the increasing demand for cross-dock industrial buildings driven by the ongoing growth of logistics and e-commerce activity, as well as a significant focus on new American manufacturing operations.

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 the region.

“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.”

MR3’s investment will continue to grow River Ridge’s impact in the greater community. According to the River Ridge Development Authority’s economic impact report, the business park supported more than 16,900 regional jobs and produced a total of $2.5 billion in economic output in 2020.

“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.”

Latest News

Poll of the Week

How are you celebrating on Derby Day this year?

Join our Mailing List