CAPSTONE REALTY

What CAPSTONE REALTY does

Capstone Realty is a privately held, full-service commercial real estate company founded in 1997 by Harold L. Heiner and headquartered at 11601 Main Street in Louisville, Kentucky. The firm operates as a partnership of real estate professionals active in acquisition, land development, project architecture, leasing, and property management. Its portfolio comprises two flagship developments: Commerce Crossings, a 350+ acre master-planned business park in Louisville, KY containing 2.6 million square feet of Class A industrial real estate at the intersection of I-265 and I-65; and River Ridge Commerce Center, a footprint on a 6,000-acre multi-use mega-site in Jeffersonville, Indiana (Louisville Metro area) containing 2.3 million square feet of Class A logistics space. Since founding, the company has developed more than 5 million square feet of new office and industrial buildings and is the largest landlord and developer at River Ridge.

The company's product set centers on Class A industrial and logistics facilities with modern specifications (T-5 lighting, ESFR sprinklers, 28'–36' clear heights, multi-door dock configurations, and expandable footprints) marketed to logistics, distribution, manufacturing, and corporate office tenants. Currently marketed available properties include River Ridge Five (500,000 SF, Jeffersonville, IN), Crossings Center Nine (500,000 SF building with 140,000 SF available, Louisville, KY), and Crossings Center Two (75,000 SF office/warehouse, Louisville, KY). The company manages all properties in-house via a small team and supports tenants throughout the lease term with integrated leasing and property management services.

Capstone generates revenue through long-term, multi-year commercial leases of industrial, logistics, and office space on a per-square-foot basis, supplemented by property management fees. Pricing is quote-based and negotiated per lease. Tenant acquisition is sales-led, leveraging direct outreach, the corporate website, and the firm's location advantages — proximity to UPS Worldport (six minutes), Louisville International Airport, and a workforce catchment covering 91% of the regional labor pool within a 20-minute commute. The customer base spans enterprise tenants including Caterpillar, AmerisourceBergen, JPMorgan Chase, McKesson, CEVA Logistics, Parker Hannifin, ASUS, Molina Healthcare, and Baptist Healthcare, among more than 30 disclosed logos. Leadership consists of Chairman/CEO Harold L. Heiner and President Stan Franczek (former CBRE Vice President).

Name

CAPSTONE REALTY

Legal name

Capstone Realty

Website

https://capstonerealty.com

Company type

Private

Founded year

1997

Operating status

Operating

Headcount range

1–10 employees

Short description

Capstone Realty is a privately held Louisville, Kentucky commercial real estate developer and landlord founded in 1997, operating a 5+ million square foot portfolio of Class A industrial and logistics space across Commerce Crossings and River Ridge Commerce Center for enterprise logistics, distribution, and manufacturing tenants.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Development

NAICS

Nonresidential Property Managers (531312), Real Estate Property Managers (53131)

SIC

Real Estate Dealers (For Their Own Account) (6532), Land Subdividers & Developers (No Cemeteries) (6552)

akta.pro primary industry

Core Real Estate (Stabilized/Core-Plus) (FSAAAKAA)

akta.pro secondary industry

Real Estate Capital Markets Advisory (Debt/Equity Placement, Refinancing) (BPAJANAE)

Keywords

• Commercial real estate development
• Industrial property leasing
• Logistics facilities leasing
• Property management services
• Class A industrial space

Headquarters

HQ city

Louisville

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales, Supply Chain

Revenue model

1. Commercial Real Estate Leasing: Capstone Realty generates revenue through leasing Class A industrial, logistics, and commercial office space at their Commerce Crossings and River Ridge Commerce Center properties. Tenants sign lease agreements for warehouse, distribution, and office space, paying rent typically on a per-square-foot basis. The company also provides property management services as part of their full-service offering.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Capstone Realty is a full-service commercial real estate company that develops, leases, and manages Class A industrial, logistics, and commercial office properties in the Louisville Metro area. Its portfolio centers on two master-planned developments — Commerce Crossings (2.6 million SF in Louisville, KY) and River Ridge Commerce Center (2.3 million SF in Jeffersonville, IN) — and provides integrated services spanning acquisition, land development, project architecture, leasing, and property management.

Product overview

Capstone Realty is a full-service real estate company offering a portfolio of commercial real estate products focused on industrial and logistics properties in the Louisville Metro area. The company's core offerings include two major developments: Commerce Crossings (a 350+ acre business park with 2.6 million SF of Class A industrial space) and River Ridge Commerce Center (a 6,000-acre mega site with 2.3 million SF of logistics space in Indiana). The portfolio includes individual properties such as River Ridge Five (500,000 SF cross-docked industrial building), Crossings Center Nine (500,000 SF logistics facility with 140,000 SF available), and Crossings Center Two (75,000 SF office/warehouse). The company provides integrated leasing, property management, design, and development services through its partnership of experienced real estate professionals.

Differentiator

Problem solved

Functional benefit

Products and services

• Commerce Crossings A 350+ acre master-planned business park in Louisville, KY featuring 2.6 million SF of Class A industrial real estate centrally located at the intersection of I-265 and I-65 on Preston Highway, offering space for a variety of business and industrial applications.
• River Ridge Commerce Center A 6,000-acre multi-use mega-site in Jeffersonville, Indiana (Louisville Metro area) containing 2.3 million SF of Class A logistics space developed by Capstone Realty, located 10 minutes from downtown Louisville and offering certified mega-site land for large-scale prospects.
• River Ridge Five A 500,000 SF Class A industrial building available for lease at River Ridge Commerce Center in Jeffersonville, Indiana. The cross-docked facility features 36' clear height, expandability to over 600,000 SF, energy-efficient T-5 lighting, an ESFR sprinkler system, and 40 dock doors expandable to 100.
• Crossings Center Nine A 500,000 SF Class A logistics facility located at Commerce Crossings Business Park in Louisville, KY, with 140,000 SF currently available. The building is fully air-conditioned with 31' clear height, 8 dock doors expandable to 20, T-5 hi-bay fluorescent lighting, and 30 trailer spaces.
• Crossings Center Two A 75,000 SF Class A office/warehouse facility at Commerce Crossings Business Park in Louisville, KY. The building features high-end architecture with extensive glass in office areas, 100 parking spaces expandable to 200, 28' clear height, 6 dock doors, and energy-efficient heating systems.

Quantifiable outcome

• 91% of regional workforce accessible within 20-minute commute
• +3 more outcomes

Named customers30 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators6 records

Recent moves5 records

Expansion highlights3 records

Broad incumbents

• Duke Realty Corporation: Duke Realty (now part of Prologis) was one of the largest US industrial REIT developers focused on bulk logistics distribution. Directly comparable in product type, tenant focus, and Class A industrial development strategy.
• Liberty Property Trust: Liberty Property Trust (acquired by Prologis) was a major US industrial REIT with a heavy logistics/distribution focus. Comparable in tenant and product profile to Capstone, particularly relevant for institutional lease benchmarking.
• Prologis: Prologis is the largest global industrial REIT, owning/operating logistics real estate worldwide. It competes with Capstone for institutional tenants seeking large-footprint logistics space and serves as the obvious benchmark for valuation and leasing terms.

Direct peers

• STAG Industrial: STAG Industrial is a REIT focused on single-tenant and multi-tenant industrial properties nationwide. Comparable in product mix (Class A/B industrial/logistics) and tenant-type focus (3PL, distribution).
• EastGroup Properties: EastGroup owns/operates Class A industrial distribution space primarily in Sun Belt markets. Direct peer to Capstone in multi-tenant Class A logistics real estate development and leasing.
• First Industrial Realty Trust: First Industrial is a publicly-traded REIT focused on Class A industrial properties across major US distribution markets. Highly comparable to Capstone in tenant profile (3PL, manufacturing) and product specification.
• Rexford Industrial Realty: Rexford Industrial is a REIT focused on infill industrial properties in Southern California. Comparable in Class A industrial landlord strategy and concentration in logistics-driven submarkets.
• Terreno Realty Corporation: Terreno Realty acquires, develops, and manages industrial real estate in six major US coastal markets. Comparable as a developer/landlord of Class A industrial space with similar build-to-suit and infill expertise.
• Hillwood Development Company: Hillwood is a major industrial and logistics real estate developer best known for its AllianceTexas mega-site. It is comparable to Capstone as a developer/landlord of large-scale Class A industrial parks with build-to-suit and full-service property management capabilities.

Regional players

• NTS Development Company: NTS is a Louisville-based real estate developer active in industrial, office, and multifamily across Kentucky and Indiana. Strongest regional peer to Capstone given overlapping Louisville Metro geography and mixed commercial product focus.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/capstone-realty-inc

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CAPSTONE REALTY