Southeast Gateway totals 1.2 million sq. ft of distribution house. Picture courtesy of Conor Business Actual Property
EQT Exeter has expanded its portfolio of business belongings with the acquisition of Southeast Gateway, a two-building, 1.2 million-square-foot enterprise park in Savannah, Ga. Conor Business Actual Property, the development-focused arm of The McShane Cos., bought the property for $120.4 million, public data present.
A JLL Capital Markets staff led by Director Jim Freeman, Senior Managing Administrators Britton Burdette and John Huguenar and Analyst Max Coffin brokered the sale on behalf of each events.
The acquisition of Southeast Gateway follows EQT Exeter’s July closing of Industrial Worth Fund VI, a $4.9 billion funding car pursuing the event, acquisition, administration, leasing and sale of single-tenant, logistics-focused industrial belongings. Exceeding its goal pool by $900 million and attracting capital from a world set of purchasers, the fund is likely one of the largest of its sort in historical past.
Subsequent to Savannah’s delivery gateway
The 137-acre, distribution-focused Southeast Gateway was developed by Conor in a three way partnership with WHI Actual Property Companions. McShane Development Co., the builders’ sister firm, offered design-build providers for the challenge.
The campus got here on-line in 2022 at 400 and 450 Fort Argyle Highway. The 184,080-square-foot Constructing 1 has 32-foot clear heights, 38 dock doorways, two drive-in doorways and 50 trailer parking stalls, in keeping with CommercialEdge info. The 1,004,400-square-foot Constructing 2 exceeds the primary in all measurement metrics, having 40-foot clear heights, 177 dock doorways, 4 drive-in doorways and 318 trailer parking stalls.
Each warehouses landed full-building tenants previous to their completion. Toilet equipment maker Swiss Madison occupies Constructing 1, whereas Maersk Warehousing and Distribution Providers leased your complete Constructing 2. Presently, Colliers manages leasing on the campus.
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Instantly going through Georgia State Route 204, Southeast Gateway is roughly 1 mile from a freeway interchange with entry to Interstate 95, inserting it inside a two-day drive of all of the East Coast’s largest inhabitants facilities. The campus can also be 17 miles from the Port of Savannah, which offers delivery to 44 p.c of the nation’s inhabitants.
With its entry to the nation’s fastest-growing and third-busiest seaport, the Savannah industrial market had a emptiness charge of three.6 p.c as of June, in keeping with a second quarter 2023 report from Cushman & Wakefield, whereas experiencing 6.6 million sq. ft of constructive web absorption for the reason that starting of the yr.
On the manufacturing entrance, the metro is the positioning of a $4.3 billion Hyundai electrical car battery manufacturing plant. The challenge is adjoining to Hyundai Metaplant America.
