Stream Realty Companions has acquired Coastal Commerce Middle I, a two-building industrial campus totaling 826,250 sq. toes in Backyard Metropolis, Ga. A three way partnership between AEW Capital Administration and Strategic Actual Property Companions offered the totally leased property for $113 million, with the help of JLL.
Accomplished earlier this 12 months on greater than 106 acres, the 2 warehouses characterize the primary section of a bigger industrial improvement. In line with CommercialEdge information, Strategic Actual Property financed their building with a $31.6 million mortgage, originated by Financial institution OZK. Coastal Commerce Middle II, nonetheless underneath building, is slated for supply in 2023.
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Constructing A is a 462,000-square-foot warehouse with 36-foot clear heights, 120 dock-high doorways, 80 trailer parking areas and 82 automobile parking spots. The 364,250-square-foot, rear-loading Constructing B options 32-foot clear heights, 80 dock-high doorways, 83 trailer areas and 240 automobile parking spots. Constructing A is leased to Efficiency Staff whereas Constructing B is occupied by IDC Logistics.
Coastal Commerce Middle I is at 1516 Previous Dean Forest Highway, 7.8 miles from downtown Savannah. The property is simply north of Interstate 16 which supplies it direct entry to interstates 95, 516 and Pooler Parkway. Moreover, the ability is 7.2 miles from Backyard Metropolis Terminal, the most important container terminal within the U.S., and Savannah Hilton Head Worldwide Airport. The encompassing space is house to firms reminiscent of Amazon, Mitsubishi, Lineage Logistics, UPS and Gulfstream Aerospace.
The JLL Capital Markets staff representing the vendor included Senior Managing Administrators Britton Burdette, Denis Mitchell and Matt Wirth, alongside Director Mitchell Townsend and Affiliate Jim Freeman.
Savannah’s industrial market
In line with JLL analysis, Savannah had the bottom industrial emptiness price within the nation, at 0.5 p.c, as of the third quarter of 2022. Greater than 22 million sq. toes had been underway within the metro, a robust pipeline that is ready to maintain tenant demand: 47 p.c of building was already pre-leased or in negotiations.
Earlier this fall, McCraney Property Co. secured $62.8 million in building financing for the event of the primary section of Logistics 16 at Ottawa Farms in Bloomingdale, Ga. At full build-out, all the mission will add a complete of 4.5 million sq. toes to Savannah’s industrial stock.
