Jones Lang LaSalle Incorporated: Closing of $113M Sale of Two Class A Distribution Facilities in Savannah

ATLANTE, October 20, 2022 –JLL Capital Markets today announced the closing of the $113 million sale of Coastal Commerce Center, two Class A distribution facilities totaling 826,250 square feet in Savannah, Georgia.

JLL represented the seller, a joint venture between AEW Capital Management and Strategic Real Estate Partners, in the sale to Stream Realty Partners LP.

Coastal Commerce Center includes two fully leased distribution facilities offering 130-185 foot truck lots, 204 trailer parking spaces and 398 car parking spaces. Building A is a 462,000 square foot transshipment building with 36 foot clear heights leased by Performance Team, LLC. Building B is a 364,250 square foot rear load building with 32 foot clear heights leased by IDC Logistics, Inc.

The property has approximately 3,000 linear feet of main frontage on Interstate 16 with direct access to I-95, I-516 and Pooler Parkway, the buildings provide direct connectivity to the Garden City Terminal from Savannah via a signalized intersection at Dean Forest Road. The Coastal Commerce Center is located at 1514 Old Dean Forest Road, 6 miles from the Garden City Terminal and 7 miles from Savannah Hilton Head International Airport.

Coastal Commerce Center benefits from its position within Garden City Terminal, the largest and fastest growing container terminal in America, increasing cargo volumes by 20% year over year. With $3.2 billion to invest over the next decade, the Port of Savannah’s rapid expansion will continue to drive explosive industry fundamentals. Savannah ranks as one of the nation’s top industrial markets with the nation’s lowest vacancy rate at 0.5% and one of the highest levels of tracked tenant demand at 30 million square feet. This has led to explosive growth in rental rates in the market (25.3% YoY), which is expected to continue. The market has a strong pipeline to meet tenant demand, however, 47% of new construction is already pre-let or under negotiation.

The JLL Capital Markets industry team representing the seller was led by senior managing directors Britton Burdette, Dennis Mitchell and Matt Wirth, director Mitchell Townsend and partner Jim Freeman.

“Savanah is a rapidly growing industrial market that currently has some of the best numbers in the country,” Burdette said. “This strength of the market, together with the most advantageous location of the offer, has contributed to arousing very strong interest on the part of buyers. The outlook for Savannah’s industrial market is excellent and should drive the value growth of quality assets like this in the future.

JLL Capital Markets is a global, full-service provider of capital solutions for property investors and occupiers. The firm’s in-depth knowledge of the local market and global investors provides the best solutions for clients – whether it is sales and investment advice, debt advice, equity advice or recapitalisation. The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.

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