Stream Realty Partners has acquired Coastal Commerce Center I, a two-building industrial campus totaling 826,250 square feet in Garden City, Ga. A joint venture between AEW Capital Management and Strategic Real Estate Partners sold the fully leased property for $113 million, with the assistance of JLL.
Completed earlier this year on more than 106 acres, the two warehouses represent the first phase of a larger industrial development. According to CommercialEdge data, Strategic Real Estate financed their construction with a $31.6 million loan, originated by Bank OZK. Coastal Commerce Center II, still under construction, is slated for delivery in 2023.
READ ALSO: Meridian Group’s Upbeat Take on Industrial
Building A is a 462,000-square-foot warehouse with 36-foot clear heights, 120 dock-high doors, 80 trailer parking spaces and 82 car parking spots. The 364,250-square-foot, rear-loading Building B features 32-foot clear heights, 80 dock-high doors, 83 trailer spaces and 240 car parking spots. Building A is leased to Performance Team while Building B is occupied by IDC Logistics.
Coastal Commerce Center I is at 1516 Old Dean Forest Road, 7.8 miles from downtown Savannah. The property is just north of Interstate 16 which gives it direct access to interstates 95, 516 and Pooler Parkway. Additionally, the facility is 7.2 miles from Garden City Terminal, the largest container terminal in the U.S., and Savannah Hilton Head International Airport. The surrounding area is home to companies such as Amazon, Mitsubishi, Lineage Logistics, UPS and Gulfstream Aerospace.
The JLL Capital Markets team representing the seller included Senior Managing Directors Britton Burdette, Denis Mitchell and Matt Wirth, alongside Director Mitchell Townsend and Associate Jim Freeman.
Savannah’s industrial market
According to JLL research, Savannah had the lowest industrial vacancy rate in the country, at 0.5 percent, as of the third quarter of 2022. More than 22 million square feet were underway in the metro, a strong pipeline that is able to sustain tenant demand: 47 percent of construction was already pre-leased or in negotiations.
Earlier this fall, McCraney Property Co. secured $62.8 million in construction financing for the development of the first phase of Logistics 16 at Ottawa Farms in Bloomingdale, Ga. At full build-out, the entire project will add a total of 4.5 million square feet to Savannah’s industrial inventory.
