Investors are turning to Savannah, Georgia, for its growing industrial market that is close to a busy shipping port.
The Coastal Commerce Center at 1514 Old Dean Forest Road in Garden City sold in October to Stream Realty Partners for roughly $113 million. Experts familiar with the market say the sale signifies Savannah's status as a high-demand industrial market. The sale was recognized as the sale/acquisition of the year in Savannah as part of the 2023 CoStar Impact Awards, judged by real estate professionals familiar with the market
The two-building distribution center was developed in 2022 by Strategic Real Estate Partners and sold to
Building A, which sold for $63.2 million, has 426,000 square feet. Building B, which sold for $50 million, has 364,250 square feet.
About the project: The two-building distribution center, developed by Strategic Real Estate Partners, is located at 1514 Old Dean Forest Road in Garden City. The total sale price was $113 million.
What the judges said: "This multi-building sale highlighted a critical asset type — industrial — and emphasized one of Savannah's key drivers, the Port," said Christa Dilalo, director of research, Cushman & Wakefield.
"This was a very strong sale for the Savannah industrial market during a time when the economy is uncertain," said Sara Barnes, research manager, Avison Young.
They made it happen: Dennis Mitchell, senior managing director of JLL; Matt Wirth, managing director of JLL; Jim Freeman, associate, industrial capital markets, JLL; Mitchell Townsend, associate of JLL.