JLL Capital Markets arranged the sale of a new bulk distribution facility in Rincon, Ga., in what is expected to be a market-changing transaction.
March 29, 2021 | By Barbra Murray, Commercial Property Executive
Georgia International Trade Center – Building 2B, a 1.1 million-square-foot industrial facility in Rincon, Ga., has come under new ownership. With the assistance of JLL Capital Markets, a joint venture of Stonemont Financial Group and The Davis Cos. sold the recently developed bulk distribution center near the Port of Savannah to Invesco Real Estate for an undisclosed amount.
Stonemont completed the development of Building 2B, a cross-dock facility sited on nearly 77 acres, in 2020 with the assistance of a loan from Ameris Bank. Carrying the address of 2008 Trade Center Blvd., the Class A facility sits within the $500 million Georgia International Trade Center, a 1,150-acre master-planned industrial park currently under development by Stonemont. The rail-served building boasts a location within 10 miles of the Port of Savannah’s Garden City Terminal, the busiest single-terminal container facility in North America, and it offers easy access to a vast network of transportation thoroughfares.
Building 2B turned heads in the investment community. JLL welcomed a deep pool of high-quality buyers when marketing the asset, and ultimately achieved competitive pricing, marking what the firm described in a prepared statement as a turning point for metropolitan Savannah’s industrial market.
“The Savannah market is seeing similar buyer demand as seen in larger primary markets. This competition on this deal proved that out,” Britton Burdette, managing director with JLL Capital Markets, told Commercial Property Executive.” JLL Capital Markets’ Patrick Nally, Matt Wirth and Dennis Mitchell joined Burdette in the representation of the seller.
Industrial sales activity in Savannah was not precisely abundant in 2020. In the fourth quarter, the one notable transaction involved the 166,400-square-foot facility at 8 Sonny Perdue Blvd., which traded for $17.3 million or roughly $104 per square foot. However, when asked if transactions like Building 2B will prompt more industrial property owners in the Savannah area to sell, Burdette was unequivocal in his response: “Yes, for sure.”