Dec. 10, 2020 | by Boston Real Estate Times
Taunton, MA– CBRE announced that it has represented Invesco Real Estate, a global real estate investment manager, in the sale of a 181,900 sq. ft. industrial facility located at 530 John Hancock Road in Taunton, Massachusetts. The Davis Companies acquired the asset for $28.6 million.
The CBRE team comprised of Chris Skeffington, Scott Dragos, Doug Jacoby, Roy Sandeman, Tim Mulhall, Daniel Hines and Tony Hayes represented Invesco Real Estate in the marketing and sale negotiations.
“It was a pleasure working on behalf of Invesco Real Estate on this successful transaction, and we are truly proud of the outcome,” said Executive Vice President Chris Skeffington. “Interest in the property was high and The Davis Companies should be thrilled to incorporate such a highly functional, Class A, industrial asset into their expanding portfolio.”
“We would like to commend CBRE’s industrial team on a seamless transaction for all parties involved,” said Quentin Reynolds, Chief Investment Officer at The Davis Companies. “We look forward to working with CBRE in the future as we continue to identify sites that would further enhance our industrial portfolio.”
Built in 2002, 530 John Hancock Road is 100 percent occupied by DHL Supply Chain, the third largest logistics company in North America. The facility sits on 11.33-acres and offers 32’ clear heights, two-sided loading that allows for multi-tenant functionality, ESFR sprinkler system, and generous truck courts that provide for excess trailer storage.
The property is strategically located within the master-planned Myles Standish Industrial Park, a vibrant 810-acre industrial complex that is home to a wide array of prominent tenants such as Verizon, Americold, Williams Sonoma, LKQ, Reinhart, Pepsi and Ryder, among others.
The Davis Companies And Stonemont Financial Group Completing First Phases Of 6.8 Million SF Georgia International Trade Center
May 14, 2020 | by Boston Real Estate Times
Boston – The Georgia International Trade Center, a $500 million development in Savannah, Georgia which will comprise nearly 7 million SF of manufacturing/warehouse space upon completion, has achieved significant progress in construction and leasing, according to The Davis Companies and Stonemont Financial Group, joint venture partners in the massive project’s development, alongside Chesterfield, a firm that specializes in the development of office and industrial properties throughout the southeastern United States.
The Georgia International Trade Center site totals 1,150 acres and is ideally located within 10 miles of the Georgia Ports Authority (GPA) Garden City Terminal and 3.8 miles from Interstate 95. Construction began in March of 2019 and is complete or underway on four buildings totaling 2.42 million SF, of which 1.65 million SF has been leased or placed under contract for sale. Tenants include global flooring manufacturer, and Berkshire Hathaway subsidiary, Shaw Industries Group (1.07 million SF), healthcare products manufacturer Dukal Corporation (270,000 SF) and third-party logistics services provider Sunland Logistics Solutions (150,000 SF). Plans call for the construction of up to six more buildings on the property, totaling an additional 4.4 million SF.
David Allen, Senior Vice President of Asset Management for The Davis Companies, attributes the unparalleled success of the project to the firm’s partnership with Stonemont Financial Group and Chesterfield. “The Georgia International Trade Center presented an opportunity to join forces and leverage the complementary expertise of our respective teams. We look forward to completing the remaining 4.4 million square feet of development, building upon the tremendous accomplishments achieved thus far at GITC,“ said Allen.
The Georgia International Trade Center is the Savannah metro area’s latest large-scale Class A industrial park and is the last park able to be constructed within 10 miles of the GPA’s main Garden City Terminal that can accommodate build-to-suits of over 1 million SF.
In calendar year 2019, the Port of Savannah moved 4.6 million twenty-foot equivalent container units (TEUs), an increase of nearly 250,000 TEUs (5.6 percent) compared to the previous year. The Port of Savannah handled 8.5 percent of U.S. containerized cargo volume and 10 percent of all U.S. containerized exports in FY2017. The Port is the 4th largest in the U.S. (based on TEU throughput volume), and GPA continues to invest billions of dollars in port infrastructure to support its growth.
