Trammell Crow, MetLife Deliver 2.3 MSF of Warehouse Space
The speculative buildings are the first phase of a large logistics center near a major port.
Trammell Crow Co. and clients advised by MetLife Investment Management have completed three speculative warehouse buildings totaling 2.3 million square feet near the Port of Savannah in Georgia. The Class A properties represent the initial phase of Coastal Trade Center, a six-building, 4.7 million-square-foot industrial center in Rincon, Ga.
Located about 14 miles from the Port of Savannah, the first three facilities at the site are all cross-dock buildings. The joint venture broke ground on the first phase of Coastal Trade Center in November 2023, about one year after purchasing the 477-acre site in Effingham County from Greenland Developers. The land is located on Coastal Trade Parkway, along State Highway 21, which allows direct access to Interstates 16 and 95. The logistics center is a short drive from the Port of Savannah, one of the fastest-growing ports in the U.S. The Atlanta metro area can be reached by vehicle in less than four hours.
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When construction began in late 2023, the joint venture partners stated that the development of the next phase would begin after the completion of the initial phase. The second phase will feature three buildings totaling approximately 2.4 million square feet of warehouse space.
Phase 1 details
All three buildings are divisible and feature 40-foot clear heights, 56-foot by 50-foot column spacing, 185-foot truck courts, trailer storage space, car parking, ample electrical service and ESFR fire protection systems. They all have fully air-conditioned interior office areas.
The developers obtained a $125 million construction loan for the three properties from Bank OZK in June 2023 that matures in December 2026, according to CommercialEdge data.
The largest of the first three assets is Building 3, which has 1.2 million square feet of warehouse space. The 109.7-acre property is located at 3500 Coastal Trade Center Parkway and has 360 parking spaces.
Building 4 at 3300 Coastal Trade Center Parkway has 640,640 square feet of space. The 48.6-acre property has 290 parking spaces. Building 5 is located on a 74.9 -acre parcel at 3100 Coastal Trade Center Parkway and has 200 parking spaces.
Executive Managing Directors Bennett Rudder, Chris Tomasulo and Ryan Hoyt, and Vice President Lindsey Wilmot of JLL are handling marketing and leasing for all three buildings. Other project partners include Evans General Contractors and the architecture firm Atlas Collaborative.
Another Savannah spec project
This week, plans for the expansion of another speculative industrial project in the Savannah market were revealed. Capital Development Partners secured a $77.3 million construction loan from a life company to develop three speculative properties totaling 1.2 million square feet at the Central Port Logistics Center in Savannah. Marcus & Millichap’s IPA Capital Markets division arranged the financing.
CDP is planning two rear-load buildings measuring 168,480 and 284,480 square feet and a third building that will have a cross-dock configuration and 769,500 square feet of space. The company has already delivered four properties totaling 2.7 million square feet at the master-planned development that is slated to have 5.5 million square feet upon completion.
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