CRG Inks Full-Building Lease in Georgia
A Florida-based furniture retailer will occupy the 465,250-square-foot facility.
A subsidiary of Florida-based furniture retailer Rooms To Go has signed a full-building lease with CRG for an industrial facility near Savannah, Ga. Colliers and JLL brokered the 465,250-square-foot commitment for both parties.
The tenant will occupy Building E, which is part of the 300-acre The Cubes at Interstate Centre II development within the larger Interstate Centre industrial park. Clayco—CRG’s parent company—served as general contractor for the project, while Clayco’s subsidiary Lamar Johnson Collaborative led the architectural efforts.
In November 2021, CRG signed a lease with McKesson Medical-Surgical to occupy Building A within the industrial campus. Currently, buildings B and C are under construction, with Building D in planning stages. At full build-out, the park is set to encompass roughly 4.3 million square feet of Class A industrial space.
Developed on a speculative basis, Building E sits on 31.4 acres and was completed in October. Located at 1393 Interstate Blvd. in Ellabell, Ga., the property has access to interstates 16 and 95. Downtown Savannah and the Savannah/Hilton Head International Airport are roughly 25 miles east, while the Port of Savannah is approximately 30 miles from the facility.
David Sink and Price Weaver of Colliers represented Rooms To Go in the lease signing, while Senior Managing Directors Chris Tomasulo and Ryan Hoyt, together with Executive Vice President Bennett Rudder, represented the landlord.
Meeting the growing demand for logistics space
Building E features a cross-dock configuration, 36-foot clear heights, 80 dock doors and 54-foot by 53-foot column spacing. The property also incorporates an ESFR sprinkler system, four drive-in doors and 181 trailer parking spaces, along with parking spots for 74 cars and 50 trucks.
READ ALSO: Demand for Industrial Space to Remain Robust
As revealed by a recent Savannah industrial report from JLL, the metro registered a 0.5 percent vacancy in the third quarter of the year, below all other industrial markets in the nation. With a robust construction pipeline totaling 22 million square feet, Savannah continues to be one of the most sought-after industrial markets in the country for investors despite high barriers to entry, as confirmed by Shawn Clark, president of CRG.
Clark added that there is an ongoing demand for modern logistics facilities, especially in the port-of-entry Sun Belt markets that witness high population growth at the moment.
CRG’s industrial expansion – Cube by Cube
So far, CRG was involved in the development of more than 30 million square feet of Cubes projects throughout the U.S.
In January, the company leased up Building A at The Cubes at Bridgeport in Moreland, Ga. Later on, the firm closed a string of industrial dispositions totaling more than 4.5 million square feet, kicking off the chain of deals with the $119.5 million sale of Building C of The Cubes at Inland 85 in Greer, S.C.
Other highlights worth mentioning are the development of a $105 million facility in Arkansas, which will operate under the real estate firm’s The Cubes brand, on behalf of a national Fortune 100 home improvement company. One of CRG’s latest developments is The Cubes at French Lake, a more than 1 million-square-foot industrial project in Dayton, Minn.