CRG Sells 700 KSF Savannah-Area Facility

This asset is part of a 300-acre industrial park.

Building B at The Cubes at Interstate Centre II. Image courtesy of CRG

CRG, the industrial development and asset management arm of Clayco, has sold one of the industrial buildings at The Cubes at Interstate Centre II, a 300-acre business park in Ellabell, Ga. Cosmetics company KISS acquired the under-construction, 708,990-square-foot Building B and will base many of its southeastern distribution operations within the facility. JLL represented the seller, while Cushman & Wakefield acted on behalf of the buyer.

Mike Demperio, executive vice president & Southeast Region industrial partner at CRG, told Commercial Property Executive that KISS will also base its manufacturing operations within the facility that was tailor-made for the company’s use. “We enjoyed a productive and successful partnership with the KISS team, their brokers at Cushman & Wakefield and the other project partners to ultimately deliver a state-of-the-art facility, customized for KISS to meet its product needs in the Eastern region,” Demperio said.

READ ALSO: Manufacturing’s Comeback Boosts Industrial Space Demand

According to CommercialEdge information, CRG financed Building B’s construction with a $33 million loan provided by Associated Bank. Clayco is serving as general contractor for the project that was designed by Lamar Johnson Collaborative.

Located on 49.8 acres at 1864 Interstate Centre Blvd., the cross-dock facility features 40-foot clear heights, 54- by 53-foot column spacings, 116 dock doors and four drive-in doors. The property has 40 trailer parking spaces and 369 car parking spaces.

JLL Senior Managing Directors Chris Tomasulo and Ryan Hoyt, together with Managing Director Bennett Rudder, brokered the transaction for CRG.

The Cubes at Interstate Centre II, up close

Buildings B, A and E at The Cubes at Interstate Centre II.

Buildings B, A and E at The Cubes at Interstate Centre II. Image courtesy of CRG

Building B is the fourth development at The Cubes at Interstate Centre II, a five-building industrial campus taking shape within the 1,000-acre Interstate Centre Industrial Park. The campus will measure nearly 4.3 million square feet at full build-out. Tomasulo, Hoyt and Rudder are also serving as the property’s leasing brokers.

The Cubes features two completed warehouses and two facilities that are under construction; a fifth project, the 1.1 million-square-foot Building D, is still in the planning stages.

The park’s completed assets include:

  • Building A, a 700,000-square-foot warehousing and distribution facility that came online in 2020 and was fully leased by McKesson Medical-Surgical in November 2021, according to CommercialEdge information.
  • The 465,250-square-foot Building E, a speculatively developed facility that includes 36-foot clear heights, 54- by 53-foot column spacing and 80 dock doors. Furniture retailer Rooms to Go fully leased the property in the fourth quarter of last year.

The other facility that is currently underway at the campus is Building C, a distribution facility of nearly 1.3 million square feet. According to CommercialEdge, completion is expected in 2024.

Situated less than 1 mile from Interstate 16, the complex offers quick access to much of Savannah, with the city’s port—the fourth busiest in the nation—and its international airport being 18 and 15 miles away, respectively. On an adjacent parcel, CRG acquired 588 acres for The Cubes at West Port, a campus that could comprise up to 10 million square feet of commercial space.

Squaring up The Cubes

The Cubes at Interstate Centre II is CRG’s fourth development in Georgia. The firm’s portfolio currently encompasses 21 Cubes-branded properties across the U.S.

Recent headlines concerning The Cubes include the sale of Building E at The Cubes at Glendale, a 570,080-square-foot facility in Glendale, Ariz. CRG sold the asset to Fundrise for $82.6 million. On the development side, the firm acquired a 200-acre property in Lebanon, Tenn., with plans to construct The Cubes at Sparta, a four-building, 2.8 million-square-foot industrial park.

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