By Jeff Hamann
CRG has sold a newly constructed, 1 million-square-foot industrial asset to Griffin Capital Co. in Savannah, Ga., for $57 million. Delivered in April 2018, the development is a build-to-suit project for Shaw Industries and is fully leased for the next 10 years. The tenant, which occupies another recently sold property in the immediate area, will expand its operations into the new structure.
Located at 570 Northpoint Parkway in the city’s Port Corridor submarket, the cross-dock facility is part of the 546-acre NorthPort development currently home to six industrial assets. The building is situated within two miles of Interstate 95 and Georgia Route 21, providing direct access to Savannah and throughout the region.
“We are seeing unprecedented industrial demand in the Savannah industrial market,” said Mike Demperio, partner for CRG’s southeastern region, in a prepared statement. “In working with our capital market experts, it became evident to us that the deepening of the port, the reopening of the Panama Canal, the larger Panamax ships combined with what we perceived as demand for space were the ingredients that would make us successful.”
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