Dayton Sells Savannah Facility for $72M

A client advised by MetLife Investment Management purchased I-16 Logistics Center, a 548,818-square-foot distribution facility in Ellabell, Ga., a Savannah submarket. Dayton Street Partners sold the asset for $72 million in a JLL-brokered deal.

The developer completed the property in 2023 using funds from a $33.5 million construction loan originated by Old National Bank in 2022, according to Yardi Research Data.

At the time of sale, the facility was fully leased to multiple tenants. In June, plastic automotive manufacturer Ecoplastic America expanded its footprint at the facility by 117,692 square feet.

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Savannah’s industrial vacancy rate at the end of the second quarter clocked in at 10.8 percent, according to a Cushman & Wakefield report. Demand for bulk warehouses is expected to pick back up, driving absorption of larger speculative facilities—spanning more than 500,000 square feet—which currently account for 41 percent of the vacant inventory.

A Savannah distribution center

Located on roughly 53 acres at 11900 Highway 280, the distribution center is 21 miles from Savannah/Hilton Head International Airport and adjacent to the $5.5 billion Hyundai Motor Group EV Plant. Downtown Savannah is 25 miles away.

The facility has 36-foot clear heights, 185-foot truck courts, as well as 112 trailer parking spaces and 298 auto parking spots. Additionally, the building features 92 dock-high loading doors with 45 mechanical pit levelers and two drive-in doors.

JLL Capital Markets Senior Managing Directors Britton Burdette and Dennis Mitchell, along with Managing Directors Jim Freeman, Bobby Norwood and Maggie Dominguez, led the team that represented the seller.

Earlier this year, clients advised by MetLife Investment Management, in partnership with Trammell Crow Co., completed three speculative warehouses near the Port of Savannah. The facilities total 2.3 million square feet and represent the first phase of Coastal Trade Center, set to include three more structures spanning 2.4 million square feet.