Seefried Begins Work on 4 MSF Industrial Campus
Live Oak Logistics Center will soon rise across 287 acres in Savannah, Ga.
Seefried Properties has begun site work for its 287-acre Live Oak Logistics Center in Savannah, Ga., a facility that’s planned to include more than 4 million square feet of Class A distribution and manufacturing space.
The site is on Dean Forest Road, less than a quarter-mile north of I-16 and about 3 miles from I-95. It’s also within 6 miles of the Georgia Ports Authority’s Garden City Terminal, the third-largest and reportedly the fastest-growing container terminal in the U.S.
Live Oak Logistics Center is also 15 miles from the Hyundai electric vehicle assembly and battery factory that’s scheduled to open in 2025.
The campus will eventually feature a total of five build-to-suit and speculative buildings ranging from 252,000 to nearly 1.4 million square feet. The first speculative building, of 669,760 square feet with a cross-dock configuration, is scheduled for delivery in the fourth quarter of 2023.
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Live Oak’s buildings will feature 40-foot clear heights as well as, according to Seefried, generous full concrete truck courts with ample auto and trailer parking.
In a prepared statement, Greg Herren, senior vice president & COO of Seefried, called the Live Oak location “one of the largest infill sites in Savannah with unmatched access to the port and immediate connectivity to major highways.”
Leasing will be led by Stephen Ezelle and Bob Robers of Cushman and Wakefield.
Surge by the sea
Just a week ago, TerraCap Management announced its purchase of a 790,000-square-foot industrial property in Rincon, Ga., which was TerraCap’s second purchase of a building this year in the Savannah Gateway Industrial Hub.
At 58 million square feet, the Dean Forest/Pooler submarket encompasses more than half of metro Savannah’s 94 million square feet of industrial space. While the metro area has a total availability of 13.1 percent, the submarket enjoys an availability of just 6.3 percent, according to a third-quarter report from JLL.
Both the metro and the Dean Forest/Pooler submarket face a surge in deliveries, however, with 22 million square feet of space under construction across the Savannah region and 7.5 million of that in the submarket, JLL reports.