TerraCap Purchases 1 MSF of Georgia Industrial

Savannah Gateway 1F and 1H. Image courtesy of JLL

TerraCap Management, LLC., has acquired two Class A industrial buildings in Rincon, Ga. Savannah Gateway Industrial Hub 1F and 1H were sold by Broe Real Estate Group. They total 1.1 million square feet and were purchased for $116 million.

The Savannah Gateway assets are in the Savannah Gateway Industrial Hub, a logistics park on more than 2,600 acres. The buildings are 75 percent leased to Lion Brand Yarn and Exel Inc. DHL.

According to CommericalEdge data, Building 1F is 314,133 square feet situated on 20.4 acres. The rear-load property has 58 dock-high doors, 68 trailer spaces and 135 auto spaces. Building 1H is 790,400 square feet on 58.8 acres, according to the same data. The cross-dock facility includes 296 car spaces, 157 trailer spaces and 146 dock-high doors. Both buildings were completed earlier this year.

The Savannah Gateway features a 185-foot truck court, 60-foot speed bays, 32 foot to 36 foot clear heights and 53-foot to 54-foot by 50-foot column spacing.

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Located at 1008 and 1009 Gateway Parkway, the Savannah Gateway is 12.7 miles from the Port of Savannah’s Garden City Terminal. The Garden City Terminal is the largest container terminal in the nation.

Tenants have access to Southeastern markets, such as Charlotte, Orlando, Jacksonville and Atlanta, through Interstate 95, I-16 and Highway 21. The property benefits from dual-rail service from the Norfolk Southern and the CSX.

OmniTRAX, Inc., the Broe Group’s transportation affiliate, partnered with Effingham County Industrial Development Authority to further develop the Savannah Gateway Industrial Hub. The CSX and Norfolk Southern rail service are connected to the park via a recently developed OmniTRAX managed rail service.

JLL Capital Markets, led by Senior Managing Directors Britton Burdette and Dennis Mitchell, along with Associate Jim Freeman, represented TerraCap in the deal.

Broe sold another Savannah Gateway property, 1004 Gateway Parkway, late last year to Walton Street Capital. The warehouse is 998,472-square-feet and completed construction in December 2020. JLL also represented Broe in the transaction.