{"id":1004518441,"date":"2021-03-25T07:50:32","date_gmt":"2021-03-25T15:50:32","guid":{"rendered":"http:\/\/internal.cpexecutive.com\/?p=1004518441"},"modified":"2021-05-15T10:19:30","modified_gmt":"2021-05-15T18:19:30","slug":"invesco-real-estate-buys-1-1-msf-savannah-area-industrial-facility","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/invesco-real-estate-buys-1-1-msf-savannah-area-industrial-facility\/","title":{"rendered":"Invesco Real Estate Buys 1.1 MSF Savannah-Area Industrial Facility"},"content":{"rendered":"<div id=\"attachment_1004518462\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Georgia-International-Trade-Center-Building-2B-1.jpg\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004518462\" loading=\"lazy\" class=\"wp-image-1004518462 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Georgia-International-Trade-Center-Building-2B.jpg\" alt=\"Georgia International Trade Center-Building 2B, 2008 Trade Center Blvd., Rincon, Ga.\" width=\"300\" height=\"234\"><\/a><p id=\"caption-attachment-1004518462\" class=\"wp-caption-text\">Georgia International Trade Center \u2013 Building 2B. <em>Image courtesy of JLL Capital Markets<\/em><\/p><\/div>\n<p>Georgia International Trade Center \u2013 Building 2B, a 1.1 million-square-foot industrial facility in Rincon, Ga., has come under new ownership. With the assistance of JLL Capital Markets, a joint venture of Stonemont Financial Group and The Davis Cos. sold the recently developed bulk distribution center near the Port of Savannah to Invesco Real Estate for an undisclosed amount.<\/p>\n<hr>\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/mccraney-property-buys-land-for-1-2-msf-spec-industrial-park\/\">McCraney Property Buys Land for 1.2 MSF Spec Industrial Park<\/a><\/p>\n<hr>\n<p>Stonemont completed the development of Building 2B, a cross-dock facility sited on nearly 77 acres, in 2020 with the assistance of a loan from Ameris Bank. Carrying the address of 2008 Trade Center Blvd., the Class A facility sits within the <a href=\"https:\/\/www.commercialsearch.com\/news\/lincoln-property-to-manage-500m-industrial-park-in-georgia\/\">$500 million Georgia International Trade Center<\/a>, a 1,150-acre master-planned industrial park currently under development by Stonemont. The rail-served building boasts a location within 10 miles of the Port of Savannah&#8217;s Garden City Terminal, the busiest single-terminal container facility in North America, and it offers easy access to a vast network of transportation thoroughfares.<\/p>\n<p>Building 2B turned heads in the investment community. JLL welcomed a deep pool of high-quality buyers when marketing the asset, and ultimately achieved competitive pricing, marking what the firm described in a prepared statement as a turning point for metropolitan Savannah&#8217;s industrial market.<\/p>\n<p>&#8220;The Savannah market is seeing similar buyer demand as seen in larger primary markets. This competition on this deal proved that out,&#8221; Britton Burdette, managing director with JLL Capital Markets, told <em>Commercial Property Executive<\/em>.&#8221; JLL Capital Markets&#8217; Patrick Nally, Matt Wirth and Dennis Mitchell joined Burdette in the representation of the seller.<\/p>\n<h2><strong>Road ahead<\/strong><\/h2>\n<p>Industrial sales activity in Savannah was not precisely abundant in 2020. In the fourth quarter, the one notable transaction involved the 166,400-square-foot facility at 8 Sonny Perdue Blvd., which traded for $17.3 million or roughly $104 per square foot. However, when asked if transactions like Building 2B will prompt more industrial property owners in the Savannah area to sell, Burdette was unequivocal in his response: &#8220;Yes, for sure.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>JLL Capital Markets arranged the sale of a new bulk distribution facility in Rincon, Ga., in what is expected to be a market-changing transaction.<\/p>\n","protected":false},"author":969,"featured_media":1004528771,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21748,21742],"tags":[49735,33882,44006,37349,35120],"class_list":["post-1004518441","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-industrial","category-latest","tag-ameris-bank","tag-invesco-real-estate","tag-jll-capital-markets","tag-stonemont-financial-group","tag-the-davis-companies"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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