{"id":1004738269,"date":"2024-11-22T02:16:32","date_gmt":"2024-11-22T10:16:32","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004738269"},"modified":"2024-11-22T02:30:45","modified_gmt":"2024-11-22T10:30:45","slug":"goldman-sachs-pays-101m-for-savannah-industrial-property","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/goldman-sachs-pays-101m-for-savannah-industrial-property\/","title":{"rendered":"Goldman Sachs Pays $101M for Savannah Industrial Property"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-large is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Rockingham-Farms-Building-9.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004738272\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/goldman-sachs-pays-101m-for-savannah-industrial-property\/rockingham-farms-building-9\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Rockingham-Farms-Building-9.jpg\" data-orig-size=\"1200,900\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Rockingham Farms Building 9\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Rockingham-Farms-Building-9.jpg?w=1024\" height=\"768\" width=\"1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Rockingham-Farms-Building-9.jpg?w=1024\" alt=\"Exterior shot of Rockingham Farms Building 9, an industrial building in Savannah, Ga.\" class=\"wp-image-1004738272\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Rockingham-Farms-Building-9.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Rockingham-Farms-Building-9.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Rockingham-Farms-Building-9.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Rockingham-Farms-Building-9.jpg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption class=\"wp-element-caption\">Rockingham Farms Building 9 features a 40-foot clear height. <em>Image courtesy of JLL<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Goldman Sachs Alternatives has paid $100.6 million for Rockingham Farms Building 9, a 942,210-square-foot, Class A distribution center in Savannah, Ga., Scannell Properties sold the asset with the assistance of JLL.<\/p>\n\n\n\n<p>Completed in 2023, the building is at 125 Feldspar Drive in the Rockingham Farms Logistics Park, a new 10 million-square-foot industrial park located 8.3 miles from the Port of Savannah\u2019s Garden City Terminal. The property is also close to Interstates 95 and 16, having direct access to Veterans Parkway along with other major Savannah corridors.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/industrial-demand-slips-but-avoids-a-slump\/\">Industrial Demand Slips, But Avoids a Slump<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Fully leased to four tenants, the cross-dock building features a 40-foot clear height, 185-foot truck court depth, 183 dock-high doors and 7,500 square feet of office space. The property has ample trailer and auto parking.<\/p>\n\n\n\n<p>JLL Senior Managing Directors Britton Burdette, Matt Wirth and Dennis Mitchell along with Senior Director Jim Freeman led the Investment Sales and Advisory team representing the seller.<\/p>\n\n\n\n<p>In May, Scannell sold another property in the industrial park with assistance from the same JLL team. DWS <a href=\"https:\/\/www.commercialsearch.com\/news\/dws-pays-51m-for-savannah-facility\/\">acquired Rockingham Farms Building 10<\/a>, a 413,230-square-foot bulk-distribution center for $50.8 million. That facility was also completed last year. <\/p>\n\n\n\n<p>Earlier in the year, Scannell partnered with INDUS Realty Trust Inc. for the <a href=\"https:\/\/www.commercialsearch.com\/news\/indus-scannell-to-break-ground-on-1-msf-savannah-area-industrial-project\/\">development of Rockingham Farms Commerce Center,<\/a> a 1 million-square-foot campus within the same park. The first phase of the development will include two 284,580-square-foot buildings.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-growing-industrial-market\">Growing industrial market<\/h2>\n\n\n\n<p>Savannah continues to experience growth, driven by the record cargo volumes at the Port of Savannah as well as multimillion-dollar expansion projects in the area and extensive logistical connectivity, Burdette said in prepared remarks.<\/p>\n\n\n\n<p>The metro&#8217;s industrial market continues to have positive absorption. Savannah ended the third quarter with an overall vacancy rate of 9.0 percent despite more than 2.4 million square feet of new construction deliveries during that three-month interval, according to a Cushman &amp; Wakefield report. Leasing activity outpaced 2023 with 8.3 million square feet year-to-date compared to 7.8 million square feet in same quarter a year ago. <\/p>\n\n\n\n<p>There was a total of 25.1 million square feet of development underway at the end of September, with more than 15 million square feet attributed to the new $5.5 billion <a href=\"https:\/\/www.commercialsearch.com\/news\/hyundai-lg-to-build-4-3b-ev-battery-plant\/\">Hyundai EV plant<\/a> or its suppliers and the remainder representing speculative warehouse space. Cushman &amp; Wakefield noted nearly 30 percent of the spec space was already preleased.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The warehouse is part of a 10 million-square-foot park.<\/p>\n","protected":false},"author":1068,"featured_media":1004738272,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21748,21783,21742,32781],"tags":[33435,32796,38446],"class_list":["post-1004738269","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-industrial","category-investment","category-latest","category-southeast","tag-goldman-sachs","tag-jll","tag-scannell-properties"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Goldman Sachs Pays $101M for Savannah Industrial Property - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Goldman Sachs Alternatives purchased Rockingham Farms Building 9, a Class A distribution center in Savannah, Ga., from Scannell Properties.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/goldman-sachs-pays-101m-for-savannah-industrial-property\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Goldman Sachs Pays $101M for Savannah Industrial Property\" \/>\n<meta property=\"og:description\" content=\"Goldman Sachs Alternatives purchased Rockingham Farms Building 9, a Class A distribution center in Savannah, Ga., from Scannell Properties.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/goldman-sachs-pays-101m-for-savannah-industrial-property\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-22T10:16:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-22T10:30:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Rockingham-Farms-Building-9.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/goldman-sachs-pays-101m-for-savannah-industrial-property\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/goldman-sachs-pays-101m-for-savannah-industrial-property\/\",\"name\":\"Goldman Sachs Pays $101M for Savannah Industrial Property - 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