Stream Realty Partners Buys Savannah Transload Facility
Stream Realty Partners has purchased Morgan Lakes Transload Facility, a 115,500-square-foot Class A property in Pooler, Ga. North Point Industrial LLC sold the newly built asset in a transaction brokered by JLL.
Morgan Lakes Transload Facility came online earlier this year. Renasant Bank provided $19 million in construction financing for the development of the property back in 2022, according to public records.
The industrial building is move-in ready, being the only unoccupied transload facility the Savannah market, according to JLL. The property features LED lighting, mechanical dock levelers on every door, a 185-foot concrete truck, ESFR sprinklers, 706 trailer spaces and 102 car parking spaces. It also includes 2,500 square feet of office space.
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Morgan Lakes Transload Facility occupies some 101 acres at 421 Morgan Lakes Industrial Blvd. The property has direct access to Interstate 95 and U.S. Route 80, is 11 miles from the Port of Savannah and less than 8 miles from Savannah/Hilton Head International Airport.
JLL Senior Managing Directors Britton Burdette, Dennis Mitchell and Matt Worth and Director Jim Freeman led the Capital Markets Investment Sales and Advisory team that represented the seller and procured the buyer.
Savannah’s industrial sector shows resilience
The regional economy of Savannah continues to grow and witness positive absorption in the industrial sector, even though most U.S. markets are experiencing an economic slowdown.
Savannah’s industrial sector ended the first quarter of this year with an overall vacancy rate of 7.0 percent, according to a recent Cushman & Wakefield report. Leasing activity expanded over the year, with 3.6 million square feet of net absorption at the end of March as opposed to 2.7 million square feet in Q1 2023.
One of the more notable lease transactions in the first quarter of 2024 was Armstrong Logistics’ commitment to 733,821 square feet at Georgia International Trade Center in Port Wentworth, Ga. The company will fully occupy Building 4A, expanding its East Coast presence.
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