Transwestern Buys 1.2 MSF Distribution Center Near Savannah
Transwestern Investment Group has acquired Interstate West’s Building C, an almost 1.2 million-square-foot industrial facility in Ellabell, Ga., a Savannah submarket. VanTrust Real Estate sold the asset in a JLL-brokered deal.
Transwestern also assumed the $77.3 million bonds issued by the Development Authority of Bryan County with U.S. Bank as trustee in 2022 as part of the current transaction, public records show.
VanTrust also sold Building A within the same campus last week. Goldrich Kest acquired the 637,868-square-foot facility in a transaction facilitated by JLL.
READ ALSO: The Case for More Last-Mile Logistics Centers
The distribution center is part of the 515-acre Interstate West development and was fully leased at the time of sale to Webstaurant Store, a subsidiary of Clark Associates Inc. The industrial park includes three completed buildings spanning approximately 2.8 million square feet, as well as an ongoing development set to exceed 2 million square feet.
The developer completed the Class A facility in 2022 with the help of a $46.7 million construction note originated by Wells Fargo Bank, CommercialEdge information shows. The building has 40-foot clear heights, 212 dock-high loading doors, four drive-in doors, 185-foot truck court depths, 270 trailer stalls and 244 car parking spaces.
Building C is at 77 Logistics Drive, off Interstate 16 and some 23 miles from Savannah/Hilton Head International Airport. Port of Savannah and the city’s downtown are within 26 miles.
The JLL Investment Sales and Advisory team involved in the deal comprised Senior Managing Directors Britton Burdette, John Huguenard, Matt Wirth and Dennis Mitchell, along with Director Jim Freeman.
Recent industrial transactions within the Savannah metro
The Savannah-Hilton Head market saw seven industrial facilities trading year-to-date as of August, according to CommercialEdge information. The assets totaling roughly 3.9 million square feet changed hands for a total of $327.8 million—or about $105.36 per square foot.
In May, DWS acquired Rockingham Farms Building 10, a 413,320-square-foot distribution center in Savannah. Scannell Properties sold the recently completed facility for $50.8 million.
Other notable transactions in the metro include SkyREM’s purchase of Building D at Tradeport East, a 647,496-square-foot asset in Midway, Ga. The property came online in 2022 as a speculative project.
The post Transwestern Buys 1.2 MSF Distribution Center Near Savannah appeared first on Commercial Property Executive.
