JLL Capital Markets announced today that it has closed the $14.4 million sale of a net-leased, three-property industrial portfolio comprising two production facilities along with a 6.38-acre trailer storage lot with connectivity to the most extensive network of transportation thoroughfares in the U.S. in Savannah, Georgia.
JLL Capital Markets worked on behalf of the seller, North Point Industrial, LLC. The buyer is Glen Una Management Company, Inc.
The portfolio is situated at 225 and 231 Bourne Blvd. and 46 Artley Rd. in within the SPA Industrial Park. This tier-one logistics location is adjacent to Savannah / Hilton Head International Airport and less than eight miles from the Port of Savannah’s Garden City Terminal, the largest and fastest-growing container terminal in the country. The portfolio also has access to the most extensive network of transportation thoroughfares in the U.S., including Interstate 95, the industrial backbone of the eastern seaboard; Interstate 16, which is a direct route to the Atlanta population center; and uninterrupted access to every major destination east of the Mississippi River via two Class I railroads.
The two production facilities, which are net leased by Lummus Corporation (225 Bourne Blvd.) and Kaman Industrial Technologies Corporation (231 Bourne Blvd.), total 142,200 square feet and feature clear heights ranging from 15 to 28 feet, low office finish and ample parking. The lot is occupied by Veteran Carriers and offers continual trailer parking income in a market with high demand and an under supply for this use.
Savannah is an internationally recognized transportation and logistics hub and home to the largest concentration of import distribution centers on the East Coast. Industrial vacancy sits at 3.7 percent, and rental rates have risen more than 40 percent in the past five years for comparable size buildings in the market.
The JLL Capital Markets team representing the seller was led by, Britton Burdette, Matt Wirth, Dennis Mitchell and Jim Freeman.
“The Savannah industrial market is expanding rapidly to keep up pace with the growth at the port,” Burdette said. “The market is posting extremely high abortion numbers, and space is at a premium. Close-in located offerings such as this are seeing record demand from buyers. The offering was even more attractive to buyers given the high demand for a very limited amount of trailer space this close to the port.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About North Point Industrial, LLC
North Point Industrial is a professional real estate development company based in Savannah, Georgia. Over the past 12 years, North Point has been the largest industrial and office developer in the Savannah market with its principals having master planned, developed and built over 10 million square feet of industrial, office and commercial space. In 2006 and 2007, North Point sold 6.8 million square feet of warehouse space to Duke Realty, the country’s largest industrial REIT for 180 million dollars, which was one of the largest industrial warehouse transactions in the state of Georgia. North Point continues to develop, own and manage industrial warehouse space in close proximity to the Port of Savannah, offering logistical advantages for rail, interstate and port operations. North Point Industrial’s clients and tenants include companies such as Gulfstream Aerospace, ICON Health and Fitness, ONL-RBW and UNIS.
About Glen Una Management Company, Inc.
Glen Una Management Company, Inc. is a privately held real estate investment and management group that currently owns and operates in excess of 11 million square feet of commercial/industrial/retail properties. The assets are located in primary, secondary and tertiary markets across the country including the following states: Georgia, Texas, Louisiana, Oregon, Arizona, Iowa, Illinois, Ohio, Colorado, Michigan, Virginia, Tennessee, Atlanta, California, Pennsylvania and Missouri.
