Goldman Sachs Pays $101M for Savannah Industrial Property

Goldman Sachs Options has paid $100.6 million for Rockingham Farms Constructing 9, a 942,210-square-foot, Class A distribution middle in Savannah, Ga., Scannell Properties offered the asset with the help of JLL.

Accomplished in 2023, the constructing is at 125 Feldspar Drive within the Rockingham Farms Logistics Park, a brand new 10 million-square-foot industrial park situated 8.3 miles from the Port of Savannah’s Backyard Metropolis Terminal. The property can also be near Interstates 95 and 16, having direct entry to Veterans Parkway together with different main Savannah corridors.

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Totally leased to 4 tenants, the cross-dock constructing incorporates a 40-foot clear peak, 185-foot truck courtroom depth, 183 dock-high doorways and seven,500 sq. toes of workplace house. The property has ample trailer and auto parking.

JLL Senior Managing Administrators Britton Burdette, Matt Wirth and Dennis Mitchell together with Senior Director Jim Freeman led the Funding Gross sales and Advisory staff representing the vendor.

In Might, Scannell offered one other property within the industrial park with help from the identical JLL staff. DWS acquired Rockingham Farms Constructing 10, a 413,230-square-foot bulk-distribution middle for $50.8 million. That facility was additionally accomplished final yr.

Earlier within the yr, Scannell partnered with INDUS Realty Belief Inc. for the event of Rockingham Farms Commerce Middle, a 1 million-square-foot campus throughout the identical park. The primary section of the event will embrace two 284,580-square-foot buildings.

Rising industrial market

Savannah continues to expertise development, pushed by the report cargo volumes on the Port of Savannah in addition to multimillion-dollar enlargement tasks within the space and intensive logistical connectivity, Burdette mentioned in ready remarks.

The metro’s industrial market continues to have optimistic absorption. Savannah ended the third quarter with an total emptiness price of 9.0 p.c regardless of greater than 2.4 million sq. toes of recent building deliveries throughout that three-month interval, based on a Cushman & Wakefield report. Leasing exercise outpaced 2023 with 8.3 million sq. toes year-to-date in comparison with 7.8 million sq. toes in identical quarter a yr in the past.

There was a complete of 25.1 million sq. toes of growth underway on the finish of September, with greater than 15 million sq. toes attributed to the brand new $5.5 billion Hyundai EV plant or its suppliers and the rest representing speculative warehouse house. Cushman & Wakefield famous practically 30 p.c of the spec house was already preleased.