Jones Lang LaSalle Inc.
10/31/2024 | Press release | Distributed by Public on 10/31/2024 07:24
Savannah Gateway 1G sells for $34.1M in booming industrial market
ATLANTA, Oct. 31, 2024 - JLL Capital Markets announced today the $34.1 million sale of 1001 Gateway Parkway, a Class A distribution center in Rincon, Georgia, also known as Savannah Gateway 1G.
JLL represented the seller, Broe Real Estate Group, the multi-billion-dollar real estate developer of the 2,600-acre Savannah Gateway Industrial Hub. An affiliate of LXP Industrial Trust acquired the property.
The 204,800-square-foot facility is fully leased to two tenants: Kyungshin America Corporation, a tier 1 Hyundai supplier and subsidiary of Kyungshin Corporation, and Weida Freight. The center features tilt-wall construction, 32-foot clear height, 185-foot truck court depth, 38 dock-high doors, two drive-ins, 31 stalls, 25 levelers and 133 auto spaces.
Located in the Savannah Gateway Industrial Hub, the property sits 11.9 miles from the Garden City terminal at the Port of Savannah, with easy access to Interstate 95 and Interstate 16. The industrial park offers dual-rail service from CSX and Norfolk Southern. Additionally, the upcoming Effingham Parkway, slated for completion by September 2025, will enhance the property's accessibility, cementing its position as the closest dual-access facility to the port in the Highway 21 Corridor.
The JLL Investment Sales and Advisory team was led by Senior Managing Directors Britton Burdette, Matt Wirth and Dennis Mitchell along with Senior Director Jim Freeman.
"This transaction highlights the growing importance of the Savannah market in the national industrial landscape," Burdette. "As port activity continues to increase, well-positioned facilities like 1001 Gateway Parkway are becoming increasingly valuable to both investors and tenants seeking to optimize their supply chain operations."
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 and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL's newsroom.
Broe Real Estate Group, an affiliate of The Broe Group, acquires, develops, and manages commercial real estate assets. Affiliated companies own and manage office and industrial properties, medical office buildings and multi-family communities across the country, including premier assets in many of the most desirable markets. The Broe Group has a 50-year history of value-add real estate investing in Colorado and across the United States. We improve value though the implementation of focused business plans that increase cash flow and create stable income streams. Additional information is available at broerealestate.com.