333K SF Class A industrial building trades in sale-leaseback

ATLANTA, Aug. 12, 2024 -  JLL Capital Markets announced today the sale-leaseback of 1701 Old Augusta Road, a Class A industrial property spanning 333,250-square-foot in Rincon, Georgia, part of the Savannah market.

JLL represented the buyer, L&B Realty Advisors, and Sutton Realty Advisors represented the seller, Cowan Industrial, in addition to AHR Commercial.

Strategically located just 11 miles from the Port of Savannah, this property, built in 2023, offers 36-foot clear heights, 53 dock doors, two drive-in doors, 190-foot deep truck courts, 104 parking spaces and ESFR sprinklers.

According to JLL's Q2 2024 Savannah Industrial Insight report, the Savannah industrial market continues to demonstrate robust growth with 3.3 million square feet of quarterly net absorption. Coupled with Q1's volumes, the market's year-to-date absorption reached the second largest volume ever at the midyear mark on record.

The JLL Capital Markets team was led by Senior Managing Directors Britton Burdette, Dennis Mitchell and Matt Wirth along with Director Jim Freeman.

"This sale-leaseback is a testament to the demand for the space near the Port of Savannah," said Burdette. "The Port of Savannah continues to set records, and with numerous expansion and improvement projects underway, the Port continues to position itself as a leading trade gateway along with some if the best industrial market fundamentals in the country."

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.

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