Equity partnership arranged for Savannah industrial development
JLL Capital Markets arranged the joint venture partnership on behalf of Conor Commercial Real Estate
ATLANTA, July 7, 2021 – JLL Capital Markets announced today that it has arranged a joint venture equity partnership for the development of Southeast Gateway, a future 1.18-million-square-foot, ground-up, Class A industrial park in Savannah, Georgia.
JLL represented the developer, Conor Commercial Real Estate (“Conor”), a member of The McShane Companies, to arrange the partnership with WHI Real Estate Partners L.P. The first building is expected to be completed in the second quarter of 2022.
Southeast Gateway will be constructed on 137 acres at 380 and 394 Fort Argyle Rd. one mile from a four-way interchange on Interstate 95 and six miles from the 1-16/I-95 junction. This location not only provides trucks maximum distribution capability throughout the Southeast but also allows future tenants to service the entire U.S. The Port of Savannah is 15 miles away and accessible via several distinct routes, allowing trucks to complete six to eight turns per day without dependence on a single roadway. Additionally, the Savannah/Hilton Head International Airport is only 13 miles from the site.
The park will comprise two Class A industrial buildings, one 1-million-square-foot, cross dock building with 40-foot clear height and one 184,000-square-foot, single-load facility with a 32-foot clear height.
“We are pleased to expand Conor’s footprint into the Savannah industrial market,” said Brian Quigley, Executive Vice President at Conor. “Home to the nation’s fastest growing major container port, Savannah and the Georgia Ports Authority continue to invest heavily in transportation infrastructure resulting in the port providing one of the lowest cost, highest capacity and most reliable port services in the U.S. Add to that the Southeast’s rapid population growth, a robust rail and highway transportation network serving the Midwest and East Coast markets and Conor’s commitment to develop over the long term was sealed. We are delighted to partner with WHI Real Estate Partners in Savannah and appreciate the work of the JLL team in assisting Conor with sourcing project equity.”
The JLL Capital Markets Investment Sales Advisory team that represented Conor Commercial was led by Senior Managing Director John Huguenard, Managing Directors Britton Burdette and Matt Wirth and Associate Jim Freeman.
“The Savannah Industrial market is expanding at a rate unmatched by almost every market in the country,” Burdette said. “This is driven by the explosive growth at the Port of Savannah, which shows no signs of slowing anytime soon. Developers have taken note of this dynamic, as have equity providers seeking to fund new industrial projects in the market. Southeast Gateway is a great example of a project well positioned to cater to the expanding industrial landscape in Savannah. Our team looks forward to seeing the success the project will have.”
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 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.
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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 in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Conor Commercial Real Estate
Conor Commercial Real Estate is the integrated real estate development and investment arm of The McShane Companies. Headquartered in suburban Chicago with regional offices in Dallas, Irvine and Phoenix, Conor is active at the local, regional and national level in the development of speculative and build-to-suit industrial, office and multi-family communities. For more information on Conor Commercial Real Estate, visit the firm’s website at conor.com.
About WHI Real Estate Partners L.P.
WHI Real Estate Partners L.P. is an investment firm focused on repositioning middle-market real estate assets throughout the United States, through a series of private investment funds. WHIREP currently manages assets for a select group of university endowments, foundations, health care systems, wealth management firms, family offices and others. For more information, visit whirep.com.