JLL Capital Markets arranges sale of new bulk distribution center in Savannah
Invesco Real Estate acquires new bulk distribution center from Stonemont Financial Group and The Davis Companies
SAVANNAH, March 24, 2021 – JLL Capital Markets announced today that it has closed the sale of Georgia International Trade Center – Building 2B, a new, Class A bulk distribution center in the Savannah-area community of Rincon, Georgia.
JLL Capital Markets marketed the property on behalf of the seller, a joint venture between Stonemont Financial Group and The Davis Companies. Invesco Real Estate, a global real estate investment manager, purchased the asset.
Developed by the seller, the 1.1 million square foot cross-dock building is situated on 76.6 acres at 2008 Trade Center Blvd. within the broader, fully occupied Georgia International Trade Center, one of the most successful speculative industrial developments in the market having completed 2.42 million square feet of new projects in just 24 months with another 1.83 million square feet currently under construction.
The Port of Savannah is the single-largest and fastest-growing container terminal in America, and Georgia International Trade Center – Building 2B is less than 10 miles from its Garden City terminal. Additionally, the property is proximate to the most extensive network of transportation thoroughfares in the country, including Interstates 16 and 95, and enjoys uninterrupted access to every major destination east of the Mississippi via two Class I railroads.
The JLL Capital Markets team representing the seller was led by Managing Directors Britton Burdette, Patrick Nally and Matt Wirth and Senior Managing Director Dennis Mitchell.
“The competitive pricing achieved for this offering, along with the deep pool of high-quality buyers who pursued the asset, signifies a true turning point for the Savannah Industrial market,” Burdette said. “The high demand was driven by the incredible performance and massive projected growth of the market which is fueled by the booming Savannah port.”
“We’re excited to announce such a market-moving trade for Savannah and would like to thank the Stonemont, Davis Companies and Invesco Real Estate deal teams for a successful transaction,” Nally added.
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.
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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 Stonemont
Stonemont is a private real estate firm founded on a simple strategy: to combine the experience and resources of a large institution with the creativity and flexibility of an entrepreneurial firm. The firm has maintained this philosophy throughout its growth, allowing Stonemont to stand out among its peers in the real estate investment management industry.
Today, Stonemont is a diversified investment manager for public and private institutions and private capital clients, with over $2 billion in assets under management.
About The Davis Companies
The Davis Companies is a fully integrated real estate investment, development and management firm based in Boston, Massachusetts, with over 40 years of experience. Since inception, the firm has invested across five market cycles and has developed nearly 14.8 million square feet of commercial space and over 4,000 residential units, including ground up new construction, adaptive reuse and redevelopment across a broad array of asset classes.
The Davis Companies is also committed to delivering new developments and enhancing existing assets with careful consideration for the environment. The firm’s management and development experience include delivering nearly 2 million square feet of LEED certified projects, while also integrating ongoing learning and best practices into core operations to set a new standard for real estate.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with $82.8 billion in real estate assets under management, 589 employees and 21 regional offices across the U.S., Europe and Asia (as of December 31, 2020). Invesco Real Estate has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; invesco.com.