Low-coverage industrial property in Georgia sells for $12.275M
JLL Capital Markets led the sales effort for 48 Artley Rd. in Savannah
ATLANTA, July 28, 2022 – JLL Capital Markets has announced today that it has closed the $12.275 million sale of a fully leased, low-coverage industrial building in Savannah, Georgia.
JLL marketed the property on behalf of the seller, Hight Knox Properties, LLC, and procured the buyer, Kokot Realty Enterprises.
48 Artley Rd. consists of a 100%-leased, 64,372-square-foot production facility with 3.6 acres of trailer/outdoor storage within the SPA industrial Park. The building features 3,109 square feet of office space, 34’-38’ clear heights, four grade-level drive-ins, six dock doors and 27 car parking spots. The building is leased to Celadon Fiber, which processes corrugated cardboard and wastepaper into clean commodity products for export. The property is situated in a high barrier to entry infill area of Savannah just minutes from Savannah/Hilton Head International Airport and less than eight miles from the Port of Savannah’s booming Garden City Terminal.
The JLL Capital Markets team representing the seller was led by Senior Managing Directors Britton Burdette, Dennis Mitchell and Matt Wirth, Director Mitchell Townsend and Associate Jim Freeman.
“We received a very strong response from the market for the asset,” Burdette said. “Well-located, infill, low-coverage assets are in high demand and short supply. In addition, the strength of the Savannah industrial market, now with the lowest vacancy rate in the country along with some of the highest amount of tenant demand, drove significant interest for this offering.”
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 and sales 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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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 $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Hight Knox Properties, LLC
Hight Knox Properties, LLC is a privately funded real estate investment group that acquires, improves, and develops industrial and office projects. Hight Knox has a track record for sourcing quality real estate opportunities in the industrial and office sectors in the broader Metro Atlanta market as well as select markets in the Southeastern United States. With a focus on basis, Hight Knox places a premium on acquiring properties below replacement cost and driving value through management, leasing capabilities and capital improvements.
About Kokot Realty Enterprises
Kokot Realty Enterprises is a family office investing in multifamily, principally in New York City, and in logistical, warehouse and industrial facilities nationwide.