New construction distribution facility trades in Savannah
JLL Capital Markets closes the sale of Coastal Commerce Center II in Georgia
ATLANTA, Nov. 29, 2023 – JLL Capital Markets announced today that it arranged the sale of Coastal Commerce Center II, a newly completed, Class A distribution facility totaling 314,288 square feet in Savannah, Georgia.
JLL represented the seller, Strategic Real Estate Partners and AEW Capital Management, and procured the buyer, L&B Realty Advisors, LLP on behalf of a separate account client.
Coastal Commerce Center is an infill, state-of-the-art, multi-tenant distribution facility located at 5214 Old Louisville Rd. Key features include rear-load capabilities with a 185-foot concrete truck court, 63 dock-high doors, two drive-in doors, 36-foot clear heights, 171 car parking spaces and 76 trailer parking spaces. The property was 53% leased at the time of sale.
Savannah’s industrial market fundamentals are among the best in the country, driven by the port’s record high cargo volumes, future expansion projects, and its direct connectivity to a network of logistical nodes. Savannah is recognized as one of the most important transportation and logistics hubs in North America due to its connectivity to a network of sea, rail, air and road operations.
The JLL Capital Markets Investment Sales team was led by Senior Managing Directors Britton Burdette, Dennis Mitchell and Matt Wirth and Directors Jim Freeman and Mitchell Townsend.
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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About AEW
For over 40 years, AEW Capital Management, L.P. (AEW) has provided real estate investment management services to investors worldwide. One of the world’s largest real estate investment advisors, AEW and its affiliates manage $90.7 billion of property and securities in North America, Europe and Asia (as of June 30, 2023). Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum. AEW and its affiliates have offices in Boston, Los Angeles, Denver, London, Paris, Düsseldorf, Hong Kong, Seoul, Singapore, Sydney and Tokyo, as well as additional offices in seven European cities. For more information, please visit www.aew.com.
As of June 30, 2023. AEW includes (i) AEW Capital Management, L.P. and its subsidiaries and (ii) affiliated company AEW Europe SA and its subsidiaries. AEW Europe SA and AEW Capital Management, L.P. are commonly owned by Natixis Investment Managers and operate independently from each other. Total AEW AUM of $90.7 billion includes $41.9 billion in assets managed by AEW Europe SA and its affiliates, $5.3 billion in regulatory assets under management of AEW Capital Management, L.P., and $43.5 billion in assets for which AEW Capital Management, L.P. and its affiliates provide (i) investment management services to a fund or other vehicle that is not primarily investing in securities (e.g., real estate), (ii) non-discretionary investment advisory services (e.g., model portfolios) or (iii) fund management services that do not include providing investment advice. Staff, offices, and clients include AEW Capital Management, L.P. and AEW Europe SA and their respective subsidiaries.
About Strategic Real Estate Partners
Founded in 2019, Strategic Real Estate Partners brings over 40 years and $1 billion of commercial real estate transaction experience to the Atlanta, Savannah, and Southeast real estate markets. Headquartered in Atlanta, Georgia, SREP focuses on advising local, national, and international owners and users of industrial properties on a wide range of transactions, including Tenant Representation, Landlord Representation, Acquisitions & Dispositions, Site Selection and much more.
About L&B Advisor
L&B Realty Advisors is an employee-owned, SEC-registered real estate investment advisor. Since 1965, L&B has provided real estate investment management services to institutional investors and family offices. With $10 billion assets under management, L&B has a proven track record of successfully acquiring, managing, and disposing real estate on behalf of our clients. Please visit www.lbrealty.com for more information.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.