Two Savannah retail centers sell for $63M
JLL Capital Markets closed the sales of the 186,514-square-foot Savannah Centre and the 197,605-square-foot Chatham Plaza in Savannah, Georgia
ATLANTA, Feb. 1, 2023 – JLL Capital Markets announced today that it has closed the sale of two retail centers, including the 186,514-square-foot Savannah Centre and the 197,605-square-foot Chatham Plaza in Savannah, Georgia, totalling $63 million.
JBL Asset Management acquired the assets.
Constructed in 1986, Savannah Centre is 81 percent occupied and leased to TJ Maxx, Bed Bath & Beyond, Shoe Carnival, JoAnn, Five Below, Rack Room Shoes, Chicken Salad Chick and more. The property is shadow anchored by Burlington. Built in 1972 and renovated in 2001, the 93-percent-occupied Chatham Plaza is leased to Ross Dress for Less, Ashley HomeStore, Pet Supermarket, Dollar Tree, Sketchers, Chili’s, Longhorn Steakhouse, Starbucks Coffee and more.
Savannah Centre is located at 7400 Abercorn St., and Chatham Plaza is located at 7801-7825 Abercorn St. The centers are in a dominant retail node and benefit from Savannah’s tourist industry with a total of 14.9 million visitors in 2021, as well as from proximity to Savannah’s top economic drivers, including Hunter Army Airfield and Savannah Medical Arts District. Both properties are within a three-mile radius of a population of 64,291 and an average household income of $72,202.
The JLL Retail Capital Markets Investment Advisory team representing the seller was led by Senior Managing Director Jim Hamilton, Managing Director Brad Buchanan and Associates Andrew Kahn and Andrew Michols.
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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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 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About JBL Asset Management
JBL Asset Management is a privately held fully integrated service commercial real estate company primarily specializing in retail shopping center acquisitions, management and development. Founded in 2005 by Jacob Khotoveli, JBL invests private capital on behalf of itself and its investment partners. JBL is based in South Florida and currently owns assets in 13 states but is primarily focused on expanding its footprint in Florida, Texas and Georgia.
JBL's portfolio currently exceeds over 3 million square feet of real estate and is actively in pursuit of additional opportunities with deal sizes ranging from $15-80 million. JBL has transacted with numerous institutional partners and takes pride in having a strong reputation for transaction execution in the industry.