CRG Announces $57.5 Million Sale of Leased Speculative Industrial Building in Savannah, Georgia
SAVANNAH, GA – Today, St. Louis based developer CRG announced the sale of an 832,000 square foot speculative warehouse building located in Northport Commerce Center in Savannah. Monmouth Real Estate acquired the property in January 2018 for $57.5 million. The building is net leased to flooring and carpet manufacturer Shaw Industries Group, Inc., a subsidiary of Berkshire Hathaway.
“The Savannah industrial market has been kind to us,” CRG Southeast Partner Mike Demperio said. “In working with our capital market experts, it became evident to us that the deepening of the Port, the reopening of the Panama Canal, the larger Panamax ships combined with what we perceived as demand for space were the ingredients that would make us successful.”
Land acquisition, incentive negotiation, financing, construction, and lease up were complete in just 15 months. CRG acquired the land in August 2016 and was able to fully lease the speculative building while it was under construction. Clayco, the design-builder on the project and its design subsidiary, Forum Studio completed construction in July 2017.
The building is situated on approximately 65.4 acres and on one of the last parcels on I-96 at exit 109 in the heart of one of Savannah’s prime warehouse and distribution centers. With 36’ clear height and 220 trailer spaces, the new facility has the state-of-the-art distribution theme built throughout the country.
Also, in the Southeast region, CRG is developing a 1 million square foot build-to-suit for Shaw Industries adjacent to the speculative site referenced above and the following:
- The Cubes at Inland 85
- A 324-acre site in Spartanburg County, South Carolina.
- The Cubes at Locust Grove
- A 1,000,993 square foot speculative building available for lease in I-75 corridor of Atlanta, Georgia.
- The Cubes at Bridgeport
- A 560-acre industrial mega site with 8.5 million square feet of potential located in the southwest corridor I-85 corridor of Atlanta, Georgia.
Esmael Hill of The Net Lease Group (NLG) represented the seller in the transaction. NLG also arranged equity to finance the construction of the facility, which CRG originally developed on a speculative basis. For more information, visit realcrg.com.
CRG is Clayco, Inc.’s private real estate development firm that acquires, develops, and operates real estate assets. Headquartered in St. Louis, Missouri with offices in Chicago, Sacramento, Atlanta, Pittsburgh and northern New Jersey, the CRG team has developed more than 5,000 acres of land and delivered over 160 million square feet of commercial, industrial, and multi-family assets exceeding $9 billion in value. For more information visit www.realcrg.com.
Clayco is a full-service, turnkey real estate development, master planning, architecture, engineering and construction firm that delivers clients around the world the highest quality solutions on time, on budget, and above and beyond expectations. With over $2 billion in revenue for 2017, Clayco specializes in the “art and science of building,” providing fast track, efficient solutions globally for commercial, institutional and residential related building projects. For more information visit www.claycorp.com.