Savannah’s Real Estate Market Sees Major Growth with Recent Property Sale
Hey there, Savannah folks! Let’s dive into some exciting news that’s shaking up our lovely city’s real estate landscape. Recently, a prominent transaction took place that you won’t want to miss out on. Grab a coffee, sit back, and let’s get into the details!
Rockingham Farms Building 9 Changes Hands for Over $100 Million
That’s right! The Rockingham Farms Building 9, a stunning Class A bulk distribution center located at 125 Feldspar Drive, has just sold for an impressive $100.6 million. This colossal property spans a whopping 942,210 square feet and was sold by Scannell Properties to none other than Goldman Sachs Alternatives. Talk about some serious investment!
A Look Inside the New Distribution Center
Built in 2023, the distribution center isn’t just big; it’s outfitted with the modern features that make it a dream for logistics and storage operations. With a towering 40-foot clear height, a 185-foot truck court depth, and a whopping 183 dock-high doors, this place can accommodate a lot of cargo and trucks at once. It even boasts a generous amount of trailer and auto parking, making it super convenient for tenants and operators.
Let’s not forget about the offices! Inside, there’s 7,500 square feet designated for office space, ensuring that all business operations run smoothly. But that’s not all – its prime location in the Rockingham Farms Logistics Park, just a quick 8.25 miles from the busy Port of Savannah’s Garden City terminal, puts it right in the center of the action!
Strategic Positioning Pays Off
Now, why is this property such a big deal? Well, the Savannah industrial market is hot hot hot! With record-high cargo volumes coming through the port, multimillion-dollar expansion projects popping up all around, and excellent logistical connectivity, it’s safe to say that Savannah’s economy is booming.
According to Britton Burdette, Senior Managing Director at JLL, “The Savannah industrial market continues to experience remarkable growth.” He further points out that Rockingham Farms Building 9, with its state-of-the-art features and being fully leased to four tenants, is a prime catch for investors looking to tap into one of the fastest-growing industrial markets in the country.
The Experts Behind the Sale
The sale was facilitated by the talented team at JLL Capital Markets. This team of rockstars included Senior Managing Directors Britton Burdette, Matt Wirth, and Dennis Mitchell, along with Senior Director Jim Freeman. Their expertise clearly paid off, helping to secure this wonderful deal.
What This Means for Savannah
So, why should we care about this big sale? For one, it’s a clear indicator that Savannah is not just a pretty face; it’s becoming a major contender in the industrial real estate scene. As more businesses look to set up shop in our charming city, we can expect even more jobs and economic growth.
This sale reaffirms that Savannah’s real estate market is thriving and that there’s plenty of opportunity for investment. If you’re a local business owner or an entrepreneur, now might just be the right time to explore what our market has to offer!
Wrapping It Up
In conclusion, the recent $100.6 million sale of the Rockingham Farms Building 9 is a significant milestone for Savannah’s industrial sector. With a bright future ahead and more developments on the horizon, stay tuned! We’re just getting started on this exciting journey!
Let us know your thoughts on this big news! Are you feeling optimistic about Savannah’s economic growth? We’d love to hear your opinions!
