Lexington Realty Trust Buys Georgia Industrial Park for $40M
- Jul 17, 2020
Affiliates of Lexington Realty Trust have spent $39.5 million for Dean Forest Commerce Center. The two-building facility comprise 440,030 square feet of industrial space in Savannah, Ga. The transaction continues the company’s shopping spree, which includes the recent $58.4 million purchase of an Amazon-leased facility in Ocala, Fla.
CBRE represented the seller, a partnership between North Signal Capital and a Westport Capital Partners-managed fund. The brokerage team included Senior Vice Presidents Trey Barry and Bill Sparks, Vice Chairmen Frank Fallon and Chris Riley, as well as First Vice President William Lattimore.
Dean Forest Commerce Center is located some 2 miles from Interstate 16, roughly 8 miles from the Port of Savannah and almost 12 miles from Savannah/Hilton Head International Airport and consists of two free-standing buildings. The 355,527-square-foot asset located at 1315 Dean Forest Road is fully leased to Port Logistics Group, while the 88,503-square-foot building at 1319 Dean Forest Road is solely occupied by SLM Group Holdings.
The larger building features 32-foot clear heights, 141 auto parking spots, 75 trailer parking space and LED lighting in speed bay, while the second facility comprises 32-foot clear heights, 18 dock doors and 66 auto parking spots. The partnership broke ground on the development in 2018 and delivered the Class A assets at the end of 2019.