Savannah Industrial Building Commands $57M
- Jan 25, 2018
Monmouth Real Estate Investment Corp. has acquired an industrial building at 590 Northport Parkway in Savannah, Ga., for $57.4 million.
The newly constructed building has been net-leased to Shaw Industries Inc. for the next 10 years. The Ga.-based company, a wholly-owned subsidiary of Berkshire Hathaway, is one of the largest flooring manufacturers and suppliers in the world.
“We are extremely pleased to announce this new acquisition,” Michael Landy, Monmouth Real Estate Investment Corp.’s president & CEO, said in a prepared release. “The Port of Savannah is the fourth-largest port in the U.S. and is the fastest-growing port in North America. The Port of Savannah has already benefited from increased market share as a direct result of the recently expanded Panama Canal.”
Situated on approximately 62.4 acres, the building boasts an 832,000-square-foot cross-dock, 36-foot clear height at first columns, 61-foot staging bays and an ESFR sprinkler.
It has four points of ingress/egress, and is less than 15 minutes from the Port of Savannah and the Savannah International Airport.
The Savannah market
According to Colliers’ most recent industrial report for the area, which was released last fall, the vacancy rate for Savannah in the 2nd quarter of 2017 decreased to 1.96 percent, which was reminiscent of the all-time low reached around the same period in 2016. Additionally, the report noted the total amount of industrial inventory under construction to become available in the market grew to more than 5 million square feet, a gain of more than 618,000 square feet from last quarter.
In November, Monmouth Real Estate Investment Corp. acquired a brand new 121,683-square-foot industrial building in Charleston, S.C., for $21.9 million. Earlier in 2017, the company purchased a newly constructed 237,756-square-foot industrial building in Homestead, Fla.
In total, the company’s portfolio consists of 109 properties containing a total of approximately 19.9 million rentable square feet, geographically diversified across 30 states. Additionally, Monmouth Real Estate Investment Corp. also owns a portfolio of REIT securities.
Image courtesy of Monmouth Real Estate Investment Corp.