LBA Pays $46M for Savannah Industrial Asset

February 14, 2025

Lowe's sold the property in a deal arranged by JLL.

Exterior shot of 50 Innovation Drive, an industrial building in Port Wentworth, Ga. — The industrial facility at 50 Innovation Drive is a former Lowe’s distribution center. *Image courtesy of JLL*

LBA Logistics has purchased a 491,329-square-foot Class A industrial building in Port Wentworth, Ga., within metro Savannah. Lowe’s sold the asset for $46 million, according to CommercialEdge data. JLL represented the seller, which was also the former tenant.

The home improvement retailer had picked up the property in 2006 for $20 million, the same source shows.

The cross-dock facility has 32-foot clear heights, 106 dock-high doors, ESFR sprinkler systems,149 trailer parking spaces and 126 vehicle parking spots. At the time of the sale, the building was vacant.

The single-story facility is at 50 Innovation Drive, near interstates 95 and 16, providing easy access through the Savannah-Hilton Head area. Additionally, Savannah/Hilton Head International Airport is 4 miles from the property, while Georgia Port Authority’s Garden City Terminal is roughly 6 miles away and downtown Savannah is within 12 miles.

JLL Senior Managing Directors Britton Burdette and Dennis Mitchell, Director Jim Freeman, together with Executive Managing Directors Bob Currie and Tim McCarthy, negotiated on behalf of the seller.

Port of Savannah attracts industrial investment

Investors traded $455 million in industrial assets across the Savannah-Hilton Head market last year, according to CommercialEdge information. The Port of Savannah is one of the fastest growing in the nation, so demand for high quality space is strong. Of the 11 assets that changed hands in 2024, nine were Class A.

In November last year, Goldman Sachs Alternatives paid $100.6 million for a 942,210-square-foot facility. Scannell Properties sold the building, which is part of Rockingham Farms Logistics Park.

Transwestern Investment Group also made a big purchase in the metro in the second half of last year. It acquired Interstate West’s Building C, a 1.2 million-square-foot distribution facility in Ellabell, Ga. The seller was VanTrust Real Estate, which also sold Building A of that same industrial park, to Goldrich Kest.