Dermody Properties Acquires 312 KSF Industrial Asset

2509 Dean Forest Road. Image courtesy of Dermody Properties

Dermody Properties has acquired a 312,000-square-foot logistics facility at 2509 Dean Forest Road in Garden City, Ga. The seller was Prologis, according to CommercialEdge data. The asset last traded in 2011 for $11.3 million, the same source shows. JLL brokered the deal.

Completed in 2009, the Class A property is situated on 34 acres of land. At the time of the deal, the building was occupied by Yokohama Off-Highway Tires America Inc. and GFA Inc. The asset features 32-foot clear heights, three drive-in doors, 89 dock-high doors and ESFR fire protection, along with 74 trailer parking spaces.

The property is located close to Highway 21, having access to interstates 95 and 16. It is directly adjacent to the Savannah/Hilton Head International Airport. The asset is also some 7 miles from Savannah, Ga., and less than 4 miles from the Port of Savannah.

JLL’s Senior Managing Directors Dennis Mitchell, Matt Wirth and Britton Burdette, along with Directors Mitchell Townsend and Jim Freeman arranged the transaction. Mitchell was recently involved in the sale of a 1.4 million-square-foot industrial portfolio including assets across Atlanta and Memphis, Tenn.

In prepared remarks, Dermody Properties Southeast Region Partner Wes Hardy mentioned that the property’s zero-turn access to the Garden City Terminal represents a significant advantage for the facility. The company has been expanding its portfolio throughout the U.S. Recently, Dermody paid $132 million for a 717,544-square-foot industrial campus near Seattle.