DWS Pays $51M for Savannah Facility

May 30, 2024

Scannell Properties sold the fully occupied asset.

The facility at 101 Feldspar Drive in Savannah, Ga. — The 413,320-square-foot warehouse is part of a 10 million-square-foot, master-planned industrial park. *Image courtesy of JLL*

DWS has acquired Rockingham Farms Building 10, a 413,230-square-foot bulk-distribution center in Savannah, Ga., for $50.8 million. JLL negotiated on behalf of the seller, Scannell Properties.

The building is part of a 10 million-square-foot master-planned industrial campus owned by Scannell. In March, INDUS Realty Trust Inc. partnered with the owner for the development of Rockingham Farms Commerce Center, a 1 million-square-foot property within the park.

Completed last year, Rockingham Farms Building 10 features 36-foot clear heights, 73 dock-high loading doors, two drive-in doors, 100 trailer stalls and 272 car parking spaces. Additionally, the warehouse has rear-loading capabilities, 60-foot speed bays and 185-foot truck courts.

Dile Solutions and DKW Logistics fully occupy the Class A warehouse, according to CommercialEdge information. The triple-net leases have a weighted average lease term of 7 years.

Located at 101 Feldspar Drive, the building provides access to highways 204 and 17. Major transport hubs within a 20-mile radius include downtown Savannah, Port of Savannah and Savannah/Hilton Head International Airport.

The JLL Capital Markets Investment Sales and Advisory team included Senior Managing Directors Britton Burdette, Dennis Mitchell and Matt Wirth, alongside Director Jim Freeman.

Savannah’s industrial sector remains steady

Savannah’s industrial sector remained strong in the first quarter of this year. It recorded its highest first quarter net absorption ever—almost 2.8 million square feet—according to a CBRE report. Despite a decline in completions since the previous quarter, deliveries were up 156.3 percent on a year-over-year basis.

A significant number of large transactions closed last year, including InLight Real Estate Partners and Black Salmon’s sale of an infill industrial facility for $74.7 million. J.P. Morgan Real Estate Income Trust Inc. acquired the 136,240-square-foot asset.

Another notable deal was EQT Exeter’s purchase of Southeast Gateway, a 1.2 million-square-foot business park, for $120.4 million. The McShane Cos. was the previous owner.