INDUS, Scannell to Break Ground on 1 MSF Savannah-Area Industrial Project
The facility will serve one of the East Coast’s busiest ports.
INDUS Realty Trust Inc. and Scannell Properties plan to break ground this quarter on Rockingham Farms Commerce Center, a two-phase, four-building, 1 million-square-foot industrial property in the Savannah, Ga., market.
The first phase will include two 284,580-square-foot buildings. The development site is about 9 miles from Savannah’s port terminals and close to interstates 16 and 95. The property is also located off a new interchange on Veterans Highway in Savannah.
The campus will rise within Rockingham Farms, a 10 million-square-foot master-planned industrial park owned by Scannell. Hilary Shipley and Danny Chase of Colliers Industrial Services Group will handle leasing for Rockingham Farms Commerce Center.
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INDUS and Scannell have teamed up on other Georgia industrial developments including Chastain Crossings, a two-building, 440,000-square-foot property in Kennesaw that broke ground in December. The project, which comprises two readily divisible facilities of 215,280 square feet and 224,900 square feet, is expected to deliver later this year.
Sean Boswell and Harrison Marstellar of Colliers Industrial Services Group spearhead the leasing efforts at the property located in the Atlanta industrial market off Chastain Meadows Parkway.
Chastain Crossings and Rockingham Farm mark the fourth and fifth developments for INDUS and Scannell. Michael Gamzon, president & CEO of INDUS, said in prepared remarks these new projects enable the firm to enter two of the best performing and most dynamic industrial markets in the Southeast.
The partnership’s other industrial projects
In addition to Rockingham Farms and Chastain Crossings, INDUS and Scannell have previously completed three transactions in three key Southeast markets—Charlotte, N.C.; Nashville, Tenn.; and Charleston, S.C.
Most recently, INDUS worked with Scannell to complete a 231,000-square-foot industrial building in Rock Hill, S.C., which delivered in December. The speculative facility is currently 76 percent leased.
INDUS entered the Nashville market in October, when it acquired a two-building, newly developed portfolio totaling 184,000 square feet from Scannell. The properties were fully preleased to three tenants at the time of sale.
And, in April, INDUS acquired a 263,000-square-foot newly developed industrial property in Summerville, S.C., from Scannell. It was the firm’s second investment in the Charleston market.
INDUS is continuing to grow its portfolio through the acquisition and development of high-quality industrial assets in fast-growing and strongly performing markets. The firm was acquired in June 2023 by affiliates of Centerbridge Partners LP, a global private investment firm with deep experience in real estate, and GIC, a global institutional investor and Singapore’s’ sovereign wealth fund. A wholly owned subsidiary of the Abu Dhabi Investment Authority is a strategic investor alongside Casterbridge in the ownership of INDUS.
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