J.P. Morgan REIT Pays $75M for Savannah Industrial Asset

Old Louisville Road Logistics Center. Image courtesy of JLL

InLight Real Estate Partners, together with Black Salmon, has sold a newly built, 136,240-square-foot infill industrial property for $74.7 million in Savannah, Ga. JLL Capital Markets negotiated on behalf of the seller and procured the buyer, J.P. Morgan Real Estate Income Trust Inc.

The building is designed to serve as a critical drayage facility and to provide storage for excess trailers and ocean containers, J.P. Morgan REIT’s Co-President Dave Esrig said in a prepared statement.

Located at 4833 and 4835 Old Louisville Road, the build-to-suit facility includes 134 dock doors, 69 vehicle parking spots and 884 trailer parking spots. The property is on a 60-acre lot.

The asset is 6 miles from Savannah/Hilton Head International Airport and downtown Savannah, 7 miles from Port of Savannah and within 11 miles of Chatham, Ga. Additionally, the facility is close to interstates 16, 516 and to U.S. Highway 80, providing easy access to Macon, Ga., Atlanta, Charleston, S.C. and to Jacksonville, Fla.

JLL Capital Markets’ team comprised Directors Mitchell Townsend and Jim Freeman, Senior Managing Directors Britton Burdette, Patrick Nally, Dennis Mitchell and Matt Wirth.

Another JLL team recently negotiated CRG’s disposition of a 708,990-square-foot facility in Ellabell, Ga. The building, under construction at the time of the sale, is situated within The Cubes at Interstate Centre II, a 300-acre business park.