Stonemont JV Delivers 2.7 MSF Industrial Space in Savannah

The properties came online within the 1,150-acre Georgia International Trade Center. Image courtesy of Stonemont Financial Group

Stonemont Financial Group and joint venture partner The Davis Cos. have completed two industrial buildings totaling 2.7 million square feet at the 1,150-acre Georgia International Trade Center in Rincon, Ga. The partners have delivered 8 million square feet of industrial space across 10 buildings at the campus over the past five years, with another facility currently under construction and slated for completion by the end of 2023.

Building 3A and Building 3B came online as build-to-suits for Lowe’s. The home improvement retailer currently occupies another 416,450-square-foot warehouse at GITC.

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Building 3A spans 1.2 million square feet and features 50- by 54-foot column spacing with 60-foot speed bays, four drive-in doors and 261 dock doors, along with 510 trailer spaces and 270 car parking spaces. It is subject to an $82.7 million construction loan from CIBC Bank USA originated in 2022, according to CommercialEdge data.

The 1.5 million-square-foot Building 3B features 800 trailer spaces, 240 car parking spaces and 282 dock doors. The cross-dock facility has four drive-in doors and 40-foot ceiling heights. It is also subject to a $99.1 million note form CIBC.

Ownership recently sold Building 3A to MetLife Investment Management for $111.5 million, public records show. JLL‘s Senior Managing Directors Britton Burdette, John Huguenard and Patrick Nally, along with Director Jim Freeman, represented the seller.

Located at 2020 and 2021 Trade Center Blvd., the buildings are close to Highway 21 and have access to Interstate 95. They are some 11 miles from the Savannah/Hilton Head International Airport and 16 miles from downtown Savannah, Ga. The facilities are also 13 miles from the Port of Savannah.

Industrial deliveries expected to decrease

The partners are currently constructing Building 4A, which will span 733,200 square feet and include 208 trailer spaces and 186 car parking spaces, along with office and dock packages. Gilbert & Ezelle Commercial Real Estate, a local subsidiary of Cushman & Wakefield, is handling leasing for the property.

The industrial sector expects a slowdown in deliveries by 2024 and 2025, as construction starts have began falling this year. As of August, construction started on 204.3 million square feet of industrial space, significantly below the 614.1 million recorded during the same period in 2022, according to a recent CommercialEdge report. In the Savannah-Hilton Head market, more than 5 million square feet of industrial space have broken ground across 15 properties this year, CommercialEdge information shows.