Trinity Capital, Barings Expand Savannah Industrial Campus

Trinity Capital and Barings have kicked off construction on Phase Two of Horizon 16 Industrial Park, a logistics campus in Savannah, Ga. This phase will ultimately total 1.5 million square feet in six buildings, but for now three of the facilities are underway on a speculative basis.

The developments include the 181,993-square-foot Building 7, the 249,413-square-foot Building 11 and the 194,195-square-foot Building 12. Building 7 is slated for completion in the fourth quarter, while the other two will be complete by the first quarter of 2026.

Building 7 will feature a 32-foot clear height, as will Building 12. Building 11 will be taller, at 36-foot clear height. Building 7 will also include 39 dock doors, while Building 11 will have 54 dock doors and Building 12 will have 48 dock doors.

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Horizon 16 is on Jimmy Deloach Parkway and Interstate 16, a site that is one of the last developable parcels that can accommodate bulk distribution within 15 miles of the Port of Savannah, according to the developers.

Phase Two is a follow-up of the completed Phase One, which includes 1.1 million square feet across three facilities and is 74 percent leased to such tenants as Ferguson and Harbor Freight. 

Evans serves as the project’s general contractor, while architect Atlas designed it. CBRE Senior Vice President William Lattimore is handling leasing at the property.

Trinity and Barings have formed joint venture partnerships to develop industrial properties before. The companies recently developed 85 Exchange, a 1.3 million-square-foot industrial park outside of Charlotte, N.C., which includes Amazon as a tenant.

Savannah industrial market in growth mode

Savannah is currently an industrial boom town, with 24 industrial projects underway as of the end of 2024’s last quarter, according to a Colliers report, totaling some 9.9 million square feet. Of that total, 69 percent (6.8 million square feet) were spec developments, while 31 percent (3 million square feet) were build-to-suit facilities. Completions totaled 15.8 million square feet.

Meanwhile, net industrial absorption was 693,000 square feet—excluding Hyundai and related suppliers—bringing the total for 2024 to 8.8 million square feet. The vacancy rate witnessed a minor uptick to 9.29 percent from the 9.25 percent recorded by the end of the third quarter.

And Savannah is preparing for more industrial growth as its infrastructure expands. The Port of Savannah is already the fourth-largest port by TEUs in the U.S., according to the Bureau of Transportation Statistics, and 14th in total tonnage. The U.S. Army Corps of Engineers continues its Savannah Harbor Expansion Project to deepen the entire harbor from its current 42-foot depth to 47 feet, which will add to its capacity.