Trammell Crow, MetLife to Build 4.7 MSF Savannah Industrial Campus – What is a Ground Lease?

, Trammell Crow, MetLife to Build 4.7 MSF Savannah Industrial Campus – What is a Ground Lease?, Robert Khodadadian

Rendering of Coastal Trade Centeer. Image courtesy of Trammell Crow Co.

Trammell Crow Co., in a joint venture with MetLife Investment Management, has purchased a 477-acres site for the development of a Class A logistics project in Effingham County, within the Savannah, Ga., market. JLL worked on behalf of the seller, Greenland Developers.

Coastal Trade Center is a 4.7 million-square-foot project, planned across six buildings that will be developed in two phases. Construction on Phase I is expected to commence in March, with a scheduled delivery in the fourth quarter of 2024.

The site is located on Coastal Trade Center Parkway, a to be-built street in Rincon, Ga., along State Highway 21, allowing direct access to Interstates 16 and 95, 14 miles from the Port of Savannah, Ga., and close to Atlanta’s CBD. Leasing services will be provided by JLL’s team, led by Executive Vice President Bennett Rudder, as well as Senior Managing Directors Ryan Hoyt and Chris Tomasulo.

Port of Savannah’s strong industrial demand

Coastal Trade Center’s Phase I will include three cross-dock buildings that will accommodate 1.2 million square feet, 640,640 square feet and 473,760 square feet, respectively. The project’s Phase II will encompass two cross-dock buildings of 1.4 million square feet and 611,520 square feet, respectively, as well as a 362,880-square-foot front-load building.

According to a prepared statement by TCC’s Senior Vice President Will Lombard, the industrial campus will provide its future tenants scalability and port accessibility in a market with a vacancy rate of under one percent, in need of Class A industrial product.

Another major project that is moving forward in the area is Logistics 16 at Ottawa Farms. McCraney Property Co. secured nearly $62.8 million in construction financing for the initial phase of its industrial development in Bloomingdale, Ga. JLL Capital Markets assisted in securing financing for the 1 million square feet project. In July, Conor Commercial and WHI formed a joint venture to develop a two-building, 1.2 million-square-foot industrial park in Savannah, Ga.

The post Trammell Crow, MetLife to Build 4.7 MSF Savannah Industrial Campus appeared first on Commercial Property Executive.

 Development, Featured, Industrial, News, South, JLL Capital Markets, Metlife Investment Management, Trammell Crow Company 

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