333K SF Class A industrial building trades in sale-leaseback
JLL Capital Markets worked on behalf of the buyer in the closing of 1701 Old Augusta Road in Savannah, GA
ATLANTA, Aug. 12, 2024 – JLL Capital Markets announced today the sale-leaseback of 1701 Old Augusta Road, a Class A industrial property spanning 333,250-square-foot in Rincon, Georgia, part of the Savannah market.
JLL represented the buyer, L&B Realty Advisors, and Sutton Realty Advisors represented the seller, Cowan Industrial, in addition to AHR Commercial.
Strategically located just 11 miles from the Port of Savannah, this property, built in 2023, offers 36-foot clear heights, 53 dock doors, two drive-in doors, 190-foot deep truck courts, 104 parking spaces and ESFR sprinklers.
According to JLL’s Q2 2024 Savannah Industrial Insight report, the Savannah industrial market continues to demonstrate robust growth with 3.3 million square feet of quarterly net absorption. Coupled with Q1’s volumes, the market’s year-to-date absorption reached the second largest volume ever at the midyear mark on record.
The JLL Capital Markets team was led by Senior Managing Directors Britton Burdette, Dennis Mitchell and Matt Wirth along with Director Jim Freeman.
“This sale-leaseback is a testament to the demand for the space near the Port of Savannah,” said Burdette. “The Port of Savannah continues to set records, and with numerous expansion and improvement projects underway, the Port continues to position itself as a leading trade gateway along with some if the best industrial market fundamentals in the country.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Sutton Realty Advisors, LLC
Sutton Realty Advisors, LLC is a real estate firm specializing in industrial properties and land in Atlanta and Savannah, GA. With 30 years of experience, Sutton Realty Advisors, LLC has built a reputation for excellence in client service and market knowledge. For more information, visit suttonREadvisors.com.
About L&B Realty Advisors
L&B Realty Advisors is an employee-owned, SEC-registered real estate investment advisor with over $10 billion in gross AUM offering real estate investment management services to institutional investors. Founded in 1965, L&B has earned a track record of successfully acquiring, operating, developing, and selling industrial, retail, multifamily, and office property on behalf of their clients.