Rockingham Farms Building 9 in Savannah, GA sold for $100.6M

ATLANTA, Nov. 21, 2024 – JLL Capital Markets announced today the $100.6 million sale of Rockingham Farms Building 9 – a Class A bulk distribution center located at 125 Feldspar Drive in Savannah, Georgia.

JLL represented the seller, Scannell Properties, in the sale to Goldman Sachs Alternatives.

The 942,210-square-foot property, built in 2023, is fully leased to four tenants. It features a 40-foot clear height, 185-foot truck court depth, 183 dock-high doors, ample trailer and auto parking, cross-dock configuration and 7,500 square feet of office space.

Situated in an infill location just 8.25 miles from the Port of Savannah’s booming Garden City terminal and minutes from Interstate 95 and Interstate 16, the property sits within Rockingham Farms Logistics Park, a new 5.75 million-square-foot industrial park. Additionally, the distribution center offers an exceptional southside location with unparalleled direct access and commercial frontage to Veteran’s Pkwy along with other major Savannah corridors.

The JLL Investment Sales and Advisory team was led by Senior Managing Directors Britton Burdette, Matt Wirth and Dennis Mitchell along with Senior Director Jim Freeman.

"The Savannah industrial market continues to experience remarkable growth, driven by record cargo volumes at the Port, multimillion-dollar expansion projects in the area and extensive logistical connectivity," Burdette said. "Rockingham Farms Building 9, with its strategic location, state-of-the-art features and full occupancy, represents a prime investment in one of the nation's fastest-growing industrial markets."

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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Scannell Properties is a privately held real estate development and investment company that focuses on build-to-suit and speculative development of industrial, office, and multifamily facilities throughout the U.S., Canada and Europe. Since its inception in 1990, Scannell Properties has completed 850 development projects totaling 140 million SF. For more information, visit scannellproperties.com.

Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $500 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, hedge funds and sustainability. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs. The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets. The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors and individuals. Goldman Sachs has over $3.1 trillion in assets under supervision globally as of September 30, 2024. Established in 1991, Real Estate at Goldman Sachs Alternatives is one of the leading investors in real estate with over $60 billion in capital invested since 2012 across the spectrum of investment strategies from core to opportunistic and credit. The global team invests across all sectors with deep expertise across the capital structure, in assets ranging from single properties to large portfolios, through senior mortgages, mezzanine debt and equity.

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