EXECUTIVE SUMMARY
On behalf of Ownership, Jones Lang LaSalle America, Inc. (“JLL”) has been retained as the exclusive sales representative for Rockingham Building 10 (Rockingham Farms Logistics Park – Bldg. 10 or “The Property”) – a 100% leased multitenant Class A bulk distribution center totaling 413,230 square feet located within the explosive Savannah, Georgia industrial market. Situated in an infill location just 8.25 miles from the Port of Savannah’s booming Garden City terminal and minutes from I-95 and I-16, the Property sits within Rockingham Farms Logistics Park – a brand new ±4,500,000 SF state-of-the-art Class A industrial park.
The Property is 100% leased to DILE Solutions (48% of RBA) and DKW Logistics (52% of RBA) with a weighted average lease term (WALT) of 7.1 years. These two inplace leases feature 4.00% and 3.75% annual escalations. With commercial frontage and direct access to Veteran’s Parkway, the Property’s exceptional location provides quick access to the port with limited turns.
Savannah’s industrial market fundamentals are among the best in the country, driven by the Port’s record high cargo volumes, future expansion projects, and its direct connectivity to a network of logistical nodes. Savannah has experienced nine (9) consecutive quarters with vacancy below 5% and five (5) consecutive quarters with market record-breaking rents. The market has one of the highest amounts of tracked tenant demand in the country (#1 as a percentage of inventory from 2022 to 2023), and it boasts a record annual net absorption of 15.3 MSF in 2022 and 10.5 MSF Q3 YTD 2023 (#1 as a percentage of inventory and more than Atlanta).
PROPERTY SPECS
Address |
101 Feldspar Drive, Savannah, GA |
RBA |
413,230 SF |
Year Built |
2023 |
Occupancy |
100% |
Tenancy |
Dile Solutions | 198,343 SF (48% of RBA) DKW Logistics | 214,887 SF (52% of RBA) |
WALT (as of April 2024) |
7.1 years |
Reimbursements |
NNN |
INVESTMENT HIGHLIGHTS
Exceptional Southside Location With Unparalleled Access
- The Property
- Limited turns and stoplights to Garden City Terminal and Ocean Terminal
- Garden City: 8.25 miles
- Ocean: 7.8 miles
- Direct access and commercial frontage to Veteran’s Parkway via a new interchange providing a short drivetime to the port
- Less than 10 miles from all three of Savannah’s major corridors
- 2.5 miles to I-516
- 4.7 miles to I-16
- 8.2 miles to I-95
- Located in a Military Zone with a tax credit incentive program
- Limited turns and stoplights to Garden City Terminal and Ocean Terminal
- The Southside Submarket
- Quick drive times to port and low drayage costs for users
- Limited competitive supply
- High barriers to entry due to wetlands, nearby military base, and restrictive zoning
Financial Highlights
- 100% leased with 7.1 years of WALT
- DILE Solutions – 198,343 SF (48% of RBA), 9.7 years lease term remaining
- DKW Logistics – 214,887 SF (52% of RBA), 4.8 years lease term remaining
- Above market annual escalations
- DILE Solutions – 3.75% annual escalations
- DKW Logistics – 4.00% annual escalations
- NNN leases with limited Landlord responsibilities
Brand New Class A+ Design And Construction
- Best-in-class rear-load multitenant building totaling 413,230 SF
- Flexible design - 4 existing store fronts accommodating up to 4 tenants in the future if needed
- 36′ clear height
- Tilt-wall construction
- 185′ truck court depth
- 100 trailer & 272 car parking spaces
- 73 dock doors (9 add’l knockouts) & 2 drive-ins
- Multiple points of ingress and egress
- 53′-4″ x 50′ column spacing and 60’ speed bays
- K-22 ESFR fire sprinklers
- 7″ thick, 4000 PSI concrete slab, dowel baskets at speed bay
- 45-mil TPO membrane roof with 15-year warranties
- 2,000 AMP, 277/480 Volt, 3 phase service
- LED lighting
- Located in the premier Rockingham Farms Logistics Park
- Up to ±4,500,00 SF Class A product
Unprecedented Industrial Market Fundamentals
- 3rd quarter absorption - 7.0 MSF, largest quarterly absorption recorded
- 15.3 MSF absorption in 2022 and 10.5 MSF Q3 YTD 2023 (more than Atlanta YTD)
- 15.3 MSF absorption in 2022 and 10.5 MSF Q3 YTD 2023 (more than Atlanta YTD)
- First in the country for tenant demand and net absorption as a percent of market inventory
- Savannah continues to reach record high rents with $6.58 (Q3 2023)
- 7.52% YoY growth
- 7.52% YoY growth
- 39.3 MSF of positive absorption over the last 3 years
- 10 consecutive quarters with vacancy below 5%
- Current vacancy rate - 4.7% (Q3 2023) and
- Effective vacancy rate - 3.1% when factoring deals in negotiation
- Current vacancy rate - 4.7% (Q3 2023) and
- Discount to competing port markets which drives new tenant demand
- 31% of under construction inventory pre-leased or under negotiation
• 64% when including the 17 MSF Hyundai manufacturing plant
CONTACT