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Stonemont Financial

PRESS / March 27, 2024

Georgia International Trade Center Development Poised to Buoy Future Economic Growth

| CoStar

Spread across more than 1,150 acres and totaling upward of 8 million square feet, there’s little doubt that the Georgia International Trade Center has carved out a substantial role in the Savannah, Georgia, industrial market.

Its impact on the region is far from fading with the latest addition of a fully leased facility that is expected to solidify the sprawling industrial park’s position as a major economic generator.

The recently completed warehouse at 2024 Trade Center Blvd. adds another 1.5 million-plus square feet to the campus, which — thanks to its proximity to the Port of Savannah — touts a high-profile tenant lineup including Serena & Lily, Shaw Industries, Geodis, Pacific-Cycle, Dewell Container Shipping and Sunland Logistics. In a further sign of demand for space at the park, the new facility was one of two where home improvement retail giant Lowe’s signed a long-term lease, enough to earn the project a 2024 CoStar Impact Award for commercial development of the year, as judged by real estate professionals familiar with the market.

Lowe’s signed the prelease agreement for the two buildings long before the properties were completed in mid-2023. The retailer now occupies more than 3.1 million square feet at the complex.

The facility and others that make up the Georgia International Trade Center are geared toward tenants with shifting business needs that are looking to streamline their supply chain processes. The scale of both the industrial park as well as its occupants goes beyond its own borders, however, with the creation of hundreds of new jobs and its ability to juice the local economy.

The “Georgia International Trade Center represents a significant investment towards Savannah’s revitalization and growth,” CoStar Impact Award judge Andrew Harry, a Colliers research analyst, said of the development. “Lowe’s as a large anchor tenant will add increased commerce and job growth.”

About the Project: Developed through a joint venture between Stonemont Financial Group, Boston-based real estate firm Davis Cos. and Florida’s Chesterfield, the Georgia International Trade Center building at 2024 Trade Center is part of a broader investment strategy aimed at capitalizing on the region’s rapid economic expansion. It benefits from direct highway access and proximity to the Georgia Port Authority, and tenants can tap into a pool of local and state incentive offerings.

What the Judges Said: “The substantial size of this development, including the expanded footprint of global brand Lowe’s, is a catalyst for the revitalization of the area,” CoStar Impact Award judge Christa DiLalo, a director of research for Cushman & Wakefield, said of the project. “It has significant economic and employment impacts on the area.”

They Made It Happen: The development was spearheaded by Chesterfield Senior Vice President of Development Chance Raehn and President Will Gardner; Davis Cos. Senior Vice President of Asset Management David Allen; and Stonemont Financial Group’s CEO Zach Markwell, President and Chief Financial Officer Bryan Blasingame and Principal Neal Moskowitz. Omega Construction’s Kirk Matthews, Inlight Real Estate Partners’ David Burch and Stephen Ezelle, a partner at Cushman & Wakefield, were also involved.

CoStar Senior Market Manager Dave Blake contributed to this report.