Stonemont Financial Group (Stonemont), a private real estate investment firm specializing in industrial development, acquisitions, and net lease investments, announced today that it has delivered two industrial distribution facilities for a national home improvement retailer at the Georgia International Trade Center (GITC) in Effingham County, Georgia in a joint venture with Boston-based real estate firm The Davis Companies (Davis). With this completion, the partnership will have developed 8 million square feet of product in the industrial park in the last five years, with an additional 733,200-square-foot facility set to deliver by the end of this year.
The first of the two buildings (Building 3A) is a 1.2-million-square-foot, fully conditioned bulk-distribution facility featuring 510 trailer spaces, 270 car parking spaces and 261 dock doors. The second building (Building 3B) is a 1.5-million-square-foot bulk-distribution facility boasting 800 trailer spaces, 240 car parking spaces and 282 dock doors. The two new facilities, totaling 2.7 million-square-feet, will serve as additional space for the tenant, which currently occupies another 416,450-square-foot warehouse at GITC.
In addition to completion of the two buildings, ownership recently closed on the sale of Building 3A to an institutional real estate investor. The investor was attracted by the opportunity due to the Class A design, its proximity to the Savannah ports and the strength of the tenant’s credit. Ownership was represented on the sale by the Atlanta JLL capital markets team led by Senior Managing Directors Britton Burdette, John Huguenard and Patrick Nally and Director, Jim Freeman.
“We’ve invested ourselves in GITC and the greater Savannah area for several years, and have been pleased to see the development ascend into one of the top industrial parks for major e-commerce and distribution users in the Southeast,” said Stonemont Principal Neal Moskowitz. “GITC’s port-driven location has made it into the premier industrial park it is today, and our strategic plan for the park has proven successful due to Stonemont’s track record of developing quality, above-standard product for top-tier users. Demand at GITC remains robust, and we are thankful for our invaluable partners who have made the latest development phase a smooth process from start to finish.”
The Stonemont and Davis joint venture’s final building in the park, Building 4A, is set to deliver by Q1 2024. The 733,200-square-foot, 40’ clear, Class A cross-dock warehouse is currently under construction and will hold 208 trailer spaces and 186 car parking spaces, with office and dock packages being delivered by the landlord. Gilbert & Ezelle Commercial Real Estate, a locally based Cushman & Wakefield alliance office, is handling leasing for the building.
GITC has proven to be successful largely in part because of its close proximity to the Port of Savannah, which moved 11.4 percent of the nation’s loaded international containers for the 2023 fiscal year, more than 2 million TEUs. The bustling port, the nation’s fourth largest, continues to serve as a magnet for retailers and manufacturers from across the country seeking to strengthen their logistics networks by concentrating activity in a region known for its low cost of doing business, deep labor pool and premier access to major rail lines and highways.
“The success at GITC is indicative of the continued growth in the Savannah industrial market driven by the Georgia Port Authority’s investment in the Savannah ports,” said David Allen, Senior Vice President of Asset Management at Davis. “It is a truly remarkable achievement for Stonemont and Davis to have delivered 8 million square feet across 10 buildings, and it is a testament to the capabilities of great partnerships.”
Alongside Davis, Stonemont is also developing the project in conjunction with Chesterfield. Additional partners for BDC and IDC include Omega Construction as the general contractor, Atlas Collaborative as the architect and Thomas & Hutton as the civil engineer.