CBRE is pleased to announce the sale of two industrial buildings, totaling 444,030 square feet, in Savannah, Georgia. The properties are located at 1315 and 1319 Dean Forest Road in the Dean Forest Commerce Center. CBRE marketed the property on behalf of the seller, a joint venture between North Signal Capital and a fund managed by Westport Capital Partners LLC. Affiliates of Lexington Realty Trust purchased the assets.
The 100% occupied properties sold for $39.5MM.
CBRE’s Trey Barry, Frank Fallon, and Chris Riley, with local partners William Lattimore and Bill Sparks, represented the seller in the transaction.
“The opportunity to acquire these two properties at the Dean Forest Commerce Center allowed the buyer to expand their footprint in the rapidly expanding Savannah industrial market,” said Trey Barry, senior vice president at CBRE. “With 100% occupancy, Class A+ building specifications, and close proximity to the Port of Savannah, these properties will make strong additions to Lexington’s industrial portfolio.”
Port Logistics Group occupies 100% of the 355,527 square foot building at 1315 Dean Forest Road while SLM Group Holdings occupies 100% of the 88,503 square feet at 1319 Dean Forest Road.
“This sale demonstrates that demand remains strong, in both leasing and investment, for well positioned industrial properties,” said William Lattimore, Senior Vice President at CBRE.
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