Savannah Gateway 1G_Property for Sale
Savannah Gateway 1G_Property for Sale
1001 Gateway Parkway, Rincon, GA, 31326, US

Savannah Gateway 1G

Asset Description

On behalf of the ownership, Jones Lang LaSalle America, Inc. (“JLL”) has been exclusively retained by the ownership as the sales representative for 1001 Gateway Parkway, also known as Savannah Gateway – 1G or "The Property." This Class A distribution center spans 204,800 square feet and is fully leased. Located in the thriving Savannah, Georgia industrial market, it is strategically positioned just 11.9 miles from the booming Garden City terminal at the Port of Savannah and provides easy access to I-95 and I-16.


Situated within the Savannah Gateway Industrial Hub, one of the largest industrial parks in the region, the property benefits from dual-rail service by both CSX and Norfolk Southern. Additionally the new Effingham Parkway, expected to be completed by September 2025, will run through this park, solidifying its position as closest in proximity to the port with dual access in the Highway 21 Corridor.


This high-quality building comes with a 7.9 year WALT and is fully leased to two (2) tenants, including the tier 1 Hyundai supplier Kyungshin America Corporation (KAC) - a subsidiary of guarantor Kyungshin Corporation with $1.8 billion 2023 revenue – and Weida Freight.


The industrial market in Savannah is experiencing remarkable growth, fueled by record cargo volumes at the Port, expansion projects, and extensive logistical connectivity. In terms of tracked tenant demand as a percentage of inventory, Savannah ranks first from 2022 through 2023. In 2023 alone, the market witnessed net absorption of 13.2 million square feet, placing Savannah second in terms of percentage of inventory and more in total than Atlanta. The strong performance has continued into 2024 H1, with over 9.8 million square feet of leases signed (up 156% year-over-year), roughly 730,000 sf shy of 2022's record volume at the mid-year mark.

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Attributes

Building area net
19,027 m²
Year built
2023
Occupancy
100%
WALT
7.9 years
Tenants
2

Media

Investment Highlights

Financial highlights

  • KAC represents 67% of the footprint for building 1G totaling 136,509 SF
  • Tier One supplier to Hyundai that produces wire harnesses
  • Remaining term: 9.3 years with 4% annual escalations
  • Weida represents 33% of the footprint for building 1G totaling 68,291 SF
  • Specializing in Ocean, Air, Drayage, Warehousing, and Distribution as a one-stop logistics solution.
  • Remaining term: 5.0 years with 3.5% annual escalations
  • Tenants executed NNN leases with limited Landlord responsibilities
  • 7.9 years of WALT


Unprecedented Industrial Market fundamentals

  • 13.2 MSF of net absorption in 2023 (more than Atlanta’s 9.7 MSF)
  • Third consecutive year of annual net absorption surpassing 10 MSF
  • 2nd highest annual net absorption in the market’s history
  • Over 9.8 MSF of leases signed in 2024 H1
  • 1H leases signed up 156% YoY, right under 2022's record volume
  • 2024 H1 absorption reached second largest 1H volume on record - 6.0 MSF
  • First in the country for tenant demand and second in net absorption as a percent of market inventory as of Q4 2023
  • 13% rent growth in past two years
  • 39.3 MSF of positive absorption over the last 3 years
  • Nearly 30 MSF of active tenant requirements to meet 9.0 MSF of speculative development currently under construction.


Savannah Gateway Industrial Hub - a proven, premier logistical park

  • 2,600+ acre master-planned industrial park with dual rail service – CSX and Norfolk Southern, switching services provided by OmniTRAX
  • 18 million square feet of industrial space in total when the park is completed
  • Close proximity to I-95, I-16, Highway 21, and the future Effingham Parkway
  • Effingham Parkway - underway and will run through the Savannah Gateway Industrial Hub, providing the park with improved alternative access. Scheduled to be completed in September of 2025, the parkway will be a 6.4 mile, 2-lane roadway which will connect State Route 30 in Port Wentworth to Blue Jay Road in Rincon with further access to Jimmy Deloach Pkwy. The roadway will run parallel to the existing GA Route 21.
  • Will be the closest park in the submarket with dual access to the port via Highway 21, solidifying its position as one of the premier locations in the Highway 21 Corridor
  • 11.9 miles from the Georgia Ports Authority’s booming Garden City Terminal
  • Effingham County - attractive incentives for industrial occupiers, excellent labor pool, and one of the fastest growing suburbs of the Savannah MSA


Highway 21 - a top performing submarket

  • Since 2020 the Highway 21 Corridor has seen unprecedented growth
  • The average asking rent increased 48.3% compared to the overall Savannah market at 35.08%
  • Absorption exploded 15x from 828k total SF between 2014 – 2019 to 12.3M total SF between 2020 – 2024 Q2
  • The submarket posted these strong numbers all while delivering 13.1M SF since 2020
  • 2024 H1 has seen 5 leases signed for 1.7 MSF representing 11.6% of total current inventory
Savannah Gateway 1G 4_Property for Sale
Savannah Gateway 1G 4_Property for Sale

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Last updated
17 Jul 2024