JLL Capital Markets facilitated sale of fully leased Class A distribution center
News release
31 October 2024
Savannah Gateway 1G sells for $34.1M in booming industrial market
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ATLANTA, Oct. 31, 2024 – JLL Capital Markets announced today the $34.1 million sale of 1001 Gateway Parkway, a Class A distribution center in Rincon, Georgia, also known as Savannah Gateway 1G.
JLL represented the seller, Broe Real Estate Group, the multi-billion-dollar real estate developer of the 2,600-acre Savannah Gateway Industrial Hub. An affiliate of LXP Industrial Trust acquired the property.
The 204,800-square-foot facility is fully leased to two tenants: Kyungshin America Corporation, a tier 1 Hyundai supplier and subsidiary of Kyungshin Corporation, and Weida Freight. The center features tilt-wall construction, 32-foot clear height, 185-foot truck court depth, 38 dock-high doors, two drive-ins, 31 stalls, 25 levelers and 133 auto spaces.
Located in the Savannah Gateway Industrial Hub, the property sits 11.9 miles from the Garden City terminal at the Port of Savannah, with easy access to Interstate 95 and Interstate 16. The industrial park offers dual-rail service from CSX and Norfolk Southern. Additionally, the upcoming Effingham Parkway, slated for completion by September 2025, will enhance the property's accessibility, cementing its position as the closest dual-access facility to the port in the Highway 21 Corridor.
The JLL Investment Sales and Advisory team was led by Senior Managing Directors Britton Burdette, Matt Wirth and Dennis Mitchell along with Senior Director Jim Freeman.
"This transaction highlights the growing importance of the Savannah market in the national industrial landscape," Burdette. "As port activity continues to increase, well-positioned facilities like 1001 Gateway Parkway are becoming increasingly valuable to both investors and tenants seeking to optimize their supply chain operations."
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL’s newsroom.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Broe Real Estate Group
Broe Real Estate Group, an affiliate of The Broe Group, acquires, develops, and manages commercial real estate assets. Affiliated companies own and manage office and industrial properties, medical office buildings and multi-family communities across the country, including premier assets in many of the most desirable markets. The Broe Group has a 50-year history of value-add real estate investing in Colorado and across the United States. We improve value though the implementation of focused business plans that increase cash flow and create stable income streams. Additional information is available at broerealestate.com.