Market Mondays: Savannah, GA - Dec 9

MARKET OVERVIEW
Savannah, GA

Why Savannah?

Savannah’s population grew to 343k people in 2024, a 1.2% increase from 2023 (which is approximately double the avg. U.S. growth rate) .

Recently, Hyundai made a $7.6 billion investment for a 2,906-acre electric vehicle and battery plant near Savannah. It expects to employ about 8,500 workers at full capacity. Other established firms in Savannah continue to grow; Gulfstream Aerospace Corporation is expanding its production facilities to add around 1,600 jobs. Memorial Health, the second-largest employer in Savannah, is adding facilities there and in neighboring Pooler and Richmond Hill.

Savannah's industrial outdoor storage related growth is fueled by its strategic location near the Port of Savannah, access to rail lines, and I-95. The Port of Savannah has expanded berth capacity for incoming ships and processing capacity for containers. New rail lines will boost product movement inland, increasing employment at the port and among supporting businesses. Additional warehouses and distribution centers have come online to handle the influx of products. All told, the area expects an additional 10,000 to 15,000 jobs by 2030.

Top Companies to Know in Savannah

Gulfstream Aerospace
Memorial Health
Hyundai Motor Group

Check out this link for a full list. 

Eastern Seaboard / Gulf Coast Ports

The eastern seaboard and gulf coast ports have seen growth across the board – and Savannah is no exception, with goods processed up ~60% from 2014 levels. Check out the below graphic.

IOS Market Trends

Port of Savannah growth and supply chain disruptions continue to fuel the demand and need for the industrial outdoor storage sector. The Port of Savannah currently has multiple developments underway, one of which is dock renovation at the Ocean Terminal. Savannah aims to increase the port’s current production by 60 percent by 2025. Forecasted growth across the ports will result in increased IOS demand.

CLOSED TRANSACTIONS
Acquisitions and Dispositions

ACQUISITION: In November, Peakstone Realty Trust completed a landmark acquisition, acquiring a 51-property IOS portfolio from Alterra IOS. One property is located in Savannah on 14 useable acres.

ACQUISITION: In June, Argosy Real Estate Partners, in partnership with Bay Street Capital, acquired 50-52 Telfair Place. This approximately 48-acre IOS property has one existing building totaling 4,251 sf (3% coverage). The property was secured off-market and is currently 100% leased to two tenants. The asset is located with immediate access to the Port of Savannah (under 3 miles), proximate to major interstates (I-95, I-16, and I-516).

ACQUISITIONS: Triten Real Estate Partners acquired a three-property drayage portfolio located in Port Wentworth, GA (one site highlighted above). 18 Gulfstream Road has a 7AC lot size and coverage of 2.5%. Zach Dobin from Triten led the deal and was assisted by Adana Capital’s Charles Lintakoon and Ross Graves.

ACQUISITION: Imperium Capital is in Savannah, GA - highlighting a secured truck and trailer parking facility above at 32 Mincey Blvd. The 4AC site is just 3 miles from the booming Port of Savannah.

MORE SAVANNAH YARDDOGS: Matt Wiener at Bay Street Capital;  Sebastian Findlay, SIOR, Zachary Zakas, Ashley W. Smith, SIOR, CCIM, and Tammy Lomonaco with Colliers. 

Know of other great Savannah IOS acquisitions or YardDogs that we missed?

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