Savannah – July 15, 2020 – 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.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) CBRE Press Release worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About North Signal Capital
North Signal develops and acquires functional, flexible and strategically located distribution and manufacturing facilities in the Southeastern US. For more information regarding North Signal Capital LLC, please visit www.northsignalcapital.com.
About Westport Capital Partners LLC
Westport Capital Partners LLC is a real estate investment firm focusing on adding value to real estate and “hands-on” solutions to complex situations. Westport provides domestic and international real estate related investment opportunities to institutional and private clients. Through its various funds, the firm invests in a wide variety of distressed, opportunistic and core plus real estate assets. The firm has offices in Los Angeles, California and Stamford, Connecticut. For more information regarding Westport Capital Partners LLC, please visit www.westportcp.com.