WASHINGTON, D.C. – (RealEstateRama) — CRG has engaged JLL to market and lease a 1.7 million square foot speculative industrial development in Savannah. CRG, the real estate development arm of Clayco, purchased two parcels of land for the project last year. Steve Grable, SIOR and Chris Tomasulo of JLL represented CRG in the land acquisition from Dallas-based Stratford Land.
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Located at 590 and 455 Northport Parkway, the parcels total 133 acres. Construction is currently underway on Northport Commerce Center, a two-building speculative distribution center situated on the parcels. The first building, 590 Northport, will deliver in June of 2017. Grable and Tomasulo are marketing and leasing the project on behalf of CRG.
“We appreciate representing CRG in the purchase of the two Northport sites and are enthusiastic about the opportunity to exclusively lease and market the speculative development,” said Grable.
Once completed, the state-of-the-art facilities will feature Class-A amenities and offer a rare 36’ clear height. 590 Northport Parkway totals 832,000 square feet with 220 trailer spaces and 173 dock high doors. 455 Northport Parkway will total 866,100 square feet and offers 185 trailer spaces and 148 dock high doors. Other features in both buildings include ESFR sprinklers, energy-efficient LED lighting and convenient access to Interstate 95 and Port of Savannah. Clayco is the design-build contractor and the company’s architecture subsidiary, Forum Studio served as the design team for the project.
“CRG believes strongly in the future of the Savannah industrial market,” said Mike Demperio, Vice President and Southeast Partner, CRG. “We see opportunity as a result of the opening of the Panama Canal and the work done on deepening the Port of Savannah.”
Demand for industrial space remains high in Savannah, due in part to Port of Savannah and the Savannah Harbor Expansion Project. In 2016, 3.1 million square feet of new industrial space was delivered in Savannah and is 100% leased. Transaction totaled over five million square feet last year, according to a recent JLL research report.