CBRE Closes $39.5MM Sale of Two Industrial Buildings at Dean Forest Commerce Park
16 Jul 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.
“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.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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.