A medical supplier and a freight-forwarding company are new tenants in the Georgia International Trade Center in Effingham County, on Ga. 21 at the Chatham County border.
Stonemont Financial Group, a private real estate investment firm based in Atlanta, announced the new tenants this week and said phase one of the development is finished.
Dukal Corp., a leading global supplier of medical disposable products and patient care items, has leased 270,000 square feet. Dukal entered the Savannah market in 2013, opening an East Coast distribution center on Tremont Road.
And De Well Group, a global freight-forwarding company based in Los Angeles, has purchased a 155,000-square-foot spec warehouse. De Well is a leading freight-forwarder on the Asia-North American trade routes.
It’s the company’s first building in the Savannah area and will serve as its headquarters in the Eastern United States.
The first phase of the industrial park has 2.5 million square feet, of which 1.6 million square feet have been leased or sold.
The early success in filling the industrial park has speeded up construction on phase two. Work already has begun on two spec development buildings, which will be finished in spring 2021.
Tenants announced earlier include anchor Shaw Industries, a Dalton, Ga., flooring company, and Sunland Logistics, which fulfills orders for Panasonic.
The park, which is less than 10 miles from the Georgia Port Authority’s Garden City Terminal, will have up to 7.2 million square feet of industrial development buildings ranging in size from 155,000 to 1.3 million square feet. It has CSX rail service with direct access to the port.
“The phenomenal pace of absorption we’ve seen in the first phase alone demonstrates a clear and healthy level of demand from 3PL (third-party logistics) providers and other logistics firms that will continue to accelerate moving forward,” said Zack Markwell, managing principal and CEO at Stonemont Financial Group.
Stonemont and its development partner Chesterfield LLC took a substantial risk in pursuing the Shaw transaction, as they knew it could be a catalyst for GITC, Stonemont said in a news release this week.
Before securing the contract with Shaw, the firms chose to start over $3 million of site preparation work that was needed to meet the delivery date mandated in Shaw’s request for proposals. General contractor Omega Construction worked on a handshake deal with Stonemont and Chesterfield, making a gamble that the project team would ultimately win the bid with Shaw.
“This is one of those war stories we’ll talk about forever,” said David Burch, principal with Stonemont. “Obviously it was a big risk, but we knew how much that first build-to-suit could mean for the future of the park, so we took it.”
The next phase of construction calls for three buildings with 1.15 million square feet, 416,000 square feet and 250,000 square feet. Stonemont said it has invested more than $150 million to date and is developing the project in conjunction with Chesterfield and The Davis Companies.
Recent Comments