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SAVANNAH, GA-Honolulu-based A&B Properties Inc. has entered into a contract to acquire the one-million-sf Savannah Logistics Center for nearly $50 million. The property is being constructed by Atlanta-based Oakmont Industrial Group.

A&B, the real estate subsidiary of Alexander & Baldwin Inc., will fund the acquisition using proceeds from recent and pending real estate sales, including various tax-deferred sources. The transaction is expected to close in the first quarter of 2008 once construction is completed. The property, located at S.H. Morgan Parkway at Pooler Parkway, consists of a 710,844-sf cross dock building and a 324,832-sf front load building. It includes 201 truck doors and 459 trailer spaces and offers access to Interstate 16, Interstate 95 and the Port of Savannah.

"This property was attractive for acquisition because of its state-of-the-art design, it was constructed by a quality developer [Oakmont] and, in particular, it has ample trailer storage, which is a key requirement for logistics users," A&B Properties Inc. executive vice president Norb Buelsing tells GlobeSt.com, who adds that A&B Properties is working with parties that are interested in leasing all or a portion of the premises.