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A&B Properties To Buy Logistics Center for $50M

SAVANNAH, GA-The Honolulu-based company will buy the one-million-sf property from Oakmont Industrial Group once it is completed in first quarter of 2008.

By Natalie Keith | Updated on November 12, 2007

(Read more on the industrial market.)

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.

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