(Crystal Proenza is associate editor of Real EstateFlorida.)

SAVANNAH, GA-Honolulu, HI-based Alexander & Baldwin, Inc. has officially completed the acquisition of the Savannah Logistics Center, a one million-sf industrial park, and has leased the majority of the facility through its subsidiary, Matson Global Distribution Services. As reported by GlobeSt.com, the $50M transaction closed once construction was complete, funded primarily with proceeds from recent and pending real estate sales, including various tax-deferred sources, says an A&B spokesperson.

Matson Global secured a multi-year, 711,000-sf lease agreement for the center with a leading toy manufacturer that will use the space in its Southeast US logistics operations and warehouse/distribution services. A&B would not disclose the rental rate or the tenant's identity to GlobeSt.com. The property, A&B's first real estate investment east of the Mississippi River, is located near Interstates 16 and 95, as well as the Port of Savannah.

"The acquisition of the Savannah property extends our geographic reach to one of the busiest and fastest-growing ports in the country," says Allen Doane, A&B chairman and CEO. "The contract with a tier-one company, with extensive manufacturing facilities in China, extends our service reach deeper into customers' value and supply chains."