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A&B Acquires Industrial Park, Leases 711,000 SF

SAVANNAH, GA-Most of the one million-sf facility has been leased to a leading toy manufacturer.

By Crystal Proenza | Updated on April 19, 2008

(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.

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