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Perseus Forms Port Center JV

SAVANNAH, GA-The 600,000-sf warehouse is the second deal this summer for the PRP II fund.

By Carl Cronan | Updated on August 14, 2008

SAVANNAH, GA-Perseus Realty Partners says it will develop the Interstate Center II industrial park in a three-way joint venture with TPA Realty Services and Resource Real Estate Partners. The 600,000-sf first phase represents the second deal this summer for the $200-million PRP II fund.

Interstate Center II, located 20 miles from the Port of Savannah at Interstate 16 and US 280, will be part of a planned port logistics center that will occupy more than 500 acres. The initial cross-dock warehouse will take up 54.5 acres at the site.

The JV partners are investing approximately $8.1 million equity into the Savannah project announced Thursday, along with $15 million financing from third-party debt. J. Brad Smith, principal of both the TPA and Resource segments, says demand for industrial space in the Savannah market is projected at up to three million sf per year.

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