Boston– The Georgia International Trade Center, a $500 million development in Savannah, Georgia which will comprise nearly 7 million SF of manufacturing/warehouse space upon completion, has achieved significant progress in construction and leasing, according to The Davis Companies and Stonemont Financial Group, joint venture partners in the massive project’s development, alongside Chesterfield, a firm that specializes in the development of office and industrial properties throughout the southeastern United States.
The Georgia International Trade Center site totals 1,150 acres and is ideally located within 10 miles of the Georgia Ports Authority (GPA) Garden City Terminal and 3.8 miles from Interstate 95. Construction began in March of 2019 and is complete or underway on four buildings totaling 2.42 million SF, of which 1.65 million SF has been leased or placed under contract for sale. Tenants include global flooring manufacturer, and Berkshire Hathaway subsidiary, Shaw Industries Group (1.07 million SF), healthcare products manufacturer Dukal Corporation (270,000 SF) and third-party logistics services provider Sunland Logistics Solutions (150,000 SF). Plans call for the construction of up to six more buildings on the property, totaling an additional 4.4 million SF.
David Allen, Senior Vice President of Asset Management for The Davis Companies, attributes the unparalleled success of the project to the firm’s partnership with Stonemont Financial Group and Chesterfield. “The Georgia International Trade Center presented an opportunity to join forces and leverage the complementary expertise of our respective teams. We look forward to completing the remaining 4.4 million square feet of development, building upon the tremendous accomplishments achieved thus far at GITC,“ said Allen.
The Georgia International Trade Center is the Savannah metro area’s latest large-scale Class A industrial park and is the last park able to be constructed within 10 miles of the GPA’s main Garden City Terminal that can accommodate build-to-suits of over 1 million SF.
In calendar year 2019, the Port of Savannah moved 4.6 million twenty-foot equivalent container units (TEUs), an increase of nearly 250,000 TEUs (5.6 percent) compared to the previous year. The Port of Savannah handled 8.5 percent of U.S. containerized cargo volume and 10 percent of all U.S. containerized exports in FY2017. The Port is the 4th largest in the U.S. (based on TEU throughput volume), and GPA continues to invest billions of dollars in port infrastructure to support its growth.