CRG announced in May the sale of its 1 million-square-foot, build-to-suit facility in Savannah, Ga., for Shaw Industries Group, Inc. to Griffin Capital Company, LLC for $57 million.
The new facility will allow Shaw to expand its distribution and warehouse capacity in the area. The new cross dock facility sits on 70-acres and will provide access to Shaw’s current operations adjacent to the site.
“We are seeing unprecedented industrial demand in the Savannah industrial market,” CRG Southeast partner Mike Demperio said. “In working with our capital market experts, it became evident to us that the deepening of the port, the reopening of the Panama Canal, the larger Panamax ships combined with what we perceived as demand for space were the ingredients that would make us successful.”
Clayco was the design-builder on the project and its subsidiary BatesForum was the architect. The building was completed in April 2018.
Esmael Hill of The Net Lease Group (NLG) represented the seller in the transaction. NLG also arranged equity to finance the construction of the facility, which CRG originally developed on a speculative basis.
Also, in the Southeast region, CRG developed an 832,000 square feet building for Shaw Industries adjacent from the site referenced above.