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Commercial Real Estate

Aug. 6 - Premier Downtown Savannah Retail Spaces Trades Hands

Category: Commercial Real Estate

Savannah Business Journal Staff Report

August 6, 2018 - CBRE has facilitated the sale of News Place West Retail, a 9,423-sq.-ft. retail space on the ground floor of a mixed-use four-story complex at the intersection of West Bay Street and Barnard Street in Downtown Savannah, GA. Major tenants include Five Guys, Below Zero Rolled Ice Cream, and an international coffee retailer. The space was acquired by Miller Brothers Savannah, LLC, for $4.325 million, or $459 per square foot.

CBRE’s Craig Taylor and Elizabeth DeWitt represented the seller, News Place West, LLC, in this transaction. Heath Charamuga of Colliers’ Sacramento office represented the buyer.

“Downtown Savannah is a highly desirable area for investors, due to 13 million annual tourists, a top tier and expanding U.S. port, and a well-defined historic district,” said Craig Taylor, senior vice president at CBRE. “News Place West is in a high-profile infill location with one of the highest traffic counts and pedestrian foot traffic in the Savannah CBD, which makes it a great investment.”

The space is situated above four levels of parking, the largest underground parking deck in the Savannah CBD with 1,100 spaces. Located next to Ellis Square, the complex also features high-end residences and is within a few minutes walk to major hotels such as Andaz, Hotel Indigo, Hyatt Regency, Cotton Sail Hotel, Kessler’s Bohemian Hotel, Hilton Garden Inn, and Double Tree.

 

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