google-site-verification: google5ae98130f18ad244.html

Sunday, June 24, 2018
   
Text Size

Economic Development

May 15 - CRG Announces $57 million Sale of Build-to-Suit for Shaw Industries Group in Savannah

Savannah Business Journal Staff Report

May 15, 2018 - CRG announced the sale of its 1 million square foot build-to-suit facility in Savannah, Georgia for Shaw Industries Group, Inc., a Berkshire Hathaway Company 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. Additionally, CRG has the following projects under development in the region:

  • The Cubes at Inland 85
    • A 324-acre site in Spartanburg County, South Carolina. Building 1 is a 500,000-square foot speculative warehouse building.
  • The Cubes at Locust Grove
    • A 1,000,993-square foot speculative building available for lease in the I-75 corridor of Atlanta, Georgia.
  • The Cubes at Bridgeport
    • A 560-acre industrial mega site with 8.5 million square feet of potential warehouse space located in the southwest I-85 corridor of Atlanta, Georgia. Currently, another 1,002,150-square foot building is now under construction. 

E-commerce is driving business at CRG, along with an evolution in the technology and quality of buildings. As the industry begins to measure cubic feet and maximize racking space, CRG’s “The Cubes” industrial brand is part of its leadership effort to meet this tremendous demand in the speculative warehouse market. In addition to The Cubes, CRG plans to build a minimum of 10,000,000 square feet on an annual basis worth about $650 million of its Class A industrial product per year.

Comment (0) Hits: 508

More Articles...

  1. May 4 - BLS Data Highlights Key Role of Big Businesses in Job Creation
  2. April 26 - Pandora to create 250 jobs in Fulton County
  3. April 16 - Publix Savannah Women’s Half & 5K Makes $1.8 Million Impact in Community
  4. FEATURE: City of Savannah Takes Next Steps in ‘Savannah Shines’ Initiative; Mayor DeLoach Tears Down Blighted Home
  5. April 9 - Georgia Southern's Economic Monitor reports continued growth despite hurricane
  6. Jan. 10 - Start of construction at ‘Savannah Manufacturing Center’ highlighted at SEDA’s Annual Meeting
  7. FEATURE – RURAL DEVELOPMENT: Legislature to address fact that 71% of state’s population has migrated to only seven counties
  8. Nov. 22 - Savannah Economic Development Authority announces partnership with Savannah College of Art and Design
  9. Nov. 21 – SEDA updates City Council on Economic Development with Pitch for Continued Support of FilmSavannah office.
  10. Nov. 10 – Understanding the ‘Business Tax’ that Savannah Businesses and Professionals Must Pay to the City
  11. Oct. 31 - Amazon to create more than 500 jobs in Macon
  12. Oct. 27 – UPDATED: Savannah Economic Development Authority Responds to Statements by Atty. Mark Tate on Risk to SEDA
  13. Oct. 11 - Small business optimism slides in September
  14. Oct. 10 - U.S. Corporate Executives Rank Best States for Business: Georgia Ranks #3
  15. Sept. 28 - State Personal Income: Second Quarter 2017
  16. Sept. 26 - Stacey Abrams for Governor campaign releases "Advanced Energy Jobs Plan" to create long-term, high-wage jobs in Georgia
  17. Sept. 24 - Three companies announce expansions in Savannah
  18. Sept. 22 - Three companies Announce Expansions in Savannah according to SEDA
  19. Sept. 22 - FEMA Disaster Recovery Center Opening on Tybee Island Beginning tomorrow, Sept. 23
  20. FEATURE: If your HOME or BUSINESS is flooded, tips from on cleanup from the experts

Page 1 of 427

CLICK to receive NEWS ALERTS

Follow Us!

TwitterFacebook

Komento Activities

Guest - What is wrong with our city representatives - Commented on Jan. 18 – Grocers and Retailer... in Joomla Article
How could this be unanimous. What would the representatives do if the companies called the police e...
MY ACCOUNT
CONTACT
SOCIAL
MORE
ADVERTISE
Coastal Empire News
Headquarters: 35 Barnard St., Suite 300, Savannah, GA. 31401.
Tel: 912-388-4692 | Hours: 8:30 a.m. to 5:00 p.m.