A Northeast investment firm has scooped up a five-building industrialportfolio in Savannah, Georgia, increasing its holdings in one of thenation's fastest-growing industrial and logistics hubs.

Sanders Equities paid $75.1 million for Portside V Portfolio, a 737,050-square-foot portfolio located about 5 miles from the Garden CityTerminal, one of the fastest growing ports on the East Coast. The dealwith Prologis, the world's largest industrial real estate owner, cameout to $102 per square foot.

The purchase represents a "landmark" acquisition for the firm, JordanSanders, president of Sanders Equities, said in a statement.

"Port-adjacent, infill industrial product in Savannah is increasinglydifficult to replicate," Sanders said. "Rising land values and ashrinking development pipeline near the terminal make assets likethese genuinely irreplaceable over the long term, and we seecontinued opportunity to grow in this market alongside our core NewYork portfolio."

The company, which has offices in Jericho, New York, and Greenwich,Connecticut, now owns more than 1 million square feet in theSavannah market.

The portfolio comprises 405 Expansion Blvd., 190 Gulfstream Road,194 Gulfstream Road, 198 Gulfstream Road and 318 Grange Road inSavannah's Dean Forest area. It spans nearly 52 acres and featuresclear heights ranging from 21 to 28 feet, 62 dock-high doors and eightdrive-in doors. Roughly 80% of the properties include trailer parkingor outdoor storage components.

The portfolio is fully leased to five tenants across the logistics anddistribution sectors, including Davis Brothers Logistics, SavannahStone Source and Dockside Logistics, according to CoStar data.

Demand for industrial space in Savannah is strong, as the city hasemerged as a major East Coast distribution hub. The port serves as anexus for the region's rail and road transportation network, andinfrastructure enhancements, such as the harbor deepening in 2022,add to Savannah's appeal to industrial users.

Several mega-sized deals have recently pushed the sales volume tonew heights. That includes AEW Capital Management's

$168.5 millionpurchase

of the Main Gate Logistics Center, a four-building, nearly 1.3million-square-foot park, in March.

For the record

Britton Burdette, Dennis Mitchell, Jim Freeman and Maggie HolmesDominguez of JLL Capital Markets represented Prologis in the sale.

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