Archive for Savannah

Jun
05

Ziff Properties Sells Savannah Parking Garage

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ziff-properties-logoZiff Properties Inc. has sold the Manger Parking Garage, a 420-space parking structure located at 115 E. Congress St. in Savannah. A local buyer purchased the asset for $20 million. Ziff Properties has retained the historic Manger Building, an adjacent 118,059-square-foot office building located at 7 E. Congress St.

Todd Casper and Michael Hassler of CBRE’s Houston office represented Ziff Properties in the transaction.

Categories : Savannah
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Jun
08

Savannah: Tiny Houses for Homeless Veterans

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tiny housesThe Savannah-Chatham Homeless Authority in Savannah, GA, is turning to tiny houses to help solve the community’s homeless problem, WJCL-TV reported.

The authority purchased a $208,000 parcel of land — near active homeless camps — where it will build 72 tiny houses, and an estimated 240 homeless veterans will get the first shot at entering the lottery to determine who will live there. This was the third piece of land the authority considered but marked the first purchase that did not face objections from neighbors.

The authority said it aims to eventually consolidate the city’s estimated 4,000 homeless people, currently spread among 36 makeshift camps, into this tiny house development and one large camp to be developed in the future. The authority, which said it most likely will break ground this fall and have 12 houses ready by spring, must now raise construction funds, estimated at $7,000 per house.

The idea of tiny house developments has drawn national interest, but it seems to also inspire a NIMBY attitude among some if that development includes a low-income component — a situation occurring with a proposed tiny house development in Florida. A developer in Tallahassee, FL, has been met with resistance from neighbors since announcing his plans for an $8 million tiny house development geared toward low-income individuals. Critics, many of whom live in a neighboring development, cited the developer’s association with a homeless shelter in Tallahassee and said crime and other undesirable behavior plagued that facility’s surrounding neighborhood, and that they now fear their own neighborhood will become unsafe if the development is realized.

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Dec
08

Low Vacancy Driving Savannah Spec Building Construction

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spec buildingWith area industrial vacancy rates at historical lows, speculative building is beginning to pick up as developers — still smarting from losses incurred in the recession of 2008-2010 — jump cautiously back into the game.

The latest is California-based Panattoni Development Co. and its equity partner, PCCP LLC. The two have formed a joint venture to buy a 33-acre land parcel in Westport Business Park in Garden City to build a 312,000-square-foot industrial distribution center.

The center, which is expected to be complete by August, will consist of a cross-dock distribution center featuring 32-foot clear ceiling heights with 94 dock doors, 52-by-60-foot stage bays, trailer spaces and 77 car parking spaces.

“We are looking forward to embarking on our second equity investment with Panattoni, a best-in-class developer of industrial properties throughout the nation,” said John Randall, managing director with PCCP. “Based on the local market fundamentals and high demand for quality facilities, we anticipate this property will generate a good amount of interest from large corporate users.”

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Aug
02

Charleston and Savannah Among Ports to Watch

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port craneWith less than 10 months to go until the $5.2 billion Panama Canal expansion opens in April 2016, U.S. ports are implementing almost $30 billion in dredging and infrastructure improvements to handle Post-Panamax ships—massive 400-yard-long vessels that can carry about 14,000 product containers.

Shipping experts estimate that the two main U.S. ports, Los Angeles/Long Beach and New York/New Jersey, will continue to grow at a steady pace after the expansion. However, secondary markets that are spending some of those billions mentioned above are poised to gain more market share. Up to 10 percent of container traffic from East Asia could shift to East Coast ports by 2020, according to a recently released study by C.H. Robinson and the Boston Consulting Group. West Coast ports will still grow their shipping, but more cargo will head east, especially as companies look to diversify their routes to avoid another labor strike like the one that hit California ports earlier this year.

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Categories : Charleston, Savannah
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Mar
26

Flurry of Freight Spurs New Construction in Georgia

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port craneThe business of marine transport here at the nation’s fourth-largest container port is a study in numbers.

Thirty-one oceangoing container vessels berth at the nearly 10,000-foot-long Garden City terminal each week. More than 8,000 trucks arrive and depart from the terminal daily. Garden City handled 3.3 million 20-foot containers last year, over 10 percent more container cargo than in 2013, and a record.

There are other numbers that are just as vital to this growing business, but not nearly so visible. Hidden behind the green curtain of Georgia pine forest that surrounds the terminal are 45.3 million square feet of logistics, storage and distribution centers, according to the Georgia Ports Authority, the terminal’s owner and operator.

“The link between the terminal and the distribution centers is essential to our operations,” said Curtis J. Foltz, executive director of the Georgia Ports Authority. “Our competitiveness is based on efficiency and connectivity, making sure products don’t sit around. The real estate developments are a partnership that makes expanding trade here possible.”

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Nov
28

58 Acres Near Savannah Port Sold

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Commercial Development Company Inc. (CDC), a leading North American commercial real estate and brownfield redevelopment company, today announced the acquisition of a 58-acre, environmentally-distressed waterfront industrial site in Savannah, Georgia from Atlantic Wood Industries. Environmental Liability Transfer, Inc. (ELT), an affiliate of Commercial Development Company, has assumed responsibility for legacy environmental liabilities associated with the site and its former operators.

For several decades, this property was a wood treatment facility operated by Atlantic Wood Industries until being shuttered in 2007. Since closing its doors, ground contamination and environmental hazards have prohibited redevelopment efforts. A real estate transaction and remediation plan proposed by Commercial Development Company & Environmental Liability Transfer has given fresh potential to this blighted industrial area.

The transaction has enabled Atlantic Wood Industries the ability to sell surplus real estate and transfer legacy environmental liabilities while receiving a cash payment from CDC.

ELT along with EnviroAnalytics Group (EAG), another CDC affiliate company, will now work with the Georgia Environmental Protection Division (EPD) to address the environmental concerns at the site. The existing structures on the site will be demolished to clear the way for a new port-related redevelopment that will put this blighted site back into productive use.

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Aug
20

Savannah Lodging Market Gets Positive Forecast

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Savannah-area hotels will continue to see strong growth this year and next thanks to overall improvement in the economy, according to the Georgia Hotel and Lodging Association’s annual forecast. Mark Woodworth, president of Atlanta consulting firm PKF Hospitality Research, presented data on local and national industry trends Tuesday to several dozen hotel professionals at the Embassy Suites downtown.

Occupancy rates for all hotels in Savannah should end the year at 69.1 percent, said Woodworth, up from 66.9 percent last year. He said modest growth is also expected in 2015 at 69.8 percent occupancy.

“The industry has never looked better than it has today,” Woodworth said.

He said looking nationally, by 2015, the lodging industry should see its sixth consecutive year of increasing occupancy, the longest such streak since 1988, as well as its highest level of occupancy since 1995, at 64.6 percent.

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Sep
04

Savannah Outlet Mall Under Construction

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Premier Outlets, a division of Ben Carter Enterprises, has broken ground on the Outlet Mall of Georgia, a $200 million outlet development on Interstate 95 in Pooler, approximately 10 miles west of Savannah. The outlet mall will feature 500,000 square feet of restaurants, children’s play areas and retail outlet stores. The project is expected to open in spring 2015.

Savannah, located along the east coast of south Georgia, has more than 12 million visitors per year, according to Ben Carter, founder of Atlanta-based Ben Carter Enterprises. The site for the outlet mall has more than 25 million passing vehicles annually and its regional trade area encompasses more than 860,000 people.

The new outlet center will contain more than 80 outlet stores and is projected to create approximately 800 to 900 permanent jobs for the Savannah area. In addition to the main retail venue, The Outlet Mall of Georgia is also offering about 45 acres of adjacent land for retail, restaurant and hotel development. Upon completion, the overall project will consist of approximately 1 million square feet.

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Dec
02

Kroger Center in Savannah Sold

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The Berwick Marketplace, a 38,000-square-foot shopping center located at Berwick Plantation, has been purchased by Ziff Properties, Inc.

Ziff, based in Charleston, S.C., also owns the Manger Building downtown. The real estate investment, development and management firm owns more than $180 million worth of commercial space in the Southeast and has spent $23 million this year.

Terms of the deal were not disclosed. Maxwell Penn with local commercial real estate firm Colliers Neely Dales brokered the deal. The property was previously sold in 2007 for $10,275,000, according to Chatham County property records. The Berwick Marketplace opened in 2005 and is adjacent to the area’s largest Kroger store. Kroger owns the 75,000 square foot building its store occupies.

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Aug
31

Savannah Apartment Market Snapshot

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More than one-fourth of the region’s apartments have been built in the past four years pushing the vacancy rate ever higher. However, during the past year, the development pipeline slowed considerably allowing the vacancy rate to begin to recover from 13.7% as of July 2009 to 12% as of July 2010. Demand was at its highest level in over six years, which also made a significant impact.

The market added over 800 new units in the past year and only two communities are currently under construction in the region. There are four additional proposed projects, however, developers have put many of these on hold until market conditions improve. The Bluffton and Savannah-West submarkets have been the most active in terms of new development. Many communities continue to offer concession in reaction to higher vacancy rates. Same-store rents fell again last year resulting in a lower overall average rent of $778.

“The lack of new development will allow the vacancy rate to continue to improve into the coming year, however, long term recovery will be dependent on how quickly the overall economy rebounds from the economic downturn” reports Kelly Reddecliff, a multi-family analyst at Real Data.
Categories : Bluffton, Savannah
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