Archive for Savannah
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.
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.