Archive for Savannah
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.
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.