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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Categories : Savannah

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