Dealmaker: JLL Secures $63M for Savannah Industrial Project

JLL Capital Markets, Chicago, arranged $62.8 million in construction financing for Phase I of Logistics 16 at Ottawa Farms, a three-building industrial facility in Savannah, Ga.

Logistics 16 at Ottawa Farms will total just over one million square feet when complete. It received three-year construction financing.

JLL Managing Director Melissa Rose, Director Michael DiCosimo and Analyst Mateo Bolivar led the capital markets team representing borrower McCraney Property Co., West Palm Beach, Fla.

The entire project will comprise nine buildings totaling more than 4.5 million square feet of Class A industrial space. Phase I of Logistics 16 at Ottawa Farms is located on an 85-acre site at 702 Bloomingdale Road. The property has expressway access to the Port of Savannah, the Savannah/Hilton Head International Airport and Interstates 16 and 95. Major Southeast markets including Atlanta, Orlando and Charlotte all lie within a four-hour radius.

The Port of Savannah is a core economic driver in this market, with a record 5.76 million twenty-foot equivalent units processed at the port so far this year, up 8% from last year. Analysts project the port will have more than nine million TEUs of capacity by 2030, driven by $2.5 billion of public investment through the Georgia Ports Authority.

“The industrial asset class and local market are among the strongest nationally,” Rose said.