101 and 111 Coleman Blvd. and 10 Artley Road in Savannah, Georgia — Courtesy: Denholtz Properties
By Joshua Burd
Denholtz Properties has expanded its holdings outside New Jersey with the addition of nearly 360,000 square feet of multitenant industrial space in Savannah, Georgia.
The firm, which is based in Red Bank, said the portfolio spans three buildings at 101 and 111 Coleman Blvd. and 10 Artley Road, marking its latest purchase under a $1 billion joint venture announced earlier this year. The assets are fully leased to a mix of tenants including Collins Aerospace, Johnson Matthey and East Coast Logistics, boasting strong access to the region’s major transportation and shipping arteries.
Terms were not disclosed.
“When we launched our joint venture earlier this year, the Savannah market’s steady growth, superior infrastructure and underlying demographics made it an ideal target for us,” said Stephen Cassidy, president of Denholtz Properties. “This acquisition will enable our team to build our presence in the market and continue to grow our portfolio of high-quality, multitenant industrial spaces across the nation’s emerging real estate markets.”
In announcing the deal, Denholtz said the 358,884-square-foot portfolio sits within Savannah’s fastest-growing industrial submarket, which has a vacancy rate of 2.27 percent. Nearby is the Port of Savannah, the nation’s fastest-growing port, along with Norfolk Southern and CSX’s regional rail networks, interstates 16 and 95 and Savannah/Hilton Head International Airport.
Denholtz added that, beyond the local market, Savannah’s highway connectivity provides easy access to more than 31 million people and nearly 1.1 million businesses within a five-hour drive.
“In the face of macroeconomic pressures and changing local market dynamics, the multitenant industrial sector continues to showcase tremendous resiliency and price appreciation,” said Mark Mahasky, director of acquisitions and capital transactions for Denholtz. “We are excited to continue to aggressively pursue these properties and identify additional opportunities to deploy capital into the asset class over the next several months.”