Denholtz Properties announces the acquisition of the Coleman Portfolio, a three-building, 358,884-square-foot industrial portfolio in Savannah, Ga. The transaction is the latest acquisition for Denholtz Properties’ joint venture which plans to acquire and develop multi-tenant industrial properties with a total value of approximately $1 billion.
The Coleman Portfolio is located in the Bloomingdale/Pooler submarket, Savannah’s fastest-growing industrial submarket. Spanning three buildings at 101 Coleman Boulevard, 111 Coleman Boulevard and 10 Artley Road, the portfolio boasts superior access to major transportation and shipping arteries including the Port of Savannah, Norfolk Southern and CSX’s robust regional rail networks, Interstates 16 and 95 and Savannah/Hilton Head International Airport. The portfolio is currently fully leased to a variety of tenants including Collins Aerospace, Johnson Matthey and East Coast Logistics.
“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.”
Driven by the Port of Savannah’s role as the nation’s fastest-growing port, as well as established manufacturing, higher education, healthcare, tourism and film industries, Savannah has become one of the country’s strongest industrial markets with a current vacancy rate of 2.27 percent. Beyond the local market, Savannah’s highway connectivity provides easy access to 31,187,650 people and 1,074,286 businesses within a five-hour drive.
Mark Mahasky, Director of Acquisitions & Capital Transactions for Denholtz Properties added, “In the face of macroeconomic pressures and changing local market dynamics, the multitenant industrial sector continues to showcase tremendous resiliency and price appreciation. 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.”