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Monmouth Snares Savannah, GA Facility
Monmouth Real Estate Investment Corp. acquired Northport Commerce Center, an 831,764-square-foot industrial building located at 590 Northport Parkway in Savannah, GA for $57.5 million. The asset was sold by CRG, the real estate development arm of Chicago-based Clayco, which developed the commercial real estate building last year.
The roughly 62.4-acre property is net-leased for 10 years to Shaw Industries, Inc., a flooring manufacturer and supplier that is a wholly-owned subsidiary of Berkshire Hathaway. The facility features a cross-dock configuration with 36-foot clear height, an ESFR sprinkler system, dock levelers, 173 dock doors, four drive-ins, 185-foot deep truck courts and parking for 220 trailers and 201 cars.
The Freehold, N.J., REIT is acquiring an asset located eight miles from the Port of Savannah, which is the fourth largest port in the U.S. and is the fastest growing port in North America, notes Monmouth’s Michael Landy.
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