A&B acquires Savannah logistics facility
Alexander & Baldwin Inc., the Honolulu-based parent firm of Jones Act carrier Matson Navigation Co., said today it has acquired the 1-million-square-foot Savannah Logistics Center, in Savannah, Ga.
Located on a 60-acre site about five miles northwest of downtown Savannah, the facility was purchased from Atlanta-based Oakmont Industrial Group. The $50 million deal, which closed Feb. 26, is A&B's first real estate investment east of the Mississippi.
A&B also said it has leased the majority of the two-building park, through its Matson Global Distribution Services subsidiary, to Pawtucket, R.I.-based toy manufacturer Hasbro.
Matson Global leased the 711,000-square-foot main building at the Center from A&B's real estate arm, A&B Properties, as part of a multiyear agreement to provide logistics, warehouse and distribution services to Hasbro.
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The Savannah Logistics Park main building. Courtesy the Savannah Economic Development Authority. |
The toy maker will use the facility to support its logistics operations in the U.S. Southeast. Built in 2007, the concrete tilt-up main building features 142 truck docks, 32-foot-high ceilings, and parking/storage spaces for 345 trailers or vehicles.
The Savannah acquisition boosts A&B Properties' commercial property/investment portfolio to 7.6 million square feet of retail, office and industrial space located in Hawaii and eight mainland states.