The sale in November of a nearly 1 million-square-foot distribution center in Savannah, Georgia, is an example of how proximity to the city’s booming port is drawing interest from large investors.
Goldman Sachs Alternatives, an affiliate of Goldman Sachs Asset Management, bought the 942,210-square-foot Building 9 at 125 Feldspar Drive in Rockingham Farms Logistics Center for $100.6 million. The seller was Indianapolis-based Scannell Properties. The property is an 18-minute drive from the Port of Savannah and 23 minutes from the city’s downtown.
The deal was selected as the winner of the 2025 CoStar Impact Awards for acquisition of the year in Savannah, as judged by a local team of real estate professionals familiar with the market.
Building 9, completed in 2023, has 183 doors for trucks and 7,500 square feet of office space. The property has direct access and frontage on Veterans Parkway, a major north-south road on Savannah’s west side. The industrial park as a whole includes plans for up to 10 million square feet of space.
About the project: Besides its proximity to the Port of Savannah and good highway access, the property is close to a freight railroad line.
What the judges said: The deal sets a bar for Savannah "as an industrial investment market that can draw institutional investors, as validated by Goldman Sachs as the buyer,” said Neil Matthee, research manager for the Southeast at Newmark.
They made it happen: JLL Capital Markets’ Jim Freeman, Dennis Mitchell, Matt Wirth and Britton Burdette helped broker the sale.
CoStar senior market manager Dave Blake contributed to this article.