Before construction was even complete, Becknell Industrial was able to secure a tenant for its more than 1 million-square-foot distribution facility in Rincon, Georgia.
On June 6, 2022, Becknell Industrial, the owner of the newly developed 1.03-million-square-foot Old Augusta Commerce Center at 1200 Logistics Way, signed a full building lease agreement with NFI Industries, a North American supply-chain solutions provider that's headquartered in Camden, New Jersey.
At the time of the agreement, the lease rate set a record for a more than 1 million-square-foot building in the Savannah market. As a result, the deal was recognized with a 2023 CoStar Impact Award for the lease of the year, as judged by real estate professionals familiar with the market.
Known as Building 2, the property sits on 462 acres that is valued at $1.4 million, or $0.07 per square foot, according to CoStar property data, citing a 2021 land assessment.
The industrial park is 10 miles from Georgia Ports Authority, which is the third-largest gateway in the United States. This lease results in NFI expanding its network to serve more customers and creating 50 new jobs in the community.
Will Wright, senior associate at Bridger Properties, said the sheer size of the investment in terms of square footage and money can't go unnoticed.
"Other entities will probably look to replicate," he said.
About the project: Old Augusta Commerce Center is a distribution facility with 1.03 million square feet of space on 462 acres of land. Construction began in October 2021 and was completed in February 2023.
What the judges said: "Becknell's ability to secure a 1 million-square-foot+ tenant in a spec build was impressive, and the nomination made it clear how well they were able to leverage the park's proximity to the port, a key driver for Savannah and mentioned the creation of new jobs," said Christa DiLalo, director of research at Cushman & Wakefield.
"Creating 50 new jobs in the market has a huge impact and supply-chain companies are seriously needed right now," said Sara Barnes, research manager at Avison Young.
They made it happen: Bennett Rudder, executive vice president at JLL; Chris Tomasulo, executive managing director at JLL; Ryan Hoyt, senior managing director at JLL; and Matt Neumann, senior vice president of Becknell Industrial represented the landlord. Hilary B. Shipley SIOR, a principal with Colliers in Savannah, and Mark Chubb, co-leader of Colliers Logistics & Transportation Solutions Group based out of the Philadelphia regional area, represented the tenant.