Stonemont Financial Group, a private real estate investment firm specializing in industrial development, acquisitions and net lease investments, announced today it has closed on the land and broken ground on a Class A speculative industrial development in Richmond Hill, Georgia just 30 miles from the Port of Savannah. Stonemont is partnering with AltaBird Investments to develop the project, which is expected to deliver in the first quarter of 2023.
The development, called Brown Thrasher Logistics Center, will sit inside the Belfast Commerce Park adjacent to I-95 in Bryan County outside of Savannah. Belfast Commerce Park spans more than 1,000 acres, is rail-served and boasts a convenient location with a strong local workforce due to its close proximity to a major port. Brown Thrasher Logistics Center will offer just over 281,000 square feet of state-of-the-art industrial warehouse space, featuring 36’ clear heights and rear load configuration. The center will also provide ample parking with 152 auto parking spaces and 46 trailer parking stalls.
“Stonemont is fortunate to have such a valuable partner in AltaBird as we join forces on our newest endeavor in the Savannah market,” said Stonemont Principal Neal Moskowitz. “We have continued to invest heavily in East Coast port markets due to its rapid growth combined with the positive supply and demand dynamics in those markets. We look forward to further bolstering our presence in the region and continuing this pattern of success that we have already seen in the area.”
Stonemont has established a presence in the greater Savannah market as a capital partner and developer of the 1,200-acre Georgia International Trade Center, an industrial park sitting just nine miles from the Port of Savannah. Stonemont initially broke ground on the project in 2019 and is now 90% complete with construction on the site, which will include 7.7 million square feet of warehouse space. In March, Stonemont announced major retailer Serena & Lily signed a 1.1-million-square-foot lease at the center.
Savannah has proven to be an attractive market for industrial development in recent years, and currently has less than 1% vacancy as more developers seek to capitalize on the Port of Savannah’s continuous growth. As the second-busiest port on the East Coast, expansion plans were recently revealed to expand the port’s capacity and dramatically increase monthly container volume. Industrial warehouse vacancy rates remain low nationally, especially in markets close to ports, which continues to create a steady surge in demand for new warehouse space. In Savannah and its surrounding submarkets, there is 17,500,000 square feet of industrial product under development with an expected completion by the end of this year.